儘管機構購買了大量購買，但比特幣的價格尚未爆炸。我們剖析了供求的動態和市場差異。

Bitcoin Price Puzzle: Institutional Buying vs. Market Discrepancy Explained

比特幣價格難題：解釋的機構購買與市場差異

Bitcoin's been a head-scratcher lately. Institutions are throwing money at it, but the price isn't exactly mooning. What gives? Let's dive into the 'Bitcoin price, institutional buying, market discrepancy' situation.

比特幣最近是一名抓手。機構正在扔錢，但價格並不是完全月亮的。什麼給？讓我們研究“比特幣價格，機構購買，市場差異”情況。

The Institutional Inflow Phenomenon

機構流入現象

The numbers don't lie: Bitcoin ETFs are vacuuming up BTC like crazy. Since late March, ETF inflows have jumped significantly, with holdings increasing by roughly 100,000 BTC in under 3 months. Corporate treasuries, led by MicroStrategy, are also on a buying spree. Total treasury holdings now exceed 823,000 BTC, worth a staggering $86 billion. Institutional investors continue to buy BTC, ETH, SOL, and XRP despite panic selloffs amid geopolitical tensions. Crypto asset investment products saw a total of $1.24 billion in weekly inflows, indicating bullish sentiment among investors.

數字不撒謊：比特幣ETF正在瘋狂地吸塵BTC。自3月下旬以來，ETF流入量顯著躍升，在3個月內，持股量增加了約100,000 BTC。由MicroStrategy領導的公司國庫也在購買。現在，國庫總額超過823,000 BTC，價值驚人的860億美元。儘管在地緣政治緊張局勢和地緣政治緊張局勢下，但機構投資者仍在購買BTC，ETH，SOL和XRP。加密資產投資產品的每周流入總計12.4億美元，表明投資者的看漲情緒。

Why Isn't the Price Exploding?

為什麼價格不爆炸？

Here's the rub: the Bitcoin market cap is HUGE now. The kind of capital needed for exponential gains is astronomical compared to previous cycles. Plus, long-term holders have been taking profits, dumping significant amounts of BTC back into the market. Open interest in Bitcoin derivatives has also exploded, with many new participants opting to trade “paper BTC” on derivatives rather than buying spot BTC, which reduces the positive influence on price of increased market participants.

這是摩擦：現在的比特幣市值很大。與以前的周期相比，指數增長所需的資本是天文學的。另外，長期持有人一直在獲利，將大量的BTC投入市場。對比特幣衍生產品的開放興趣也爆炸了，許多新參與者選擇在衍生品上交易“紙BTC”，而不是購買現貨BTC，這降低了對增加市場參與者價格的積極影響。

Supply and Demand Equilibrium

供需平衡

All this selling pressure has largely offset the institutional buying. Add in the daily miner issuance, and you've got a market in a delicate balance. It explains why breaking higher has been such a struggle.

所有這些銷售壓力都在很大程度上抵消了機構購買。加上每日礦工發行，您的市場處於微妙的平衡。它解釋了為什麼打破更高是如此的鬥爭。

A Glimmer of Hope?

一線希望？

Don't despair, Bitcoin bulls! Long-term holder selling is slowing down. If institutional inflows stay strong and retail investors jump back in, we could see another leg up. History shows that even a modest retail surge can send BTC doubling in price within months. Also, technical analysis suggests that BTC may be preparing to break out to new highs, potentially reaching $153,000 - $220,000 by year-end.

不要絕望，比特幣公牛！長期持有人銷售正在放緩。如果機構流入保持強勁，散戶投資者又回來了，我們可以看到另一回合。歷史表明，即使是適度的零售激增也可以在幾個月內將BTC的價格加倍。此外，技術分析表明，BTC可能正在準備脫穎而出，並可能達到153,000美元至220,000美元。

My Two Sats

我的兩個坐著

It’s like watching a tug-of-war between the old guard (long-term holders cashing out) and the new kids on the block (institutions piling in). Personally, I think once the selling fatigue really sets in and retail FOMO kicks in, we're gonna see fireworks. The fundamentals are there, the demand is building, and Bitcoin's got a history of defying expectations. The market is in a state of supply-demand equilibrium.

這就像觀看老警衛隊（長期持有人兌現）和街區的新孩子（機構堆積）之間的拔河一樣。就個人而言，我認為，一旦銷售疲勞真正地介入並開始零售，我們將看到煙火。基本面存在，需求是在建立，比特幣有違抗期望的歷史。市場處於供求平衡狀態。

Final Thoughts

最後的想法

So, the next time someone asks why Bitcoin isn't skyrocketing despite all the institutional love, you can hit 'em with the supply-demand breakdown. Heavy profit-taking and derivatives speculation have been counterbalancing the inflows. But as the selling subsides and institutions keep buying, the stage is set for the next big move. Keep your eyes peeled and your bags packed – it's gonna be a wild ride!

因此，下次有人問為什麼儘管有所有的機構愛，為什麼比特幣不會飆升時，您可以通過供求需求的細分來擊中em。大量的盈利和衍生品猜測一直在平衡流入。但是，隨著銷售的補貼和機構不斷購買，舞台將為下一個重大舉措設定。保持眼睛剝皮，包裝袋子 - 這將是一個瘋狂的旅程！