比特幣（BTC）突破到$ 93,000，這是由裝備的機構驅動的

集會始於4月初，作為機構投資者，主權財富資金悄悄地積累了BTC，其“耐心資本庫”

Coinbase Institutional's John D'Agostino said on CNBC that deep-pocketed institutions, not retail exchange traded-fund (ETF) buyers, are driving Bitcoin's (BTC) breakout to $93,000.

Coinbase機構的John D'Agostino在CNBC上說，裝滿貨的機構，而不是零售交易所交易基金（ETF）買家，正在將比特幣（BTC）的突破驅動到93,000美元。

The rally began in early April, as institutional investors, and sovereign wealth funds quietly accumulated BTC with their "patient pools of capital" while retail investors were still pulling capital from spot ETFs.

集會始於4月初，作為機構投資者，主權財富基金悄悄地積累了BTC，其“耐心資本庫”，而零售投資者仍在從現貨ETF中撤出資本。

“Institutions, sovereigns, patient pools of capital were piling in,” he said. “Retail via the ETF were exiting. So you’ve got to ask yourself, what do the institutions know?”

他說：“機構，主權，資本庫正在堆積。” “通過ETF零售，正在退出。所以您必須問自己，機構知道什麼？”

That institutional conviction is now being formalized. Earlier this week, Strike CEO Jack Mallers and Cantor Fitzgerald's Brandon Lutnick unveiled Twenty One Capital, a new bitcoin investment company backed by Tether, Bitfinex, and SoftBank.

現在正式化了這種機構定罪。本週早些時候，Strick CEO Jack Mallers和Cantor Fitzgerald的Brandon Lutnick揭幕了Tether，Bitfinex和Softbank的支持，這是一家新的比特幣投資公司。

The company will launch with more than 42,000 BTC and is expected to trade publicly after merging with Cantor Equity Partners, a $200 million SPAC.

該公司將以超過42,000的BTC成立，並有望與Cantor Equity Partners合併後公開交易，這是2億美元的SPAC。

D'Agostino has a three-part thesis as to why this is happening. First is de-dollarization: sovereigns and institutions reduce USD exposure as trade weakens. Second, decoupling from tech: Bitcoin shedding its Nvidia-adjacent identity. Third, hedge basket theory: Bitcoin ranks in the top five in inflation hedge models used by veteran commodities traders.

D'Agostino關於為什麼會發生這種情況有三部分論點。首先是毛線化：隨著貿易減弱，主權和機構減少了美元的風險。其次，與科技：比特幣脫離了其NVIDIA-ADJACECT IDENTY。第三，對沖籃子理論：比特幣在資深商品交易員使用的通貨膨脹對沖模型中排名前五。

"Bitcoin is trading on its core characteristics, which again are similar to gold. You've got scarcity, immutability, and non-sovereign asset portability," he continued. "So it's trading the way people who believe in Bitcoin would like it to trade."

他繼續說：“比特幣正在以其核心特徵進行交易，這再次類似於黃金。您的核心特徵稀缺，不變性和非主管資產可移植性。” “因此，它正在交易那些相信比特幣的人希望它可以交易。”

output: Coinbase Institutional's John D'Agostino said on CNBC that deep-pocketed institutions, not retail exchange traded-fund (ETF) buyers, are driving Bitcoin's (BTC) breakout to $93,000.

輸出：Coinbase機構的John D'Agostino在CNBC上說，耗費的機構，而不是零售交易所交易基金（ETF）買家，正在將比特幣（BTC）的突破驅動到93,000美元。

The rally began in early April, as institutional investors, and sovereign wealth funds quietly accumulated BTC with their "patient pools of capital" while retail investors were still pulling capital from spot ETFs.

集會始於4月初，作為機構投資者，主權財富基金悄悄地積累了BTC，其“耐心資本庫”，而零售投資者仍在從現貨ETF中撤出資本。

“Institutions, sovereigns, patient pools of capital were piling in,” he said. “Retail via the ETF were exiting. So you’ve got to ask yourself, what do the institutions know?”

他說：“機構，主權，資本庫正在堆積。” “通過ETF零售，正在退出。所以您必須問自己，機構知道什麼？”

That institutional conviction is now being formalized. Earlier this week, Strike CEO Jack Mallers and Cantor Fitzgerald's Brandon Lutnick unveiled Twenty One Capital, a new bitcoin investment company backed by Tether, Bitfinex, and SoftBank.

現在正式化了這種機構定罪。本週早些時候，Strick CEO Jack Mallers和Cantor Fitzgerald的Brandon Lutnick揭幕了Tether，Bitfinex和Softbank的支持，這是一家新的比特幣投資公司。

The company will launch with more than 42,000 BTC and is expected to trade publicly after merging with Cantor Equity Partners, a $200 million SPAC.

該公司將以超過42,000的BTC成立，並有望與Cantor Equity Partners合併後公開交易，這是2億美元的SPAC。

D'Agostino has a three-part thesis as to why this is happening. First is de-dollarization: sovereigns and institutions reduce USD exposure as trade weakens. Second, decoupling from tech: Bitcoin shedding its Nvidia-adjacent identity. Third, hedge basket theory: Bitcoin ranks in the top five in inflation hedge models used by veteran commodities traders.

D'Agostino關於為什麼會發生這種情況有三部分論點。首先是毛線化：隨著貿易減弱，主權和機構減少了美元的風險。其次，與科技：比特幣脫離了其NVIDIA-ADJACECT IDENTY。第三，對沖籃子理論：比特幣在資深商品交易員使用的通貨膨脹對沖模型中排名前五。

"Bitcoin is trading on its core characteristics, which again are similar to gold. You've got scarcity, immutability, and non-sovereign asset portability," he continued. "So it's trading the way people who believe in Bitcoin would like it to trade."

他繼續說：“比特幣正在以其核心特徵進行交易，這再次類似於黃金。您的核心特徵稀缺，不變性和非主管資產可移植性。” “因此，它正在交易那些相信比特幣的人希望它可以交易。”

major altcoins like ether (ETH), Solana's SOL, and Cardano's ADA have yet to make similar technical moves. The CoinDesk 20 (CD20), a measure of the performance of the world's largest digital assets, is down 3% over the last month while BTC is up 7%.

Ether（Eth），Solana的Sol和Cardano的ADA等主要山寨幣尚未採取類似的技術舉措。 Coindesk 20（CD20）是對世界上最大數字資產的性能的衡量標準，比上個月下降了3％，而BTC上漲了7％。

This recent move in prices might have pushed back up retail interest in BTC ETFs. Data from SoSoValue put ETF inflow over $900 million for the second day in a row for Wednesday, putting ETF inflow over $2.2 billion between April 21 and 23. There were 9 days in this month where Bitcoin ETFs saw net outflows, totaling approximately $1.21 billion

最近價格的這一舉動可能使BTC ETF的零售利益提高了。 SOSOVALUE的數據使ETF的流入連續第二天連續第二天超過9億美元，在4月21日至23日之間，ETF流入超過22億美元。本月有9天的比特幣ETF看到淨流出，總計約為12.1億美元