比特币（BTC）突破到$ 93,000，这是由装备的机构驱动的

集会始于4月初，作为机构投资者，主权财富资金悄悄地积累了BTC，其“耐心资本库”

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机构的John D'Agostino在CNBC上说，装满货的机构，而不是零售交易所交易基金（ETF）买家，正在将比特币（BTC）的突破驱动到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.

集会始于4月初，作为机构投资者，主权财富基金悄悄地积累了BTC，其“耐心资本库”，而零售投资者仍在从现货ETF中撤出资本。

“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?”

他说：“机构，主权，资本库正在堆积。” “通过ETF零售，正在退出。所以您必须问自己，机构知道什么？”

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.

现在正式化了这种机构定罪。本周早些时候，Strick CEO Jack Mallers和Cantor Fitzgerald的Brandon Lutnick揭幕了Tether，Bitfinex和Softbank的支持，这是一家新的比特币投资公司。

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.

该公司将以超过42,000的BTC成立，并有望与Cantor Equity Partners合并后公开交易，这是2亿美元的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关于为什么会发生这种情况有三部分论点。首先是毛线化：随着贸易减弱，主权和机构减少了美元的风险。其次，与科技：比特币脱离了其NVIDIA-ADJACECT IDENTY。第三，对冲篮子理论：比特币在资深商品交易员使用的通货膨胀对冲模型中排名前五。

"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."

他继续说：“比特币正在以其核心特征进行交易，这再次类似于黄金。您的核心特征稀缺，不变性和非主管资产可移植性。” “因此，它正在交易那些相信比特币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.

输出：Coinbase机构的John D'Agostino在CNBC上说，耗费的机构，而不是零售交易所交易基金（ETF）买家，正在将比特币（BTC）的突破驱动到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.

集会始于4月初，作为机构投资者，主权财富基金悄悄地积累了BTC，其“耐心资本库”，而零售投资者仍在从现货ETF中撤出资本。

“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?”

他说：“机构，主权，资本库正在堆积。” “通过ETF零售，正在退出。所以您必须问自己，机构知道什么？”

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.

现在正式化了这种机构定罪。本周早些时候，Strick CEO Jack Mallers和Cantor Fitzgerald的Brandon Lutnick揭幕了Tether，Bitfinex和Softbank的支持，这是一家新的比特币投资公司。

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.

该公司将以超过42,000的BTC成立，并有望与Cantor Equity Partners合并后公开交易，这是2亿美元的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关于为什么会发生这种情况有三部分论点。首先是毛线化：随着贸易减弱，主权和机构减少了美元的风险。其次，与科技：比特币脱离了其NVIDIA-ADJACECT IDENTY。第三，对冲篮子理论：比特币在资深商品交易员使用的通货膨胀对冲模型中排名前五。

"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."

他继续说：“比特币正在以其核心特征进行交易，这再次类似于黄金。您的核心特征稀缺，不变性和非主管资产可移植性。” “因此，它正在交易那些相信比特币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等主要山寨币尚未采取类似的技术举措。 Coindesk 20（CD20）是对世界上最大数字资产的性能的衡量标准，比上个月下降了3％，而BTC上涨了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

最近价格的这一举动可能使BTC ETF的零售利益提高了。 SOSOVALUE的数据使ETF的流入连续第二天连续第二天超过9亿美元，在4月21日至23日之间，ETF流入超过22亿美元。本月有9天的比特币ETF看到净流出，总计约为12.1亿美元