Tether获得8,888 BTC，将其定位为第六大比特币持有人

USDT Stablecoin的发行人Tether已通过购买7.35亿美元的购买力加强了其比特币持有量

Tether, the issuer of the USDT stablecoin, has significantly strengthened its Bitcoin holdings with a massive purchase of 8,888 BTC in the first quarter of 2025, amounting to approximately $735 million at current market prices.

USDT Stablecoin的发行人Tether在2025年第一季度大量购买了8,888 BTC，从而大大加强了其比特币持有量，以目前的市场价格高达约7.35亿美元。

This acquisition has positioned the company as the sixth-largest Bitcoin holder globally, bringing its total Bitcoin reserves to 92,647 BTC, which is valued at approximately $7.64 billion.

此次收购将该公司定位为全球第六大比特币持有人，将其总比特币储量提高到92,647 BTC，价值约为76.4亿美元。

Huge Q1 BTC Purchase by Tether as It Deepens Bitcoin Exposure

巨大的Q1 BTC通过Tether收购，因为它加深了比特币的暴露

The purchase aligns with Tether's long-term strategy of allocating 15% of its net realized operating profits each quarter to Bitcoin acquisitions.

购买的购买与Tether的长期策略相吻合，即每季度将其净收入的15％分配给比特币收购。

This plan was initially announced in May 2023, with the asset being gradually accumulated throughout each quarter and settled at the end.

该计划最初于2023年5月宣布，资产在每个季度逐渐累积，并在最后解决。

The purchase comes despite Bitcoin's 12% decline in Q1 2025, marking the worst quarterly performance for the asset in seven years.

尽管比特币在2025年第1季度下降了12％，但购买了这一购买，这是该资产七年来最糟糕的季度表现。

The company is known for maintaining its reserves with cash, short-term securities, and other traditional financial assets to ensure liquidity and meet user demand for quick redemptions of USDT.

该公司以现金，短期证券和其他传统金融资产维护其储备而闻名，以确保流动性并满足用户对快速赎回UST的需求。

However, the inclusion of Bitcoin in its reserves could put the stablecoin at risk if the cryptocurrency faces a major downturn, which could affect the value of USDT.

但是，如果加密货币面临重大的低迷，可能会影响USDT的价值，则将比特币包含在其储备金中可能会使Stablecoin处于危险之中。

The Problems a Bitcoin Bear Market Could Bring to Tether

比特币熊市场可能带来的问题

The crypto heatmap on Monday morning shows that Bitcoin is trading at $84,026, showing a 4% gain in the past 24 hours.

周一上午的加密热图显示，比特币的交易价格为84,026美元，在过去24小时内增长了4％。

The asset dipped to a daily low of $81,314.21, but recovered to reach a high of $84,190.00.

该资产降至每日低点81,314.21美元，但收回到高达84,190.00美元。

This uptrend in Bitcoin follows over $226.91 million in liquidations over the past 24 hours, which includes $147.45 million worth of BTC shorts, according to CoinGlass data.

根据Coinglass Data的数据，这一比特币的上升趋势在过去24小时内的清算量超过2.2691亿美元，其中包括价值1.4745亿美元的BTC短裤。

Earlier today, MicroStrategy announced an additional Bitcoin acquisition.

今天早些时候，Microstrategy宣布了另外的比特币收购。

The company, now rebranded as Strategy to reflect its broader vision, has acquired 22,048 BTC for about $1.92 billion at an average price of $86,969 per coin.

该公司现在被重新命名为反映其更广泛愿景的战略，已以约19.2亿美元的价格收购了22,048 BTC，平均价格为每枚硬币86,969美元。

This brings Strategy's total Bitcoin holdings to 528,185 BTC, valued at approximately $35.63 billion at current market prices.

该战略的总比特币持有量达到528,185 BTC，价值约为356.3亿美元。

Could BTC’s Volatility Undermine USDT’s Stability?

BTC的波动性会破坏USDT的稳定性吗？

While Tether's Bitcoin accumulation strategy signals substantial institutional confidence in the asset, it also raises concerns regarding the stability of USDT.

尽管系绳的比特币积累策略信号对资产的机构信心表示了巨大的信心，但它也引起了人们对USDT稳定性的担忧。

In May 2023, Tether disclosed plans to allocate a portion of its quarterly profits to investing in Bitcoin as part of its strategy to diversify its reserves.

2023年5月，Tether披露了将其季度利润的一部分分配给对比特币投资的计划，这是其储备多样化的战略的一部分。

The company aims to invest 15% of its net realized operating profits each quarter, with the asset being gradually acquired throughout the quarter and settled at the end.

该公司的目标是投资其净收入的15％，每季度实现运营利润，资产在整个季度逐渐收购，并在最后解决。

Despite Bitcoin's 12% decline in Q1 2025, marking the worst quarterly performance for the asset in seven years, Tether remained committed to its investment approach.

尽管比特币在2025年第1季度下降了12％，这标志着该资产在七年来最糟糕的季度表现，但Tether仍然致力于其投资方法。

Annually, Teather’s net income ranges from $600 million to $1 billion. At current prices, 15% of Teather’s 2024 net income would be about $450 million per quarter, which could buy approximately 5,400 BTC.

每年，Teather的净收入从6亿美元到10亿美元不等。以目前的价格，Teather 2024年净收入的15％约为每季度4.5亿美元，可购买约5,400 BTC。

However, Teather’s purchases varied significantly, and in Q1 2025, it acquired 8,888 BTC, bringing its total to 92,647 BTC, valued at approximately $7.64 billion.

但是，Teather的购买量差异很大，在2025年第1季度，它收购了8,888 BTC，其总数达到92,647 BTC，价值约为76.4亿美元。

This makes Teather the sixth-largest Bitcoin holder globally, according to public data.

根据公共数据，这使得Teath使全球第六大比特币持有人。

The company’s reserve wallet is also receiving regular deposits of TRX and other tokens used on the TRC20 standard.

该公司的储备钱包还正在收到定期的TRX和其他标准上使用的代币。

Moreover, the crypto exchange Bitfinex, which is affiliated with Teather, is making regular withdrawals of BTC to private addresses.

此外，隶属于Teather的加密交易所Bitfinex正在定期将BTC撤回到私人地址。

These actions suggest that Bitfinex might be involved in activities such as lending or derivatives trading.

这些行动表明，Bitfinex可能参与了诸如贷款或衍生品交易之类的活动。

The company’s reserve wallet now holds approximately $7.65 billion worth of Bitcoin.

该公司的储备金现在拥有约76.5亿美元的比特币。

Such withdrawals from exchange hot wallets to private addresses are often seen as a bullish signal, as they reduce selling pressure in the short term by removing Bitcoin from the market’s immediate liquidity.

这种从交换热钱包到私人地址的提款通常被视为看涨信号，因为它们在短期内通过从市场的直接流动性中删除比特币来减轻销售压力。

In other news, a recent report from Arcane Research highlighted that Bitcoin's price tends to rise more slowly during periods of low volatility and vice versa.

在其他新闻中，奥术研究的最新报告强调，比特币的价格在低波动率的时期往往更慢，反之亦然。

This finding is based on an analysis of Bitcoin's historical price movements over the past 15 years.

这一发现是基于对比特币在过去15年中的历史价格变动的分析。

The report also notes that Bitcoin's price tends to decrease more rapidly during periods of high volatility, which can

该报告还指出，比特币的价格在高波动性期间往往会更快地降低，这可以