机构需求并没有阻止比特币的价格下降

今年，像Tether，MicroStrategy和Blackrock这样的巨型公司一直在吞噬数万比特币，但他们的努力并没有停止其价格下降。

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.

自今年年初以来，比特币（BTC）的价格上涨了10％，从全球加密货币市场上淘汰了半数万亿美元，而投资者想知道机构需求应该提高硬币价格的情况。

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

今年到目前为止，像Tether，MicroStrategy和BlackRock这样的巨型公司一直在吞噬成千上万的比特币。

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.

曾几何时，据说系绳（USDT）能够抽出比特币的价格。几年来，根据约翰·格里芬（John Griffin）和阿明·沙姆斯（Amin Shams）等研究人员的说法，据称世界上最受欢迎，间歇性支持，稳定的稳定者的铸造据称赋予了市场操纵者的能力，以诱发对比特币的需求。尽管这一理论不确定性，但林线的力量的想法仍然很受欢迎。

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

同样，机构需求应该将比特币推向新的高度。

“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.

多年来，许多比特币投资者在许多比特币投资者中占据了讨论，他们预测数万亿美元可以从资本管理公司流入。

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

此外，大多数比特币投资者都将唐纳德·特朗普的美国总统视为看涨。

“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.

许多比特币投资者认为，“比特币总裁”将鼓励采矿，资助具有主权财富的战略比特币储备，并消除阻碍比特币投资的监管和税收障碍。 Tether在Cantor Fitzgerald的资产经理Howard Lutnick后来被任命为美国商务部长。

Dreams come true on Inauguration Day

梦想在就职日实现

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，所有这些梦想似乎都实现了，因为那些预测亲甲币事件的人。

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.

特朗普是总统，美国公司的市值超过1300亿美元，美国公司购买了数千亿美元，比特币的历史高度高于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.

从就职典礼日开始，一家公司（Michael Saylor的策略（作为MicroStrategy））收购了78,185个比特币。

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

阅读更多：MicroStrategy解释为什么它更喜欢比特币而不是键

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

Tether铸造了价值超过50亿美元的USDT，并收购了超过8,100个比特币。

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.

特朗普签署了执行命令，建立了战略性比特币储备金和一个总统工作组，以消除“限制性法规”和“不必要的政府干预”阻碍比特币投资。

Trump’s children are even working in bitcoin mining.

特朗普的孩子甚至在比特币开采工作。

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

但是，所有这些亲甲币投资都没有阻止比特币价格下降。

Bitcoin crashes despite Trump, Tether, MicroStrategy

尽管特朗普，系绳，微观损失，比特币崩溃了

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

自从特朗普成为总统并吞噬了数以万计的额外比特币以来，其价格实际上一直在下降。

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日以来，比特币损失了其市值的五分之一。目前，它的交易价格约为81,000美元。

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

撞车事故似乎是经典的谣言，出售新闻效果。

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.

有些人更喜欢责怪宏观环境。例如，自就职日以来，标准普尔500指数损失了其价值的8％。然而，比特币在同一时期下降的21％下降了，远远超过了下降 - 尽管其波动性更大，投机性的品质可以解释其不成比例的表现不成比例。

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，机构购买或USDT薄荷不足以不再需要比特币的价格。

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.

仅在过去的24小时内，市值超过1.6万亿美元，交易量超过290亿美元，影响其价格所需的边际资本数量已远远超过了前几年的水平。