比特幣的價格上漲至102,819美元，自2月3日以來就沒有達到高峰

隨著公司參與者和交易所交易的資金（ETF）從公開市場上sc起更多的BTC，這些機構已全力以赴。

On Thursday, bitcoin’s price rose to $102,819, reaching a peak not seen since Feb. 3, and several analysts highlighted a growing wave of institutional involvement as the driving force behind the cryptocurrency’s climb.

週四，比特幣的價格上漲至102,819美元，自2月3日以來就沒有達到高峰，幾位分析師強調了機構參與的日益增長，這是加密貨幣攀登背後的驅動力。

As more corporate players and exchange-traded funds (ETFs) continue to scoop up more BTC from the open market, industry chatter has seen institutions cited as a major factor in bitcoin’s bullish run.

隨著越來越多的公司參與者和交易所交易的資金（ETF）繼續從公開市場上挖出更多的BTC，行業chatter被認為是比特幣看漲行為的主要因素。

With bitcoin cracking the $100,000 mark today, market watchers and crypto industry specialists chimed in with their thoughts on the latest upward run.

隨著比特幣今天的100,000美元大關，市場觀察家和加密行業的專家對最新的上升的想法陷入了困境。

“Under the surface, spot ETF flows remain firm, particularly during U.S. hours. Open interest is high but not frothy, and funding is neutral—this is real demand, not leverage-driven price chasing. Exchange balances continue to decline, and onchain accumulation by long-term holders has resumed,” Bitfinex analysts told Bitcoin.com News on Thursday.

“在表面下，現貨ETF流仍然牢固，尤其是在美國時間。開放的興趣很高，但不是泡沫，資金是中性的 - 這是真正的需求，而不是槓桿驅動的價格追加。交換餘額繼續下降，長期持有人的鏈積累，Bitfinex Analyst恢復了，” Bitfinex Analyst在周四告訴Bitcoin.com新聞。

The market researchers added: “This is not a melt-up—it’s a structurally supported move. As long as ETF + institutional flows persist and macro stays stable, dips are likely to be brief and bought aggressively. The path of least resistance remains higher.”

市場研究人員補充說：“這不是一個融化，這是一個結構上支持的舉動。只要ETF +機構流持續存在並且宏觀保持穩定，傾角可能會進行簡短並積極地購買。電阻最小的路徑保持較高。”

Some see this moment as a full-blown plot twist, and Mike Cahill, CEO of Douro Labs—a major contributor to the Pyth Network—told Bitcoin.com News that’s exactly what it is.

有些人認為這一刻是一個成熟的情節轉折，而杜羅實驗室（Douro Labs）的首席執行官邁克·卡希爾（Mike Cahill）是Pyth Network的主要貢獻者 - Told Bitcoin.com新聞，這正是它的本質。

“Bitcoin crossing $100K signals a full-on narrative reset: that’s because this milestone cements BTC’s role as a macro asset in institutional portfolios. We’re seeing coordinated flows from ETFs, sovereign wealth funds, and asset managers who increasingly view bitcoin as a hedge against policy uncertainty and a vehicle for long-duration growth. The price action that’s happening right now is just catching up to what the smart money’s been preparing for all year,” Cahill stated.

“穿越10萬美元的比特幣標誌著一個全面的敘述重置：這是因為這個里程碑鞏固了BTC在機構投資組合中作為宏觀資產的作用。我們看到，從ETF，主權財富基金，主權經理以及資產管理人員之間的協調流動，以及越來越多地將比特幣視為對政策不確定的行動的努力，這是一個越來越多的行動。錢全年都準備了。”卡希爾說。

Joe Burnett — Director of Market Research at crypto financial services firm Unchained — shared in a note to our newsdesk that Strive Asset Management’s newly announced tie-up with Asset Entities (NASDAQ:ASSET) might also be part of the mix.

加密金融服務公司Unchained的市場研究總監Joe Burnett在我們的Newsdesk的一份註釋中分享了努力資產管理公司與資產實體新宣布的新宣布的合作（NASDAQ：ASSET）也可能是其中的一部分。

“Since the Strive announcement, the stock has surged over 700%. This underscores growing market excitement around bitcoin treasury companies—firms that convert balance sheet assets, cash flow, overvalued equity, and even leverage into bitcoin. It’s a powerful new model for capital allocation in a world of broken money,” Burnett disclosed.

“自從宣布宣布以來，該股票飆升了700％以上。這突顯了比特幣國庫公司圍繞比特幣國庫公司的市場興奮，這些公司將轉換資產負債表，現金流，現金流量，高估的股權甚至槓桿作用。它是一個有力的新模式，用於在損失世界中的資本分配中，這是一種強大的新模型，” Buntett公開。

Other industry figures weighed in on BTC’s latest price gains and what could be driving them.

其他行業數字也加劇了BTC的最新價格上漲以及可能推動它們的原因。

“Investors hate uncertainty, but on the flipside, clarity brings confidence,” Head of Finance at Parity Technologies Dave Sedacca, told Bitcoin.com News on Thursday. “Whether it’s Trump revealing positive developments in trade agreements or the FOMC reaffirming their commitment to stable interest rates, these signals help stabilize market sentiment. Combined with BTC’s recent outperformance of gold, BTC is becoming an increasingly attractive asset for institutional investors.”

“投資者討厭不確定性，但在另一方面，清晰度會帶來信心，” Parity Technologies Dave Sedacca的財務負責人周四對Bitcoin.com新聞說。 “無論是特朗普揭示貿易協定方面的積極發展，還是FOMC重申其對穩定利率的承諾，這些信號都有助於穩定市場情緒。與BTC最近的黃金表現相結合，BTC正成為機構投資者越來越有吸引力的資產。”

According to the original Fogo Contributor Doug Colkitt, this rally still has plenty of steam thanks to strong underlying fundamentals.

根據最初的Fogo貢獻者Doug Colkitt的說法，由於強大的基本面，這次集會仍然有很多動力。

“$100K is less about hype and more about market structure. We’re finally seeing consistent, institutionally driven demand meet maturing infrastructure—liquid venues, transparent custody, and real settlement rails. Bitcoin’s rally is being fueled by fundamentals, not froth—and that’s what makes this moment more sustainable than previous cycles,” Colkitt added.

“ $ 10萬美元不關乎炒作，而更多地與市場結構有關。我們終於看到了一致的，機構驅動的需求符合成熟的基礎設施 - 液體的場所，透明的監護權和真實的和解軌道。比特幣的集會源於基本面，而不是使這一刻更具可持續性的是比以前的節目更具可持續性的。”