Coinbase機構的John D'Agostino揭示了機構需求和主權資金，而不是零售，而不是零售業。

Coinbase Institutional戰略主管John D'Agostino透露，主權財富基金和機構投資者已於4月成為比特幣積累的主要驅動力

John D’Agostino, Head of Strategy at Coinbase Institutional, highlighted the crucial role of sovereign wealth funds and institutional investors in bitcoin accumulation in April, juxtaposed with retail investors’ slight withdrawal from bitcoin exchange-traded funds (ETFs), in a recent interview with CNBC.

Coinbase Institutional Institutional戰略主管John D'Agostino強調了4月主權財富基金和機構投資者在比特幣積累中的關鍵作用，並在最近接受CNBC的採訪中，與雷爾投資者從比特幣交易所交易所交易所交易的資金（ETF）略有撤回。

Highlighting the stifling de-dollarization fears following U.S. tariff announcements in early April, funds are diversifying away from the dollar, stated D’Agostino.

D'Agostino表示，在4月初美國的關稅公告中，強調了令人窒息的債務恐懼，資金正在從美元上多元化。

“If you believe that’s going to have a spillover effect on global trade—if you believe there’s going to be less global trade, much of which is denominated in U.S. dollars—then you’d expect lower demand for U.S. dollars. That’s what we refer to as de-dollarization. Well, one of the ways bitcoin is used by these large pools of capital is they buy it with their local fiat currency, hold it, and sell it into dollars when needed.”

“如果您認為這將對全球貿易產生溢出的影響 - 如果您認為全球貿易將會減少，其中大部分以美元計價，那麼您預計對美元的需求較低。這就是我們所提到的，我們所提到的是，這些大型資本庫是用這些當地的貨幣來付出的，並將其付諸實踐，並將其付諸實踐，並將其付諸實踐，並將其付諸實踐，並將其付諸實踐。

Additionally, he pointed out bitcoin’s decoupling from tech stocks after being bundled into the levered tech trade post-Covid-19, and institutions' interest in bitcoin as a gold-like hedge amid inflationary pressures, with its scarcity and non-sovereign status offering unique appeal.

此外，他指出，比特幣在19日之後被捆綁到槓桿式貿易後與科技股的解耦，以及機構對比特幣的興趣，因為它的通貨膨脹壓力是一種類似金色的對沖，其稀缺性和非避免的地位具有獨特的吸引力。

BTC price action vs. major market trends (Coinbase charts, author's analysis).

BTC價格行動與主要市場趨勢（Coinbase Charts，作者的分析）。

Notably, D’Agostino remarked that bitcoin ETFs saw $470 million in net outflows in April, even as direct purchases by institutions pushed bitcoin’s price up 13% — outperforming gold’s 10.5% gain.

值得注意的是，D'Agostino指出，比特幣ETF在4月的淨外出流出了4.7億美元，即使機構的直接購買將比特幣的價格提高了13％，超過了黃金的10.5％增長。

“Institutions, sovereigns, and patient pools of capital were piling in during April. It’s a phenomenal statistic. But if you look at bitcoin ETFs, they had $470 million in outflows in April. So there’s a divergence there. Because if you look at the numbers, those ETFs would have to be funded by another asset class, which signals that institutions are pivoting out of other asset classes into bitcoin.”

四月的機構，君主和耐心資金池正在堆積。這是一個了不起的統計數據。但是，如果您看比特幣ETF，他們在4月會有4.7億美元的流出。因此，那裡有一個分歧。因此，如果您要查看這些ETF的數字，這些eTF必須由其他階級進行，這些班級將是其他範圍的概述，這些階級是其他跡象，這是一個nistiv nistiv nistition nistiv nistition nistiv''

While the sovereigns’ exact ETF participation remains opaque due to their limited reporting, their significant presence in the spot market is undisputable, and their preference for direct purchases is well-known.

儘管由於報告有限，因此君主的確切ETF參與仍然不透明，但它們在現貨市場中的重要存在是無可爭議的，並且他們對直接購買的偏好是眾所周知的。

D’Agostino further noted bitcoin’s fundamental alignment with gold as a hedge, considering its fixed supply and mining difficulty adjustments, which traders are exploiting to seek alternatives from crowded gold positions.

D'Agostino進一步指出，考慮到其固定的供應和採礦難度調整，比特幣與黃金的基本統一性是對沖，交易員正在利用這些供應和採礦難度調整，以尋求擁擠的黃金頭寸的替代方案。

“There’s a very short list of assets that mirror the characteristics of gold. And in terms of macroeconomic trends, there’s a narrative that’s building around bitcoin. People are thinking about how to diversify out of dollar assets, and there’s a narrative around the U.S. kicking off a trade war. If you believe that’s going to have a spillover effect on global trade—if you believe there’s going to be less global trade, much of which is denominated in U.S. dollars—then you’d expect lower demand for U.S. dollars.”

“有一個非常簡短的資產清單反映了黃金的特徵。就宏觀經濟趨勢而言，有一個敘事正在圍繞比特幣建立。人們正在考慮如何從美元資產中多樣化，並且在我們周圍有一個敘事，並且在我們的貿易戰爭中啟動了一場貿易戰爭。如果您相信，您不太相信我們會造成全球貿易的影響，這是我們的一流效果，並且非常適合全球的貿易，如果我們的銷量會造成貿易的影響，那麼這是一件能力，而這是一件能力，並且是我們的一件敘事，即使我們的貿易差異會構成貿易的影響。您預計對美元的需求較低。”

While cautious against extrapolating short-term trends, D'Agostino highlighted the potential of sovereign funds in stabilizing bitcoin’s valuation. Their sustained accumulation could help mitigate retail-driven volatility, positioning bitcoin as a mainstream institutional asset.

雖然對推斷短期趨勢的謹慎，但D'Agostino強調了主權資金在穩定比特幣估值方面的潛力。它們持續的積累可以幫助減輕零售驅動的波動，將比特幣定位為主流機構資產。

This dual approach echoes historical trends in gold, and according to Bitwise Chief Investment Officer, Matt Hougan, who recently spoke with Blockworks, people own gold ETFs and they own gold bars.

這種雙重方法呼應了黃金的歷史趨勢，據比特方首先投資官馬特·霍根（Matt Hougan）表示，他最近與Blockworks交談，人們擁有黃金ETF，並且擁有金條。

“The same thing is gonna be true here in crypto. They’re going to want to have a piece of the action in a way that gives them the broadest possible basket. But they’re also going to want to own some bitcoin directly, because they’re going to want to be able to control it.”

“在加密貨幣中，同一件事也會是正確的。他們將想要以使他們成為最廣泛的籃子的方式進行一件動作。但是他們也希望直接擁有一些比特幣，因為他們將要控制它。”

He added that while sovereigns may prioritize direct purchases for control, ETFs offer a "faster, easier button" for exposure.

他補充說，儘管君主可以優先購買直接購買以進行控制，但ETF提供了一個“更快，更輕鬆的按鈕”以供曝光。

“They’ll end up buying both.”

“他們最終將兩者都購買。”