令人震惊的趋势显示：上市公司在Q1 2025购买了91,781 BTC

领先的链上数据提供商CryptoQuant揭示了一种令人震惊的趋势，即上市公司在第1季度2025年购买了91781 BTC。

output: Public companies’ buying activity continues to be a hot topic in the crypto sphere. In the first quarter of 2025, several companies collectively purchased a staggering 91,781 BTC. Among the biggest buyers were Tether and MicroStrategy, which purchased 8,888 BTC and 81,785 BTC, respectively.

产出：上市公司的购买活动仍然是加密球体中的热门话题。在2025年第一季度，几家公司共同购买了惊人的91,781 BTC。最大的买家包括Tether和MicroStrategy，分别购买了8,888 BTC和81,785 BTC。

However, despite this strong buying activity, Bitcoin’s price dropped by 12% during the quarter, falling from $94,400 to $82,500. This begs the question: If companies are buying, then why is Bitcoin falling?

但是，尽管购买了强劲的购买活动，但比特币的价格在本季度下跌了12％，从94,400美元下降到82,500美元。这就提出了一个问题：如果公司购买，那么为什么比特币会下降？

In the latest edition of its CryptoQuant newsletter, on-chain data provider CryptoQuant delves into the companies that are buying the most Bitcoin, the factors that may have driven Bitcoin’s price down, and what’s next for the market.

在最新版本的加密新闻通讯中，链上数据提供商CryptoQuant钻探了购买最多比特币的公司，这些因素可能导致比特币的价格降低，以及市场的下一步。

Tether and MicroStrategy Lead the Buying Spree

系绳和微观策略领导购买狂欢

One of the most surprising names on the list of Bitcoin buyers is Tether, the company behind the world’s largest stablecoin, USDT.

比特币买家名单上最令人惊讶的名字之一是Tether，这是世界上最大的Stablecoin USDT背后的公司。

According to CryptoQuant, Tether has been steadily increasing its Bitcoin holdings throughout the year. By the first quarter of 2025, Tether’s treasury had a whopping 92,646 BTC, showcasing a significant portion of its assets allocated to Bitcoin.

据CryptoQuant称，Tether全年一直在稳步增加其比特币持有量。到2025年第一季度，Tether的财政部的BTC高达92,646 BTC，展示了其分配给比特币的很大一部分资产。

This is a stark contrast to the beginning of 2024, where Tether had minimal Bitcoin in its treasury. However, from January to March 2025, Tether added 8,888 BTC to its portfolio.

这与2024年初的形成鲜明对比，在该2024年初，林区在国库中的比特币最少。但是，从2025年1月到2025年3月，Tether在其投资组合中增加了8,888 BTC。

Meanwhile, MicroStrategy continued its renowned Bitcoin buying spree. The company purchased 81,785 BTC in Q1 alone, spending over $8 billion to increase its already massive Bitcoin holdings.

同时，Microstrategy继续其著名的比特币购买狂潮。该公司仅在第一季度就购买了81,785 BTC，花费超过80亿美元来增加其本已大量的比特币持有量。

As of March 2025, MicroStrategy’s treasury held 136,720 BTC, valued at approximately $11.2 billion at current prices.

截至2025年3月，Microstrategy的财政部持有136,720 BTC，价值约112亿美元，目前的价格为112亿美元。

Other companies that bought significant amounts of Bitcoin in Q1 include:

其他在第一季度购买大量比特币的公司包括：

• Marathon Digital (NASDAQ:MARA) sold 53,000 shares to fund more BTC purchases.

•Marathon Digital（NASDAQ：MARA）出售了53,000股，以资助更多的BTC购买。

• GameStop (NYSE:GME) proposed a $1.3 billion convertible note offering to allocate more funds for Bitcoin.

•GameStop（NYSE：GME）提出了13亿美元的可转换票据，以分配更多资金为比特币。

• Riot Platforms (NASDAQ:RIOT) sold 10,000 shares to put toward more BTC.

•Riot Platforms（NASDAQ：RIOT）出售了10,000股，以投入更多BTC。

Who’s Planning to Buy Next?

谁打算下一步购买？

While these companies have already made huge purchases, CryptoQuant says that other companies are planning to buy even more Bitcoin.

尽管这些公司已经进行了大量购买，但CryptoQuant表示，其他公司正计划购买更多的比特币。

For instance, Marathon Digital is planning a $2 billion stock sale to fund more BTC purchases. A portion of the proceeds will go toward cryptocurrency investments.

例如，Marathon Digital计划进行20亿美元的股票销售，以资助更多BTC购买。一部分收益将用于加密货币投资。

Similarly, GameStop is planning to sell convertible notes to raise up to $1.3 billion for general corporate purposes, which may include expanding its crypto endeavors.

同样，GameStop计划出售可转换票据，以筹集高达13亿美元的企业目的，这可能包括扩大其加密货币的努力。

If Companies Are Buying, Then Why Is Bitcoin Falling?

如果公司正在购买，那么为什么比特币会下降？

Despite corporate buying, CryptoQuant says that Bitcoin’s price still fell by 12% in Q1. According to the firm, two key factors may have driven the decline.

尽管公司购买了公司，但CryptoQuant表示，比特币的价格在第一季度仍下降了12％。该公司称，两个关键因素可能导致了下降。

First, long-term holders sold off a massive 178,000 BTC during the quarter, adding significant sell pressure that outweighed corporate purchases.

首先，在本季度，长期持有人出售了178,000 BTC的大量BTC，增加了超过公司购买的巨大卖出压力。

After a period of inactivity, these long-term holders, who typically hold onto their coins for at least six months or more, made a substantial exit from the market.

经过一段时间的不活动，这些长期持有人通常将硬币保留至少六个月或更长时间，从而大量退出了市场。

This selling spree began in December 2024, following a nearly six-month period of inactivity. Prior to December, the last time long-term holders sold en masse was in June 2024, when they sold 100,000 BTC.

在近六个月的无活动期间，这种销售狂欢始于2024年12月。在12月之前，最后一次出售的长期持有人在2024年6月出售了100,000 btc。

Another major factor was the outflows from Bitcoin ETFs. In Q1, around $4.8 billion flowed out of Bitcoin ETFs, adding even more downward pressure on the market.

另一个主要因素是比特币ETF的流出。在第一季度，大约48亿美元从比特币ETF中流出，增加了市场上的下降压力。

CryptoQuant Suggestion

加密建议

CryptoQuant’s analysis suggests that only if this selling slows down could Bitcoin see a strong recovery. With more companies planning big purchases and the potential for reduced selling pressure, the market could soon turn bullish again.

CryptoQuant的分析表明，只有当这种销售减慢的情况下，比特币才能看到强大的恢复。随着越来越多的公司计划进行大量购买以及销售压力减轻的潜力，市场可能很快再次看涨。