比特币（BTC/USD）飙升22％作为公司国库，主权实体进入竞技场

比特币（BTC/USD）在过去一个月中飙升了22％，根据比特币金融服务公司Swan的说法，这不仅仅是另一个集会

Bitcoin BTC/USD has surged 22% over the past month, and according to Bitcoin financial services firm Swan, this isn't just another rally, it marks the emergence of a new market structure.

比特币BTC/USD在过去一个月中飙升了22％，根据比特币金融服务公司Swan的说法，这不仅仅是另一个集会，它标志着新市场结构的出现。

In an X post on Friday, May 12, Swan highlighted that the current move is fueled by a new class of buyers: corporate treasuries, sovereign entities and capital-constrained institutions.

在5月12日（星期五）的X帖子中，天鹅强调说，当前的举动是由新的买家提供的：公司国库，主权实体和资本约束机构。

"We’re not seeing Bitcoin bought to ‘get rich’ anymore. Now it’s being bought to protect wealth," the firm stated.

该公司说：“我们不再看到比特币再也买了'赚钱了。现在它被购买以保护财富。”

This narrative shift from speculation to sovereignty is crucial, as it lays the foundation for a more durable price floor, underpinned by corporate, governmental,and family-office accumulation.

从猜测到主权的这种叙事转变至关重要，因为它为更耐用的价格奠定了基础，这是公司，政府和叙利序积累的基础。

While the S&P 500 and Nasdaq posted monthly gains of 8% and 11%, respectively, Bitcoin's outperformance and rising divergence suggest a decoupling is underway, a major milestone for the asset.

虽然标准普尔500指数和纳斯达克的月收益分别为8％和11％，但比特币的表现和差异不断增长表明正在进行脱钩，这是该资产的主要里程碑。

Favorable macro conditions like rising liquidity, a more cautious Fed, easing trade tensions, and pro-growth rhetoric from Trump are providing additional tailwinds.

有利的宏观条件，例如流动性上升，更谨慎的美联储，缓解贸易紧张局势以及来自特朗普的增长言论正在提供更多的方风。

On-chain data supports this trend: According to BitInfoCharts, the number of addresses holding 100 to 1,000 BTC grew from 15,913 to 16,054 since April 13, pointing to steady mid-level accumulation.

链上的数据支持这一趋势：根据Bitinfocharts的说法，自4月13日以来，持有100到1,000 BTC的地址从15,913增至16,054，这表明中级积累稳定。

See Related: Best Cryptocurrency Scanners

参见相关：最佳加密货币扫描仪

What Happened: Companies like Strive, 21Shares and BTC Inc are actively preparing acquisition vehicles. Strategy MSTR is now said to have $84 billion in shelf registration capacity to tap markets creatively.

发生的事情是：像竞争，21shares和BTC Inc这样的公司正在积极准备采购工具。现在据说MSTR战略具有840亿美元的货架注册能力来创造性地利用市场。

"We’re also seeing signs of sovereign entities entering the scene quietly," Swan added.

斯旺补充说：“我们还看到了主权实体悄悄进入现场的迹象。”

Shifts in government policy, such as New Hampshire exploring Bitcoin reserves and Spain capping cash withdrawals, underscore the changing global financial landscape.

政府政策的转变，例如新罕布什尔州探索比特币储备金和西班牙限制现金提取的情况，这强调了全球金融格局的变化。

"The stage is set for a new chapter in the Bitcoin story, one that could see the world’s most valuable cryptocurrency reach even greater heights," the firm concluded.

该公司总结说：“该阶段是在比特币故事中的新章节的阶段，可以看到世界上最有价值的加密货币达到更高的高度。”

🚨Decoding Bitcoin's New Market Structure

🚨编码比特币的新市场结构

As the dust settles on Q2 2024, it's clear that a new stage in Bitcoin's journey is unfolding. We're tracking a shift in the fabric of the market, weaving together macro trends, on-chain data, and the actions of key players.

