Coinbase机构的John D'Agostino揭示了机构需求和主权资金，而不是零售，而不是零售业。

Coinbase Institutional战略主管John D'Agostino透露，主权财富基金和机构投资者已于4月成为比特币积累的主要驱动力

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战略主管John D'Agostino强调了4月主权财富基金和机构投资者在比特币积累中的关键作用，并在最近接受CNBC的采访中，与雷尔投资者从比特币交易所交易所交易所交易的资金（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月初美国的关税公告中，强调了令人窒息的债务恐惧，资金正在从美元上多元化。

“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.”

“如果您认为这将对全球贸易产生溢出的影响 - 如果您认为全球贸易将会减少，其中大部分以美元计价，那么您预计对美元的需求较低。这就是我们所提到的，我们所提到的是，这些大型资本库是用这些当地的货币来付出的，并将其付诸实践，并将其付诸实践，并将其付诸实践，并将其付诸实践，并将其付诸实践。

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，比特币在19日之后被捆绑到杠杆式贸易后与科技股的解耦，以及机构对比特币的兴趣，因为它的通货膨胀压力是一种类似金色的对冲，其稀缺性和非避免的地位具有独特的吸引力。

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

BTC价格行动与主要市场趋势（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，比特币ETF在4月的净外出流出了4.7亿美元，即使机构的直接购买将比特币的价格提高了13％，超过了黄金的10.5％增长。

“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.”

四月的机构，君主和耐心资金池正在堆积。这是一个了不起的统计数据。但是，如果您看比特币ETF，他们在4月会有4.7亿美元的流出。因此，那里有一个分歧。因此，如果您要查看这些ETF的数字，这些eTF必须由其他阶级进行，这些班级将是其他范围的概述，这些阶级是其他迹象，这是一个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.

尽管由于报告有限，因此君主的确切ETF参与仍然不透明，但它们在现货市场中的重要存在是无可争议的，并且他们对直接购买的偏好是众所周知的。

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进一步指出，考虑到其固定的供应和采矿难度调整，比特币与黄金的基本统一性是对冲，交易员正在利用这些供应和采矿难度调整，以寻求拥挤的黄金头寸的替代方案。

“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.”

“有一个非常简短的资产清单反映了黄金的特征。就宏观经济趋势而言，有一个叙事正在围绕比特币建立。人们正在考虑如何从美元资产中多样化，并且在我们周围有一个叙事，并且在我们的贸易战争中启动了一场贸易战争。如果您相信，您不太相信我们会造成全球贸易的影响，这是我们的一流效果，并且非常适合全球的贸易，如果我们的销量会造成贸易的影响，那么这是一件能力，而这是一件能力，并且是我们的一件叙事，即使我们的贸易差异会构成贸易的影响。您预计对美元的需求较低。”

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.

虽然对推断短期趋势的谨慎，但D'Agostino强调了主权资金在稳定比特币估值方面的潜力。它们持续的积累可以帮助减轻零售驱动的波动，将比特币定位为主流机构资产。

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.

这种双重方法呼应了黄金的历史趋势，据比特方首先投资官马特·霍根（Matt Hougan）表示，他最近与Blockworks交谈，人们拥有黄金ETF，并且拥有金条。

“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.”

“在加密货币中，同一件事也会是正确的。他们将想要以使他们成为最广泛的篮子的方式进行一件动作。但是他们也希望直接拥有一些比特币，因为他们将要控制它。”

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

他补充说，尽管君主可以优先购买直接购买以进行控制，但ETF提供了一个“更快，更轻松的按钮”以供曝光。

“They’ll end up buying both.”

“他们最终将两者都购买。”