在稳健的基本面和前所未有的势头的支持下，比特币以强劲的势头开启了 2025 年

该网络的哈希率已达到历史最高水平，其计算能力水平使亚马逊AWS、谷歌云和微软Azure的资源总和相形见绌几个数量级。

Bitcoin is continuing its strong start to 2025, with several new developments emerging in the past week. Here's a roundup of the latest news and institutional updates.

到 2025 年，比特币将继续保持强劲的开局，过去一周出现了一些新的发展。以下是最新新闻和机构更新的摘要。

Institutions Double Down on Bitcoin

机构加倍押注比特币

Institutions are showing no signs of slowing down their bitcoin accumulation strategies. In a massive move, U.S.-traded bitcoin exchange-traded fund (ETFs) have more than doubled their combined holdings over the past year. This incredible growth spans across ETFs, with holdings increasing from 650,000 BTC to an astounding 1,250,000 BTC.

机构没有表现出放慢比特币积累策略的迹象。在过去一年中，美国交易的比特币交易所交易基金（ETF）的总持有量增加了一倍多，这是一个巨大的举措。这种令人难以置信的增长涵盖了所有 ETF，持有量从 650,000 BTC 增加到惊人的 1,250,000 BTC。

Among these ETFs, the BlackRock IBIT Fund has taken center stage with a remarkable achievement. In just 11 months, the fund has managed to amass over $50 billion in assets, earning it the title of the “greatest ETF launch in history.” This development serves as a testament to the growing demand for bitcoin-focused financial products.

在这些ETF中，贝莱德IBIT基金以令人瞩目的成绩占据了中心舞台。在短短 11 个月内，该基金已成功积累了超过 500 亿美元的资产，使其赢得了“历史上最伟大的 ETF 发行”的称号。这一发展证明了对以比特币为中心的金融产品的需求不断增长。

Highlighting the institutional surge, a new bitcoin ETF from Strive is set to launch, focusing on MicroStrategy's convertible bitcoin-backed bonds. This move aims to attract investors seeking both yield and exposure to bitcoin's potential upside.

Strive 即将推出一款新的比特币 ETF，重点关注 MicroStrategy 的可转换比特币支持债券，这凸显了机构的激增。此举旨在吸引既寻求收益又寻求比特币潜在上涨空间的投资者。

Meanwhile, Bitwise is launching an ETF that will track shares of public companies that hold at least 1,000 BTC in their treasuries. This includes bitcoin-heavyweights like Micro. This approach aligns with a broader trend of companies adding bitcoin to their balance sheets.

与此同时，Bitwise 正在推出一款 ETF，该 ETF 将跟踪在其库存中至少持有 1,000 BTC 的上市公司的股票。这包括像 Micro 这样的比特币重量级公司。这种方法符合公司将比特币添加到资产负债表中的更广泛趋势。

On the heels of El Salvador's bitcoin adoption, lawmakers in Hong Kong are considering adding bitcoin to the city's official reserves. This move would further integrate digital assets into mainstream finance and bolster Hong Kong's status as a financial hub.

在萨尔瓦多采用比特币之后，香港立法者正在考虑将比特币添加到该市的官方储备中。此举将进一步将数字资产融入主流金融，并巩固香港作为金融中心的地位。

Institutions are also joining forces to create a strategic bitcoin reserve in the United States, with a new bill gaining traction in the early days of the incoming administration. This effort aims to establish a national bitcoin stockpile and ease regulations on digital assets.

各机构也在联手在美国建立比特币战略储备，一项新法案在即将上任的政府初期获得了关注。这项工作旨在建立国家比特币库存并放松对数字资产的监管。

NYDIG Plans to Use Insurance Float for Bitcoin Lending

NYDIG 计划使用保险浮存金进行比特币借贷

In a bid to expand bitcoin's role in mainstream finance, NYDIG, a subsidiary of asset manager Stone Ridge, is exploring the use of insurance "float" to fuel a new wave of bitcoin-backed lending. This strategy aligns with Berkshire Hathaway's approach to insurance and could unlock vast sums of capital.

为了扩大比特币在主流金融中的作用，资产管理公司 Stone Ridge 的子公司 NYDIG 正在探索利用保险“浮动”来推动新一波比特币支持的贷款。这一战略与伯克希尔哈撒韦公司的保险策略相一致，可以释放大量资本。

The strategy, outlined by Stone Ridge CEO Ross Stevens in his latest annual investor letter, would see NYDIG use funds held in reserve, akin to insurance premiums, to provide loans that are backed by bitcoin. This move, which aims to keep bitcoin off exchanges and reduce borrowing costs, has been hailed as a "big deal" by Sam Callahan, an advisor to Marathon Digital.