随着尘埃落定在第二季度2024年，很明显，比特币旅程中的新舞台正在展开。我们正在跟踪市场结构的转变，将宏观趋势，链链数据和主要参与者的行为编织在一起。

As we dove deeper, we realized that the narrative around Bitcoin accumulation is changing. We're not seeing Bitcoin bought to "get rich" anymore. Now it's being bought to protect wealth.

随着我们更加深入，我们意识到围绕比特币积累的叙事正在发生变化。我们不再看到比特币再为“致富”了。现在正在购买以保护财富。

This might seem like a subtle difference, but it has massive implications for the price floor and the sustainability of any price declines.

这似乎是一个微妙的差异，但它对价格平台和任何价格下降的可持续性具有巨大的影响。

Earlier this year, we highlighted how family offices and private investment firms are increasingly turning to Bitcoin as an inflation hedge and a store of value. We're also seeing major corporations integrate Bitcoin onto their balance sheets, a move unthinkable just a few years ago.

今年早些时候，我们强调了家庭办事处和私人投资公司如何越来越多地转向比特币作为通货膨胀对冲和价值存储。我们还看到大型公司将比特币整合到资产负债表上，这一举动是几年前无法想象的。

Now, we can add another layer to this story: corporate treasuries and sovereign entities are joining the party, enticed by the promise of an asset class that operates independently of traditional financial institutions.

现在，我们可以在这个故事中添加另一层：公司国库和主权实体正在加入该党，这是由独立于传统金融机构独立运作的资产类别的承诺所吸引的。

Companies like Strive, 21Shares and BTC Inc are preparing acquisition vehicles, while Strategy MSTR is said to have $84 billion in shelf registration capacity to tap markets creatively.

像Strive，21 Shares和BTC Inc这样的公司正在准备收购工具，而战略MSTR据说具有840亿美元的货架注册能力，可以创造性地利用市场。

And as always, the actions of key players speak louder than words. We're keeping a close eye on a few sovereign entities who are making quiet moves in the Bitcoin space.

与往常一样，主要参与者的行动胜于雄辩。我们会密切关注一些在比特币空间中进行安静动作的主权实体。

Finally, we can't ignore the macroeconomic backdrop. Rising liquidity, a more cautious Fed, easing trade tensions, and pro-growth rhetoric from Trump are providing tailwinds for Bitcoin's price.

最后，我们不能忽略宏观经济的背景。不断上升的流动性，更谨慎的美联储，缓解贸易紧张局势以及特朗普的促成言论正在以比特币的价格提供逆风。

On April 13, the number of addresses holding 100 to 1,000 BTC was 15,913. As of May 11, that number rose to 16,054. This mid-level accumulation is a trend we'll continue to monitor closely.

4月13日，持有100至1,000 BTC的地址为15,913。截至5月11日，这个数字上升到16,054。这种中层积累是我们将继续密切监视的趋势。

As the dust settles on Q2 2024, we're left with a few key takeaways:

当尘埃落定在第二季度2024年时，我们还有一些关键要点：

- The S&P 500 and Nasdaq rose 8% and 11% in April, but Bitcoin's outperformance and rising divergence suggest a decoupling is underway, a major milestone for the asset.

- 标准普尔500指数和纳斯达克股在4月上涨了8％和11％，但比特币的表现和差异上升表明正在进行分离，这是该资产的主要里程碑。

- We're seeing a new class of buyers enter the market, including corporate treasuries, sovereign entities and capital-constrained institutions.

- 我们看到一类新的买家进入市场，包括公司国库，主权实体和资本约束机构。

- This shift in buyers, narrative and the macroeconomic trends lay the foundation for a more durable price floor, underpinned by corporate, governmental,and family-office accumulation.

- 买家，叙事和宏观经济趋势的这种转变为更耐用的价格楼层奠定了基础，这是公司，政府和家庭办公室积累的基础。

Stay tuned for more updates as we continue to track this evolving story.

随着我们继续跟踪这个不断发展的故事，请继续关注更多更新。

We invite you to join our email list for exclusive insights and analysis.

我们邀请您加入我们的电子邮件列表以进行独家见解和分析。

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