比特币：折扣的悖论和机构的胃口

比特币停滞在94,000美元左右，但却出现了不和谐。但是，机构似乎大喊相反：一周内注入30亿美元

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.

尽管比特币（BTC）徘徊在94,000美元左右，但却出现了不和谐。根据内部人士的说法，价格仍然被40％打折，面对大量机构的胃口，这是一种技术异常。 Capriole Investments的创始人查尔斯·爱德华兹（Charles Edwards）表示，在一周内，尽管加密货币折扣了40％，但估计有30亿美元流入了比特币ETF。

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

这个惊人的差距提出了一个问题：即使价格似乎很低，为什么要大量资本涌入比特币？

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.

在这些数字的背后，一场寂静的战斗在明显的折扣和战略信念之间发挥了作用。俗话说：“当空的私人钱包装满时。”实际上，根据CryptoFeant的数据，在4月底，超过36,000个BTC离开了Coinbase（Nasdaq :)和Binance，这是两个最大的加密货币交换。

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.

这些大规模的流出通常是机构积累的标志。但是，值得注意的是，在2021年中国禁令后，类似的流出并不能阻止崩溃，正如Alphractal的分析师Joao Wedson指出。只有长时间的流出（例如在FTX崩溃中观察到的流出）才能真正表明趋势的逆转。

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，机构正在玩一个微妙的机会主义和谨慎游戏。他们正在以他们认为较低的价格购买比特币，但他们也知道，如果需求持续，市场可能会迅速上升。这是一个可以改变一切的分形。

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.

比特币图是一个熟悉的故事。它目前的合并非常类似于第四季度2024年第4季度，当时五天内增长13％的增长到100,000美元。当时，RSI显示出类似的购买压力，而且价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.

诱人的分形，但具有欺骗性。模式重复，从不相同。 $ 96,100的钥匙阻力可能会阻止一切...或释放所有内容。高于此级别的决定性封闭将为快速上升打开大门。

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.

大规模注入30亿美元的ETF并不是偶然的。它揭示了更深的机制：简化的大型持有人的访问。以前，购买比特币涉及运营风险，例如交换停机时间或技术问题。但是ETF提供了一个安全的门户，可以进行清洁的资本涌入。

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.

彭博社的一位分析师埃里克·巴尔库纳斯（Eric Balchunas）表示，这解释了缺乏大惊小怪，因为几天内逃到了比特币ETF上。一种运动比冷计划更少的猜测。

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

比特币后：折扣的悖论和贪婪的机构胃口首先出现在Cointribune上。