比特幣：折扣的悖論和機構的胃口

比特幣停滯在94,000美元左右，但卻出現了不和諧。但是，機構似乎大喊相反：一周內註入30億美元

While bitcoin (BTC) hovers around $94,000, a dissonance is emerging. The price, still discounted by 40% according to insiders, stands at $94,000, a technical anomaly in the face of massive institutional appetite. In one week, an estimated $3 billion has flowed into bitcoin ETFs, despite a 40% discount on the cryptocurrency, according to Charles Edwards, founder of Capriole Investments.

儘管比特幣（BTC）徘徊在94,000美元左右，但卻出現了不和諧。根據內部人士的說法，價格仍然被40％打折，面對大量機構的胃口，這是一種技術異常。 Capriole Investments的創始人查爾斯·愛德華茲（Charles Edwards）表示，在一周內，儘管加密貨幣折扣了40％，但估計有30億美元流入了比特幣ETF。

This striking gap begs the question: why is there such a massive influx of capital into bitcoin even though the price seems low?

這個驚人的差距提出了一個問題：即使價格似乎很低，為什麼要大量資本湧入比特幣？

Behind these figures, a silent battle plays out between the apparent discount and strategic conviction. As the saying goes, "when exchanges empty, private wallets fill." Indeed, at the end of April, more than 36,000 BTC left Coinbase (NASDAQ:) and Binance, the two largest cryptocurrency exchanges, according to data from CryptoQuant.

在這些數字的背後，一場寂靜的戰斗在明顯的折扣和戰略信念之間發揮了作用。俗話說：“當空的私人錢包裝滿時。”實際上，根據CryptoFeant的數據，在4月底，超過36,000個BTC離開了Coinbase（Nasdaq :)和Binance，這是兩個最大的加密貨幣交換。

These massive outflows are often a sign of institutional accumulation. However, it's worth noting that similar outflows did not prevent a crash after the Chinese ban in 2021, as Joao Wedson, analyst at Alphractal, points out. Only prolonged outflows, such as those observed during FTX's collapse, can really signal a reversal of the trend.

這些大規模的流出通常是機構積累的標誌。但是，值得注意的是，在2021年中國禁令後，類似的流出並不能阻止崩潰，正如Alphractal的分析師Joao Wedson指出。只有長時間的流出（例如在FTX崩潰中觀察到的流出）才能真正表明趨勢的逆轉。

Institutions are therefore playing a subtle game of opportunism and caution. They are buying bitcoin at a price they believe to be low, but they are also aware that the market could rise quickly if there is sustained demand. This is a fractal that could change everything.

因此，機構正在玩一個微妙的機會主義和謹慎遊戲。他們正在以他們認為較低的價格購買比特幣，但他們也知道，如果需求持續，市場可能會迅速上升。這是一個可以改變一切的分形。

The bitcoin chart tells a familiar story. Its current consolidation strangely resembles that of Q4 2024, when a 13% rise in five days preceded a jump to $100,000. At the time, the RSI showed similar buying pressure, and prices were reproducing the same dance.

比特幣圖是一個熟悉的故事。它目前的合併非常類似於第四季度2024年第4季度，當時五天內增長13％的增長到100,000美元。當時，RSI顯示出類似的購買壓力，而且價格正在繁殖相同的舞蹈。

An enticing fractal, but deceptive. Patterns repeat, never identically. The key resistance at $96,100 could block everything... or release everything. A decisive closure above this level would open the door to a rapid ascent.

誘人的分形，但具有欺騙性。模式重複，從不相同。 $ 96,100的鑰匙阻力可能會阻止一切...或釋放所有內容。高於此級別的決定性封閉將為快速上升打開大門。

This massive injection of $3 billion into ETFs is no accident. It reveals a deeper mechanism: simplified access for large holders. Previously, buying bitcoin involved operational risks, such as exchange downtime or technical issues. But ETFs offer a secure gateway, allowing for clean capital influx.

大規模注入30億美元的ETF並不是偶然的。它揭示了更深的機制：簡化的大型持有人的訪問。以前，購買比特幣涉及運營風險，例如交換停機時間或技術問題。但是ETF提供了一個安全的門戶，可以進行清潔的資本湧入。

This explains the lack of fuss as $3 billion fled to bitcoin ETFs in a few days, according to Eric Balchunas, an analyst at Bloomberg. A movement evoking less speculation than cold planning.

彭博社的一位分析師埃里克·巴爾庫納斯（Eric Balchunas）表示，這解釋了缺乏大驚小怪，因為幾天內逃到了比特幣ETF上。一種運動比冷計劃更少的猜測。

The post Bitcoin: the paradox of the discount and the voracious appetite of institutions appeared first on Cointribune.

比特幣後：折扣的悖論和貪婪的機構胃口首先出現在Cointribune上。