比特幣戰略儲備：市場影響

特朗普總統於3月簽署了一項行政命令（EO），將BTC指定為國家戰略儲備資產。但是，EO負責財政部管理現有的BTC持有量並製定預算中立的BTC收購策略。

President Trump's executive order (EO) in March, which designated BTC as a national Strategic Reserve Asset, had largely been priced into the crypto market. However, the EO tasked the Treasury Department with managing existing BTC holdings and developing budget-neutral BTC acquisition strategies.

特朗普總統的行政命令（EO）在三月份將BTC指定為國家戰略儲備資產，在很大程度上被定價為加密貨幣市場。但是，EO負責財政部管理現有的BTC持有量並製定預算中立的BTC收購策略。

Notably, Trump's EO did not authorize government agencies to purchase BTC, despite repeated calls from the crypto community. Instead, the EO focused on facilitating the use of digital assets for payments, in line with the administration's broader agenda.

值得注意的是，儘管加密社區反复呼籲，但特朗普的EO並未授權政府機構購買BTC。相反，EO的重點是促進與政府更廣泛的議程相符的數字資產用於付款。

Moreover, Trump's administration faced criticism for its handling of trade disputes and tariffs, which some economists believed could escalate into a trade war. These concerns, coupled with the looming threat of a US recession, weighed heavily on investor confidence and contributed to a pessimistic outlook.

此外，特朗普的政府因處理貿易糾紛和關稅而面臨批評，一些經濟學家認為這可能會升級為貿易戰。這些擔憂，加上美國衰退的迫在眉睫的威脅，嚴重影響了投資者的信心，並促成了悲觀的前景。

Five Weeks of Institutional Outflows from US BTC-Spot ETF Market

來自美國BTC SPOT ETF市場的五週的機構流出

Risk aversion, driven by Trump's tariffs and concerns over a potential US recession, had a significant impact on institutional demand.

在特朗普對美國衰退的關稅和擔憂驅動的風險規避，對機構需求產生了重大影響。

In the final quarter of 2019, the US BTC-spot ETF market experienced net outflows, which then carried over into the first quarter of 2020.

在2019年的最後一個季度，美國BTC-SPOT ETF市場經歷了淨流出，然後延續到2020年第一季度。

For the week ending March 14, the US BTC-spot ETF market reported net outflows of $945.4 million, extending the outflow streak to five weeks.

在截至3月14日的一周中，美國BTC-SPOT ETF市場報告說，淨流出為9.454億美元，將流出連續連接延長至五週。

According to calculations by Glassnode and data from crypto analytics firm Farside investors, the largest weekly ETF outflows included:

根據GlassNode的計算以及Crypto Analytics公司Farside Investors的數據，每週最大的ETF流出包括：

• BTC-linked ETFs saw outflows of $1.13 billion.

•與BTC連接的ETF看到了11.3億美元的流出。

• Multi-coin crypto ETFs reported inflows of $184.6 million.

•Multi-Coin Crypto ETF報告的流入量為1.846億美元。

As institutional investors continued exiting their BTC positions, weakening demand disrupted the cryptocurrency's supply-demand balance.

隨著機構投資者繼續退出其BTC職位，削弱需求破壞了加密貨幣的供求平衡。

Despite the U.S. administration's move to include BTC in its Strategic Reserve and the potential implications for crypto traders, the lack of a directive for government agencies to purchase BTC ultimately disappointed the crypto market.

儘管美國政府採取了將BTC納入其戰略儲備金以及對加密貨幣商人的潛在影響，但缺乏對政府機構購買BTC的指令最終使加密貨幣市場失望。