加密货币市场的面孔正在迅速发展。

一方面，个人紧紧抓住每个satoshi。另一方面，机构准备承担巨额资金。

The face of the cryptocurrency market is evolving rapidly. On one side, individuals clinging to every satoshi. On the other, institutions ready to commit colossal sums. However, the price of Bitcoin does not always follow the same trajectory for these two groups. In Dubai, during the Cointelegraph LONGITUDE panel, major players sounded the alarm. According to them, soon, only the largest wallets will be able to afford a bitcoin.

加密货币市场的面孔正在迅速发展。一方面，个人紧紧抓住每个satoshi。另一方面，机构准备承担巨额资金。但是，对这两组的比特币价格并不总是遵循相同的轨迹。在迪拜，在Cointelegraph Paph Paph面板期间，主要玩家发出了警报。据他们说，很快，只有最大的钱包才能负担比特币。

When giants enter the bitcoin ring

当巨人进入比特币戒指时

First, the rise of institutional buying raises questions. Will bitcoin reach one million dollars as predicted by someone close to Satoshi? Sergej Kunz, co-founder of 1inch, issued a sharp warning: “Every retail investor should consider obtaining at least one bitcoin – very soon, they will no longer be able to afford it.”

首先，机构购买的兴起提出了问题。按照Satoshi附近的人预测，比特币会达到一百万美元吗？ 1英寸的联合创始人Sergej Kunz发出了尖锐的警告：“每个零售投资者都应该考虑获得至少一个比特币 - 很快，他们将不再负担得起。”

Individuals, already pressed by their daily obligations, lack time to accumulate crypto at a sustained pace.

个人已经受到日常义务的压力，缺乏时间以持续的速度积累加密货币。

However, it is the growing adoption by exchange-traded funds (ETFs) that captures the spotlight. Just during the week of April 21 to 25, these ETFs recorded more than 3 billion dollars in inflows.

但是，正是交易所贸易资金（ETF）的采用越来越多地吸引了人们的关注。仅在4月21日至25日，这些ETF记录了超过30亿美元的流入。

This massive flow clearly illustrates the growing confidence of institutions in “digital gold,” especially during times of macroeconomic uncertainty. Consequently, the price pressure was felt well before individuals could react.

这种巨大的流动清楚地说明了机构对“数字黄金”的信心日益增长，尤其是在宏观经济不确定性时期。因此，价格压力在个人反应之前就感觉良好。

Moreover, the geopolitical hedge offered by bitcoin appeals to major investors. During the same panel, Yat Siu, co-founder of Animoca Brands, stated that Bitcoin remains the only true protection against inflation and international trade frictions.

此外，比特币向主要投资者呼吁的地缘政治对冲。在同一面板中，Animoca Brands的联合创始人Yat Siu表示，比特币仍然是唯一的防止通货膨胀和国际贸易摩擦的保护。

When Donald Trump announced drastic tariffs in April, the price of bitcoin soared, proving how much cryptocurrency functions as a shield outside traditional channels.

当唐纳德·特朗普（Donald Trump）在四月份宣布急剧关税时，比特币的价格飙升，证明了加密货币在传统渠道之外的盾牌中起来的作用。

A future where even countries fight over satoshis

即使国家与萨托斯战斗的未来

Next, the outlook darkens for individuals. If the United States begins strategic bitcoin purchases, they could quickly leave small savers behind.

接下来，对个人的前景变黑了。如果美国开始购买战略性的比特币，他们可以迅速将小储蓄者留在后面。

Kunz doesn’t mince words: “I am almost certain we will soon see countries competing for the most bitcoins.” In this context, a bitcoin could become a state luxury product before being an asset accessible to all.

Kunz并没有说话：“我几乎可以肯定，我们很快就会看到各国争夺比特币最多的。”在这种情况下，在成为所有人都可以使用的资产之前，比特币可以成为州奢侈品。

Indeed, as of May 1, Bitcoin ETFs and other institutional funds held over $128 billion in BTC. Added to that are about $73 billion spread across corporate treasuries. These figures reveal an unprecedented concentration of holdings. Consequently, the price of bitcoin strengthens, fueled by liquidity pockets far larger than those of retail investors.

确实，截至5月1日，比特币ETF和其他机构基金在BTC持有超过1,280亿美元的资金。此外，大约730亿美元在公司国库中分配。这些数字揭示了前所未有的持有量。因此，比特币的价格得到了加强，这是由于流动性口袋远大于零售投资者的价格。

Nevertheless, this dynamic could play in favor of a spectacular rise. According to some analysts, institutional demand could propel bitcoin up to $200,000 by the end of the year.

尽管如此，这种动态可能会支持壮观的上升。根据一些分析师的说法，到年底，机构需求可能会推动比特币高达200,000美元。

In the longer term, adoption by financial players could even push the price above one million dollars by 2029. Under these conditions, individuals risk no longer keeping pace.

从长远来看，财务参与者的采用甚至可以到2029年将价格提高到一百万美元以上。在这种情况下，个人有可能不再保持步伐。

Finally, one last point deserves reflection: sovereign holdings. The United States, China, and the United Kingdom collectively hold over $130 billion in bitcoin, even though part comes from confiscations. In any case, when governments eye bitcoin as a strategic reserve, the global market shrinks even more for individual investors.

最后，最后一点值得反思：主权持有。美国，中国和英国在比特币中持有超过1300亿美元的股份，尽管部分来自没收。无论如何，当政府将比特币视为战略储备时，全球市场对个人投资者的缩小甚至更加萎缩。

In short, the confrontation between small holders and institutional giants is already underway. As flows into bitcoin intensify, the price each will have to pay will diverge increasingly. On one side, a few thousand dollars. On the other, several hundred thousand. From then on, the question is no longer if one will buy bitcoin, but at what price? It is already close to 100,000 dollars.

简而言之，小持有人与机构巨头之间的对抗已经在进行中。随着比特币的流动加剧，每个人都必须支付的价格将越来越多。一方面，几千美元。另一方面，数十万。从那时起，问题不再是一个人是否会购买比特币，而是以什么价格购买比特币？它已经接近100,000美元。

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.

通过我们的“阅读赚取”计划最大化您的共同成员体验！对于您阅读的每篇文章，请赚取积分并获得独家奖励。立即注册并开始赚取福利。自2017年以来，比特币犯了罪，Evariste一直在研究该主题。尽管他最初的兴趣是交易，但他现在积极寻求了解以加密货币为中心的所有进步。作为一名编辑，他努力始终如一地提供反映整个行业状态的高质量工作。