自動交易放大了亞洲的比特幣波動性

比特幣在亞洲的波動受到響應美國 ETF 流量數據的演算法交易的影響，導致資金流出和流入的變化引發市場大幅波動。美國比特幣 ETF 推出後，自動交易機器人在亞洲交易時段監控這些數據點，導致投資者對前一天的資訊做出反應，導致價格波動放大。最近的市場行為，包括 2024 年 4 月 2 日下跌 6%，凸顯了美國 ETF 流量對亞洲比特幣交易的影響，自動交易技術加劇了波動性。

Automated Trading's Sway on Bitcoin's Asian Volatility

自動交易對比特幣亞洲波動性的影響

The ebb and flow of Bitcoin's value in Asia has recently witnessed significant fluctuations, potentially attributed to automated trading mechanisms reacting swiftly to data pertaining to cryptocurrency exchange-traded funds (ETFs) listed in the United States. This dynamic, coupled with timing disparities, has amplified price swings as investors in Asia respond decisively to the preceding day's fund flow information.

亞洲比特幣價值的漲落最近出現了大幅波動，這可能是由於自動交易機制對在美國上市的加密貨幣交易所交易基金（ETF）的數據做出迅速反應所致。由於亞洲投資者對前一天的資金流向資訊作出果斷反應，這種動態加上時間差異放大了價格波動。

On April 2, 2024, Bitcoin experienced its most pronounced morning decline in Asian markets, with a 6% drop. This coincided with data indicating a withdrawal of funds from U.S. Bitcoin ETFs.

2024 年 4 月 2 日，比特幣在亞洲市場經歷了最明顯的早盤跌幅，跌幅達 6%。這與顯示美國比特幣 ETF 資金撤出的數據相符。

Shiliang Tang, the president of principal trading firm Arbelos Markets, elucidated, "From an algorithmic trading viewpoint, bots are capable of automatically scraping this data and executing buy or sell orders accordingly, seemingly mirroring the current market behavior."

主要交易公司 Arbelos Markets 的總裁 Shiliang Tang 解釋道：“從演算法交易的角度來看，機器人能夠自動抓取這些數據並相應地執行買入或賣出訂單，這似乎反映了當前的市場行為。”

The introduction of U.S. Bitcoin ETFs in January has exerted a profound influence on the market, attracting $12 billion since their inception on January 11, 2024. The influx peaked in early March, coinciding with Bitcoin's surge to a record-breaking $73,798. However, the sector has since witnessed outflows, partially attributable to Bitcoin's 11% decline from its peak.

美國比特幣ETF 於1 月推出，對市場產生了深遠影響，自2024 年1 月11 日推出以來，吸引了120 億美元資金。流入量在3 月初達到頂峰，恰逢比特幣飆升至破紀錄的73,798 美元。然而，此後該行業出現了資金外流，部分原因是比特幣較高峰下跌了 11%。

This recent market behavior underscores the significance of trading during Asian hours. As Tang observed, Asian trading hours yielded substantial returns in February and early March, although this trend subsided later in the month, likely due to shifting dynamics within US-based Bitcoin exchange-traded funds.

最近的市場行為凸顯了亞洲時段交易的重要性。正如唐所觀察到的那樣，亞洲交易時段在2 月和3 月初產生了可觀的回報，儘管這種趨勢在本月晚些時候有所消退，這可能是由於美國比特幣交易所交易基金內部動態的變化。

Automated Trading's Far-Reaching Impact

自動交易的深遠影響

Automated trading's influence extends beyond the spot market. Coinglass data reveals that on Tuesday, around $354 million worth of optimistic crypto investments were liquidated. This substantial figure, the largest in two weeks, demonstrates how automated trading techniques can trigger a domino effect across multiple financial markets, beyond the initial trades themselves.

自動交易的影響力超越了現貨市場。 Coinglass 數據顯示，週二，價值約 3.54 億美元的樂觀加密投資被清算。這一龐大數字是兩週來最大的，顯示自動交易技術如何在多個金融市場引發骨牌效應，而不僅僅是初始交易本身。

Bitcoin's current valuation represents approximately 5.5% of its entire supply within the collective ETF industry, dwarfing the 1% held by gold-based ETFs, according to an analysis by Charlie Morris, the Chief Investment Officer at ByteTree Asset Management. Morris concluded that "ETF flows are, therefore, more critical for Bitcoin than gold."

根據 ByteTree 資產管理公司首席投資長 Charlie Morris 的分析，比特幣目前的估值約佔 ETF 產業整體供應量的 5.5%，令黃金 ETF 所持有的 1% 相形見絀。莫里斯總結道：“因此，ETF 流量對比特幣來說比黃金更重要。”

As of early Wednesday, April 3, 2024, Bitcoin faced challenges, trading at $66,200 in Singapore, a 0.57% decrease from Tuesday's closing price. This decline was attributed to factors such as the aforementioned ETF flows and diminished anticipation of interest rate reductions by the Federal Reserve.

截至 2024 年 4 月 3 日星期三早間，比特幣面臨挑戰，新加坡交易價格為 66,200 美元，較週二收盤價下跌 0.57%。這一下降歸因於上述 ETF 流量和聯準會降息預期減弱等因素。

Positive Outlook Amidst Volatility

波動中前景樂觀

Looking ahead, a potential positive catalyst for Bitcoin may materialize in the approaching halving event scheduled for April 20th, 2024. Occurring every four years, this event reduces the issuance of new Bitcoin units, and some traders anticipate its potential to exert upward pressure on the price.

展望未來，定於2024 年4 月20 日臨近的減半事件可能會成為比特幣的潛在積極催化劑。該事件每四年發生一次，會減少新比特幣單位的發行量，一些交易者預計它有可能對比特幣施加上行壓力價格。

Market Maturation: A Complex Interplay

市場成熟：複雜的相互作用

Jakob Kronbichler, co-founder of Clearpool Finance, a decentralized credit platform, emphasized that market trends generally follow ETF flow data. Moreover, the recent surge of enthusiasm has facilitated a correction, enabling the market to pause momentarily.

去中心化信貸平台 Clearpool Finance 共同創辦人 Jakob Kronbichler 強調，市場趨勢通常遵循 ETF 流量數據。此外，近期的熱情高漲也促進了回調，使市場暫時停頓。

"Markets have typically taken their cues from ETF flow figures," said Jakob Kronbichler, co-founder of decentralized credit marketplace Clearpool Finance. "Additionally, there's been a lot of excitement over the past couple of weeks, and the correction is natural for the market to take a bit of a breather."

去中心化信貸市場 Clearpool Finance 聯合創始人 Jakob Kronbichler 表示：“市場通常會從 ETF 流量數據中獲取線索。” “此外，過去幾週出現了很多令人興奮的事情，市場調整自然會稍事休息。”

The ongoing volatility underscores the evolving role of algorithmic trading and ETF flows in shaping Bitcoin's price movements. As the market matures, investors can anticipate a more intricate interplay between these factors and traditional supply and demand forces, characterizing a dynamic and evolving crypto landscape.

持續的波動凸顯了演算法交易和 ETF 流量在影響比特幣價格走勢中不斷變化的作用。隨著市場的成熟，投資者可以預期這些因素與傳統供需力量之間會出現更複雜的相互作用，從而描繪出動態且不斷變化的加密貨幣格局。