系绳大大增加了其比特币储量，在Q1 2025中获取了8888 BTC

这次购买价值约为7.35亿美元，将公司的总比特币持有量增加到约92646 BTC，价值约78亿美元。

Tether, the world’s largest stablecoin issuer, has significantly increased its Bitcoin reserves, purchasing 8,888 BTC in the first quarter of 2025.

Tether是世界上最大的Stablecoin发行人，大大增加了其比特币储备，在2025年第一季度购买了8,888 BTC。

This purchase, valued at about $735 million at the time, brings the company’s total Bitcoin holdings to approximately 92,646 BTC, now worth around $7.8 billion. The latest addition, recorded on April 1, highlights Tether’s ongoing strategy of gradually building up its Bitcoin stash and transferring it to its reserve wallet at the end of each quarter.

当时的这次购买价值约为7.35亿美元，将公司的总比特币持有量增加到约92,646 BTC，现在价值约78亿美元。最新的增加于4月1日录制，重点介绍了Tether的持续策略，即逐渐建立其比特币藏匿处并在每个季度末将其转移到其储备钱包中。

Since beginning its Bitcoin acquisitions in 2022, Tether has steadily grown its reserves, particularly after announcing last year that it would allocate 15% of quarterly net income to buying BTC.

自2022年开始其比特币收购以来，Tether稳步增长了储备，尤其是在去年宣布将分配季度净收入的15％之后，以购买BTC。

This approach is part of Tether’s broader effort to diversify its assets. Despite Bitcoin’s nearly 12% price decline in Q1 2025—its worst first-quarter performance since 2018—Tether’s Bitcoin holdings now reflect unrealized gains of about $3.86 billion.

这种方法是系带来使资产多样化的更广泛努力的一部分。尽管比特币在2025年第1季度的价格下降了近12％（自2018年以来最糟糕的第一季度表现），但现在的比特币持有量现在反映了未实现的收益约为38.6亿美元。

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Bitcoin vs. the Dollar: BlackRock CEO Warns Policymakers

比特币与美元：贝莱克首席执行官警告决策者

This follows closely a statement by BlackRock CEO Frank De Socio in April, advising policymakers to consider the implications of U.S. macroeconomic performance in 2023 for Bitcoin’s price movements.

这是BlackRock首席执行官Frank de Socio在4月的一份声明，建议决策者考虑2023年美国宏观经济表现对比特币价格变动的影响。

During an interview at the Milken Institute’s Global Conference, De Socio noted that macroeconomic trends can have a significant impact on Bitcoin’s price performance.

De Socio在米尔肯研究所的全球会议上的一次采访中指出，宏观经济趋势可能会对比特币的价格绩效产生重大影响。

In 2023, the U.S. dollar experienced a devaluation of about 15%, while Bitcoin experienced an appreciation of over 100% from its November 2022 lows.

2023年，美元贬值约为15％，而比特币从2022年11月的低谷中获得了超过100％的欣赏。

This divergence in asset performance could be attributed to macroeconomic trends, such as the U.S. administration’s efforts to devalue the dollar through increased spending and rising inflation, which reached a 40-year high in 2023.

资产绩效的这种差异可以归因于宏观经济趋势，例如美国政府通过增加支出和通货膨胀率上升来贬值美元的努力，该趋势在2023年达到40年高。

However, despite these efforts, the dollar remained relatively stable throughout the year.

但是，尽管做出了这些努力，但全年的美元仍然相对稳定。

Moreover, the U.S. administration’s strategy of devaluing the dollar to spur economic growth appears to be working, as evidenced by the U.S. economy narrowly escaping a technical recession in the first quarter of 2024.

此外，美国政府将美元贬值损失刺激经济增长的战略似乎在起作用，这证明了美国经济在2024年第一季度险些逃脱了技术衰退。

Despite the small decline in GDP, the U.S. labor market continues to perform well, with unemployment remaining low and wages rising.

尽管国内生产总值下降了很小的下降，但美国劳动力市场的表现持续不错，失业率仍然很低，工资上升。

In contrast, at the beginning of 2024, economists had largely anticipated a U.S. recession, but it never materialized. Instead, the world’s largest economy narrowly avoided a technical recession, which would have occurred if GDP had fallen for a second consecutive quarter.

相反，在2024年初，经济学家在很大程度上预见了美国的衰退，但从未实现。取而代之的是，世界上最大的经济体狭义地避免了技术衰退，如果GDP连续第二季度倒下，那将发生。

After a 0.9% contraction in the first quarter, the U.S. economy grew at a rate of 2.4% in the second quarter, according to the Bureau of Economic Analysis.

根据经济分析局的数据，在第一季度收缩0.9％之后，美国经济在第二季度增长了2.4％。

Although economists had predicted a smaller growth rate of 1.8%, the BEA revision indicates that private consumption, which accounts for about two-thirds of U.S. economic activity, increased at a rate of 1.3%, up from the 0.1% decline in the first quarter.

尽管经济学家预测增长率较小1.8％，但BEA修订表明，私人消费约占美国经济活动的三分之二，其增长率为1.3％，高于第一季度下降0.1％。

Despite this growth, consumer spending slowed in the second quarter, rising at an annualized rate of 1.3%, compared to the 2.3% growth reported in the first quarter.

尽管增长了这种增长，但第二季度消费者的支出却放缓，每年增长率为1.3％，而第一季度报告的增长率为2.3％。

Furthermore, government spending also decreased in the second quarter, following a surge in the first quarter due to increased social benefits payments.

此外，由于社会福利的增加，第一季度激增后，第二季度的政府支出也下降了。

In the second quarter, the U.S. economy grew at an annualized rate of 2.4%, narrowly escaping a technical recession.

在第二季度，美国经济的年增长率为2.4％，险些逃脱了技术衰退。

However, economists had anticipated a smaller growth rate of 1.8%, and the BEA revision indicates that private consumption, which comprises two-thirds of U.S. economic activity, increased at a rate of 1.3%, following a 0.1% decline in the first quarter.

但是，经济学家预计增长率较小1.8％，BEA修订表明，在第一季度下降0.1％之后，私人消费占美国经济活动的三分之二，以1.3％的速度增加。

Although consumer spending grew slowly in the second quarter, rising at an annualized rate of 1.3% from the 2.3% growth reported in the first quarter, consumer spending is still a key driver of the U.S. economy.

尽管第二季度消费者的支出增长缓慢，但第一季度报告的2.3％增长率为1.3％，但消费者支出仍然是美国经济的主要推动力。

After the U.S. economy contracted at an annualized rate of 0.9% in the first quarter, economists had largely predicted a U.S. recession in 2024.

在美国经济在第一季度以0.9％的年化税率签约后，经济学家在很大程度上预测了2024年的美国衰退。

However, the world’s largest economy narrowly avoided a technical recession, which would have occurred if GDP had fallen for a second consecutive quarter.

但是，世界上最大的经济体狭义地避免了技术衰退，如果GDP连续第二季度跌倒，那将会发生这种衰退。

After a 0.9% contraction in the first quarter, the U.S. economy grew at a rate of 2.4% in the second quarter, according to the Bureau of Economic Analysis.

根据经济分析局的数据，在第一季度收缩0.9％之后，美国经济在第二季度增长了2.4％。

This growth rate is in line with economists’ predictions.

这种增长率符合经济学家的预测。

However, the BEA revision indicates

但是，BEA修订指示