機構需求並沒有阻止比特幣的價格下降

今年，像Tether，MicroStrategy和Blackrock這樣的巨型公司一直在吞噬數万比特幣，但他們的努力並沒有停止其價格下降。

The price of bitcoin (BTC) has crashed by 10% since the start of the year, wiping half a trillion dollars off global crypto markets and leaving investors wondering what happened to the institutional demand that was supposed to drive up the coin’s price.

自今年年初以來，比特幣（BTC）的價格上漲了10％，從全球加密貨幣市場上淘汰了半數万億美元，而投資者想知道機構需求應該提高硬幣價格的情況。

So far this year, giant companies like Tether, MicroStrategy, and Blackrock have been gobbling up tens of thousands of bitcoins.

今年到目前為止，像Tether，MicroStrategy和BlackRock這樣的巨型公司一直在吞噬成千上萬的比特幣。

Once upon a time, tether (USDT) was said to be able to pump the price of bitcoin. In years past, according to researchers like John Griffin and Amin Shams, the minting of the world’s most popular, intermittently backed, stablecoin allegedly empowered market manipulators to induce demand for bitcoin. Despite the uncertainty of this theory, the idea of Tether’s power has remained popular.

曾幾何時，據說繫繩（USDT）能夠抽出比特幣的價格。幾年來，根據約翰·格里芬（John Griffin）和阿明·沙姆斯（Amin Shams）等研究人員的說法，據稱世界上最受歡迎，間歇性支持，穩定的穩定者的鑄造據稱賦予了市場操縱者的能力，以誘發對比特幣的需求。儘管這一理論不確定性，但林線的力量的想法仍然很受歡迎。

Similarly, institutional demand was supposed to propel bitcoin to new heights.

同樣，機構需求應該將比特幣推向新的高度。

“The institutions are coming” meme dominated discussions among many bitcoin investors over the years who predicted that trillions of dollars could somehow flow in from capital management firms.

多年來，許多比特幣投資者在許多比特幣投資者中佔據了討論，他們預測數万億美元可以從資本管理公司流入。

In addition, most bitcoin investors viewed Donald Trump’s US presidency as bullish.

此外，大多數比特幣投資者都將唐納德·特朗普的美國總統視為看漲。

“The Bitcoin President,” in the view of many bitcoin investors, would encourage mining, fund a Strategic Bitcoin Reserve with sovereign wealth, and remove regulatory and tax obstacles obstructing bitcoin investment. Tether’s asset manager at Cantor Fitzgerald, Howard Lutnick, was later appointed US Commerce Secretary.

許多比特幣投資者認為，“比特幣總裁”將鼓勵採礦，資助具有主權財富的戰略比特幣儲備，並消除阻礙比特幣投資的監管和稅收障礙。 Tether在Cantor Fitzgerald的資產經理Howard Lutnick後來被任命為美國商務部長。

Dreams come true on Inauguration Day

夢想在就職日實現

By January 20, 2025, all of these dreams had seemingly come true for anyone who had predicted a confluence of pro-bitcoin events.

到2025年1月20日，所有這些夢想似乎都實現了，因為那些預測親甲幣事件的人。

Trump was president, USDT had reached a market capitalization in excess of $130 billion, US corporations were buying tens of billions of dollars, and bitcoin was at an all-time high above $108,000.

特朗普是總統，美國公司的市值超過1300億美元，美國公司購買了數千億美元，比特幣的歷史高度高於108,000美元。

Since that Inauguration Day, a single company – Michael Saylor’s Strategy (doing business as MicroStrategy) – has acquired 78,185 additional bitcoins.

從就職典禮日開始，一家公司（Michael Saylor的策略（作為MicroStrategy））收購了78,185個比特幣。

Read More: MicroStrategy Explains Why It Is Preferring Bitcoin Over Bonds

閱讀更多：MicroStrategy解釋為什麼它更喜歡比特幣而不是鍵

Tether has minted over $5 billion worth of USDT and acquired over 8,100 bitcoins.

Tether鑄造了價值超過50億美元的USDT，並收購了超過8,100個比特幣。

Trump has signed executive orders creating a Strategic Bitcoin Reserve and a Presidential Working Group to remove “restrictive regulations” and “unnecessary government interference” hindering bitcoin investment.

特朗普簽署了執行命令，建立了戰略性比特幣儲備金和一個總統工作組，以消除“限制性法規”和“不必要的政府乾預”阻礙比特幣投資。

Trump’s children are even working in bitcoin mining.

特朗普的孩子甚至在比特幣開採工作。

All of these pro-bitcoin investments, however, have not stopped the decline in bitcoin’s price.

但是，所有這些親甲幣投資都沒有阻止比特幣價格下降。

Bitcoin crashes despite Trump, Tether, MicroStrategy

儘管特朗普，繫繩，微觀損失，比特幣崩潰了

Since Trump became president and institutions gobbled up tens of thousands of additional bitcoins, its price has actually declined consistently.

自從特朗普成為總統併吞噬了數以萬計的額外比特幣以來，其價格實際上一直在下降。

Since January 20, bitcoin has lost more than one-fifth of its market capitalization. It is currently trading at around $81,000.

自1月20日以來，比特幣損失了其市值的五分之一。目前，它的交易價格約為81,000美元。

The crash seems like a classic buy the rumor, sell the news effect.

撞車事故似乎是經典的謠言，出售新聞效果。

Some people prefer to blame the macro environment. The S&P 500, for instance, has lost about 8% of its value since Inauguration Day. Bitcoin’s 21% drop over the same period, however, far outpaces that decline – although its more volatile, speculative qualities could explain its disproportionate outperformance.

有些人更喜歡責怪宏觀環境。例如，自就職日以來，標準普爾500指數損失了其價值的8％。然而，比特幣在同一時期下降的21％下降了，遠遠超過了下降 - 儘管其波動性更大，投機性的品質可以解釋其不成比例的表現不成比例。

More disappointingly, however, is the reminder that institutional buying or USDT mints are not enough to pump the price of bitcoin anymore.

然而，更令人失望的是，提醒您，機構購買或USDT薄荷不足以不再需要比特幣的價格。

With a market capitalization of over $1.6 trillion and over $29 billion of volume traded over the last 24 hours alone, the amount of marginal capital required to influence its price has increased far above prior years’ levels.

僅在過去的24小時內，市值超過1.6萬億美元，交易量超過290億美元，影響其價格所需的邊際資本數量已遠遠超過了前幾年的水平。