比特幣的機構繁榮繼續持續，因為價格持有超過$ 10萬美元

比特幣的增長超過100,000美元，已經重新激發了關於其在現代金融中的作用的對話，這是這段時間，隨著機構的不斷變化。

Bitcoin’s institutional narrative continues to heat up as the flagship crypto holds above the key price level of $100,000.

隨著旗艦加密貨幣的關鍵價格高於100,000美元的關鍵價格，比特幣的機構敘述繼續升溫。

Coinbase executive John D’Agostino made the point that Bitcoin no longer falls into the same category as tech stocks.

Coinbase執行官John D'Agostino指出，比特幣不再與科技股屬於同一類別。

“It’s a digital commodity, more like gold than growth equities,” he said in an interview on CNBC on August 17.

他在8月17日在CNBC上接受采訪時說：“這是一種數字商品，更像是黃金而不是增長股票。”

According to D’Agostino, the main factor in this view is scarcity, which is generally not a concern for tech stocks but rather a defining characteristic of Bitcoin.

根據D'Agostino的說法，這種觀點的主要因素是稀缺，這通常不是技術股票的關注點，而是比特幣的定義特徵。

This view of Bitcoin is becoming increasingly relevant as more institutional money flows into the crypto space.

隨著越來越多的機構資金流入加密貨幣空間，比特幣的觀點變得越來越相關。

According to D’Agostino, more than $5.5 billion has recently flowed into spot Bitcoin ETFs, a figure that becomes more impressive considering that financial advisors aren’t yet recommending these funds.

根據D'Agostino的說法，最近有超過55億美元流入了現貨比特幣ETF，考慮到財務顧問尚未推薦這些資金，這一數字變得更加令人印象深刻。

These funds are being custodied by Coinbase, and according to D’Agostino, they are outpacing direct Bitcoin buys, suggesting that institutions may prefer to invest in regulated vehicles rather than self-custody.

這些資金由Coinbase拘留，根據D'Agostino的說法，它們超過了直接的比特幣購買，這表明機構可能寧願投資於受監管的車輛而不是自我客戶。

“I think when you begin to see advisors recommending these ETFs...that could open the floodgates,” D’Agostino added.

D'Agostino補充說：“我認為，當您開始看到顧問推薦這些ETF時……可以打開閘門。”

While bullish on Bitcoin, D’Agostino was more cautious about the wider crypto landscape.

在看好比特幣時，D'Agostino對更廣泛的加密景觀更加謹慎。

He described most tokens outside the top 20 as speculative and comparable to early-stage startups—capable of high returns but mostly destined to fail.

他將大多數代幣在前20名以外的代幣描述為投機性，並且與早期創業公司相當，可觀的回報率很高，但主要注定要失敗。

On regulation, he called for tighter, clearer frameworks that ensure fair play across the board.

在法規中，他呼籲更嚴格，更清晰的框架，以確保全面競爭。

He didn’t shy away from the topic of insider trading in Congress either, insisting that lawmakers and retail traders alike should be held to the same ethical standards.

他也沒有迴避國會內幕交易的話題，他堅持認為議員和零售商人都應遵守相同的道德標準。

Overall, the narrative around Bitcoin is shifting rapidly. As institutional money pours in and traditional investors warm up to the crypto sphere, the next chapter may look less like Silicon Valley hype—and more like Wall Street maturity.

總體而言，圍繞比特幣的敘述正在迅速轉移。隨著機構資金湧入，傳統投資者進入加密貨幣領域，下一章看起來不像矽谷炒作，更像是華爾街的成熟度。