比特币的机构繁荣继续持续，因为价格持有超过$ 10万美元

比特币的增长超过100,000美元，已经重新激发了关于其在现代金融中的作用的对话，这是这段时间，随着机构的不断变化。

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

随着旗舰加密货币的关键价格高于100,000美元的关键价格，比特币的机构叙述继续升温。

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

Coinbase执行官John D'Agostino指出，比特币不再与科技股属于同一类别。

“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上接受采访时说：“这是一种数字商品，更像是黄金而不是增长股票。”

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.

根据D'Agostino的说法，这种观点的主要因素是稀缺，这通常不是技术股票的关注点，而是比特币的定义特征。

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

随着越来越多的机构资金流入加密货币空间，比特币的观点变得越来越相关。

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.

根据D'Agostino的说法，最近有超过55亿美元流入了现货比特币ETF，考虑到财务顾问尚未推荐这些资金，这一数字变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.

这些资金由Coinbase拘留，根据D'Agostino的说法，它们超过了直接的比特币购买，这表明机构可能宁愿投资于受监管的车辆而不是自我客户。

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

D'Agostino补充说：“我认为，当您开始看到顾问推荐这些ETF时……可以打开闸门。”

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

在看好比特币时，D'Agostino对更广泛的加密景观更加谨慎。

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.

他将大多数代币在前20名以外的代币描述为投机性，并且与早期创业公司相当，可观的回报率很高，但主要注定要失败。

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

在法规中，他呼吁更严格，更清晰的框架，以确保全面竞争。

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.

他也没有回避国会内幕交易的话题，他坚持认为议员和零售商人都应遵守相同的道德标准。

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.

总体而言，围绕比特币的叙述正在迅速转移。随着机构资金涌入，传统投资者进入加密货币领域，下一章看起来不像硅谷炒作，更像是华尔街的成熟度。