Stone Ridge 首席执行官罗斯·史蒂文斯 (Ross Stevens) 在其最新的年度投资者信中概述了该战略，NYDIG 将使用储备资金（类似于保险费）来提供由比特币支持的贷款。此举旨在让比特币远离交易所并降低借贷成本，被 Marathon Digital 顾问萨姆·卡拉汉 (Sam Callahan) 誉为“大事”。

eTrade to Launch Direct Bitcoin Trading

eTrade 将推出直接比特币交易

In a sign of the times, Morgan Stanley's E-Trade is preparing to roll out direct bitcoin trading on its platform. This marks a major pivot for the traditional brokerage, which will now compete head-on with established cryptocurrency exchanges.

作为时代的标志，摩根士丹利的 E-Trade 正准备在其平台上推出直接比特币交易。这标志着传统经纪业务的一个重要支点，传统经纪业务现在将与成熟的加密货币交易所正面竞争。

With over 5 million active users, Morgan Stanley is uniquely positioned to bridge the gap between conventional investors and the digital asset world. This move is set to make bitcoin as accessible as stocks and ETFs for millions of retail investors.

摩根士丹利拥有超过 500 万活跃用户，在弥合传统投资者与数字资产世界之间的差距方面具有独特的优势。此举将使数百万散户投资者能够像股票和 ETF 一样获得比特币。

The timing of this launch is particularly significant, as the incoming administration's pro-bitcoin stance is boosting optimism across the financial sector, encouraging more institutions to offer direct bitcoin services.

此次推出的时机尤为重要，因为即将上任的政府支持比特币的立场正在提振整个金融行业的乐观情绪，鼓励更多机构提供直接比特币服务。

If successful, E-Trade's entry into the bitcoin market could further propel the digital asset into mainstream finance. Notably, e-Trade is owned by Morgan Stanley, which has been gradually embracing bitcoin and recently received approval to launch an ETF that tracks the performance of bitcoin futures contracts.

如果成功，E-Trade 进入比特币市场可能会进一步推动数字资产进入主流金融。值得注意的是，e-Trade 属于摩根士丹利 (Morgan Stanley)，该公司一直在逐渐拥抱比特币，并于最近获得批准推出追踪比特币期货合约表现的 ETF。

Switzerland to Hold Public Vote on Gold, Bitcoin Reserves

瑞士将对黄金和比特币储备举行公开投票

A new initiative in Switzerland aims to require the Swiss National Bank to allocate part of its reserves to gold and bitcoin, setting the stage for a public vote to determine the fate of this proposal.

瑞士的一项新举措旨在要求瑞士国家银行将部分储备分配给黄金和比特币，为公众投票决定该提案的命运奠定基础。

If enough signatures are gathered, the initiative will proceed to a national referendum, where voters will decide on whether to amend the Swiss Federal Constitution to mandate the central bank's holding of gold and bitcoin reserves. This development comes amid broader efforts to integrate digital assets into mainstream finance and bolster economic resilience.

如果收集到足够的签名，该倡议将进入全国公投，选民将决定是否修改瑞士联邦宪法，强制央行持有黄金和比特币储备。这一发展是在将数字资产纳入主流金融并增强经济弹性的更广泛努力的背景下实现的。

Institutions Continue to Drive Bitcoin's Mainstream Adoption

机构继续推动比特币的主流采用

As 2025 continues to unfold, a clear narrative is emerging – institutions are doubling down on bitcoin, and the mainstream adoption of digital assets is accelerating at an unprecedented pace.

随着 2025 年的继续展开，一个清晰的叙述正在出现——机构正在加倍投资比特币，数字资产的主流采用正在以前所未有的速度加速。

Galaxy Research projects that bitcoin could reach $185,000 this year, driven by rising adoption among institutions, corporations, and nation-states. Notably, Tether's recent $700 million bitcoin purchase, which brought its total holdings to 82,983 BTC, further highlights the ongoing demand for bitcoin as a reserve asset.

Galaxy Research 预计，在机构、企业和民族国家采用率不断上升的推动下，比特币今年可能会达到 185,000 美元。值得注意的是，Tether 最近斥资 7 亿美元购买了比特币，使其总持有量达到 82,983 比特币，进一步凸显了对比特币作为储备资产的持续需求。

At the same time, economic uncertainty – particularly the potential for renewed quantitative easing by central banks – adds fuel to bitcoin's appeal as a hedge against currency devaluation. History has shown that

与此同时，经济的不确定性——尤其是央行重新实施量化宽松的可能性——增强了比特币作为货币贬值对冲工具的吸引力。历史表明