系绳和微观环境领导比特币购买了近91781 BTC，Q1 2025

然而，比特币崩溃了12％！同时，长期持有人倾倒了178000 BTC，将比特币的价格推向下降。

A new report by on-chain data provider CryptoQuant has highlighted a surprising trend—while public companies, including Tether and MicroStrategy, were busy buying up a massive 91,781 BTC in Q1 2025, Bitcoin's price crashed by 12%.

On-Chain数据提供商CryptoQuant的一份新报告强调了一种令人惊讶的趋势，包括Tether和MicroStrategy在内的上市公司正忙于在第1季度2025年购买大量91,781 BTC，但比特币的价格却跌倒了12％。

Despite this strong buying activity, which saw companies spending billions on Bitcoin, the flagship cryptocurrency saw a setback, sliding from $94,400 to $82,500 during the quarter.

尽管购买了强大的购买活动，该活动使公司在比特币上花费了数十亿美元，但旗舰加密货币遇到了挫折，本季度从94,400美元下滑至82,500美元。

So, who’s buying? Why is Bitcoin falling? And what’s next for the market?

那么，谁在买？为什么比特币会下降？市场的下一步是什么？

Tether and MicroStrategy Led the Bitcoin Accumulation

系绳和微观造成比特币积累

Among the unexpected buyers this quarter was Tether, the company behind the world’s largest stablecoin, USDT.

本季度意外的买家中有Tether是世界上最大的Stablecoin USDT背后的公司。

Tether reportedly added 8,888 BTC in Q1, bringing its total holdings to 92,646 BTC. While Tether’s involvement in Bitcoin is not new, this latest addition has been a subject of discussion in the crypto space.

据报道，绳索在第一季度增加了8888 BTC，其总持有量达到92,646 BTC。虽然Tether参与比特币并不是什么新鲜事物，但最新的添加是加密货币领域中讨论的主题。

Meanwhile, MicroStrategy, already known as the biggest corporate Bitcoin holder, continued its aggressive buying strategy. The company purchased 81,785 BTC in Q1, spending over $8 billion to increase its already massive Bitcoin holdings.

同时，MicroStrategy（已经被称为最大的公司比特币持有人）继续其积极的购买策略。该公司在第1季度购买了81,785 BTC，花费了超过80亿美元，以增加其本已大量的比特币持有量。

Other companies that joined the trend include:

加入趋势的其他公司包括：

Companies Are Planning More Bitcoin Purchases

公司正在计划购买更多比特币

While these companies have already made huge purchases, CryptoQuant notes that others are planning to buy more Bitcoin.

尽管这些公司已经进行了大量购买，但加密量牌指出，其他公司正计划购买更多比特币。

Marathon Digital, a well-known Bitcoin mining firm, is planning a $2 billion stock sale to fund more BTC purchases. Similarly, GameStop has proposed a $1.3 billion convertible note offering, signaling its intent to incorporate Bitcoin into its strategy.

著名的比特币矿业公司Marathon Digital计划进行20亿美元的股票销售，以资助更多的BTC购买。同样，GameStop提出了13亿美元的可转换票据产品，表明其目的是将比特币纳入其战略。

If Companies Are Buying, Why Is Bitcoin Falling?

如果公司购买，为什么比特币会下降？

Despite corporate buying, Bitcoin’s price still fell by 12% in Q1. CryptoQuant points to two key factors that may have driven the decline. Firstly, the long-term holders sold off a massive 178,000 BTC during the quarter, adding significant sell pressure that outweighed corporate purchases.

尽管公司购买了公司，但比特币的价格在第一季度仍下降了12％。加密指出了可能导致下降的两个关键因素。首先，长期持有人在本季度出售了178,000 BTC的大量BTC，增加了超过公司购买的巨大卖出压力。

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, Bitcoin could see a strong recovery. With more companies planning big purchases and the potential for a shift in macroeconomic trends, the crypto market could soon turn bullish again.

CryptoQuant的分析表明，只有当这种销售减慢时，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型购买以及宏观经济趋势转变的潜力，加密货币市场可能很快再次变成看涨。

This content is viewed and provided wholly, and is factual, but may be subjective, and is used on the basis of common sense and fair dealing.

该内容被全部查看和提供，是事实，但可能是主观的，并且是根据常识和公平交易的基础使用的。