比特币战略储备：市场影响

特朗普总统于3月签署了一项行政命令（EO），将BTC指定为国家战略储备资产。但是，EO负责财政部管理现有的BTC持有量并制定预算中立的BTC收购策略。

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.

特朗普总统的行政命令（EO）在三月份将BTC指定为国家战略储备资产，在很大程度上被定价为加密货币市场。但是，EO负责财政部管理现有的BTC持有量并制定预算中立的BTC收购策略。

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，尽管加密社区反复呼吁，但特朗普的EO并未授权政府机构购买BTC。相反，EO的重点是促进与政府更广泛的议程相符的数字资产用于付款。

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，特朗普的政府因处理贸易纠纷和关税而面临批评，一些经济学家认为这可能会升级为贸易战。这些担忧，加上美国衰退的迫在眉睫的威胁，严重影响了投资者的信心，并促成了悲观的前景。

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

来自美国BTC SPOT ETF市场的五周的机构流出

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

在特朗普对美国衰退的关税和担忧驱动的风险规避，对机构需求产生了重大影响。

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年的最后一个季度，美国BTC-SPOT ETF市场经历了净流出，然后延续到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，美国BTC-SPOT ETF市场报告说，净流出为9.454亿美元，将流出连续连接延长至五周。

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

根据GlassNode的计算以及Crypto Analytics公司Farside Investors的数据，每周最大的ETF流出包括：

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

•与BTC连接的ETF看到了11.3亿美元的流出。

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

•Multi-Coin Crypto ETF报告的流入量为1.846亿美元。

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

随着机构投资者继续退出其BTC职位，削弱需求破坏了加密货币的供求平衡。

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.

尽管美国政府采取了将BTC纳入其战略储备金以及对加密货币商人的潜在影响，但缺乏对政府机构购买BTC的指令最终使加密货币市场失望。