比特幣的大幅上漲對韓國科斯達克指數帶來壓力

自川普 11 月 5 日獲勝以來，加密貨幣已上漲近 35%，而以小型股為主的科斯達克指數已下跌 8%。

Bitcoin’s breakneck rally since the recent election victory of Donald Trump is piling pressure on a far-flung corner of the capital markets: small cap stocks in South Korea.

自從唐納德·川普最近贏得大選以來，比特幣的驚人上漲給資本市場的一個遙遠角落帶來了壓力：韓國的小型股。

The cryptocurrency has jumped nearly 35% since Trump's election win on Nov. 5, while the small cap-dominated Kosdaq Index has fallen 8%, putting it on track to be Asia's worst performing index this year.

自川普 11 月 5 日獲勝以來，加密貨幣已上漲近 35%，而以小盤股為主的科斯達克指數已下跌 8%，有望成為今年亞洲表現最差的指數。

Analysts say that at least part of the reason for the decline is that small investors are dumping shares in favor of Bitcoin, exacerbating a rout that has wiped out around a fifth of the value of the stock index this year.

分析師表示，下跌的至少部分原因是小投資者紛紛拋售股票轉而購買比特幣，這加劇了今年股指價值約五分之一的跌幅。

“Because the Kosdaq market is doing terribly, people are heading to the coin market,” said Ahn Hyunsang, chief executive of the Korea Investment Research Institute, which runs a telegram channel offering stock tips to subscribers.

韓國投資研究所執行長 Ahn Hyunsang 表示：「由於科斯達克市場表現糟糕，人們紛紛轉向代幣市場。」該研究所經營一個向訂閱者提供股票提示的電報頻道。

The shift highlights what has become a sensitive subject for policymakers in the crypto-obsessed country. Trading activity on Korean crypto exchanges now outstrips volumes for the benchmark Kospi stock index. Regulators have held back from approving Bitcoin cash exchange-traded funds due to fears of outflows from the local stock market.

這一轉變突顯了這個痴迷於加密貨幣的國家的政策制定者已經成為一個敏感話題。韓國加密貨幣交易所的交易活動現已超過基準 Kospi 股票指數的交易量。由於擔心資金從當地股市流出，監管機構一直沒有批准比特幣現金交易所交易基金。

Because cash Bitcoin ETFs are banned in South Korea, investors have placed wagers on leveraged funds exposed to crypto futures, said Hong Songuk, a digital assets analyst at NH Investment & Securities Co. Other investors have bought the shares of MicroStrategy Inc., a US company that has loaded up on Bitcoin.

NH Investment & Securities Co. 的數位資產分析師Hong Songuk 表示，由於韓國禁止現金比特幣ETF，投資者已將賭注押在了加密貨幣期貨的槓桿基金上。股票。

The market could get some relief from bets that the crypto rally is overblown. The ProShares UltraShort Bitcoin ETF, which allows investors to make leverage bets against the coin, had its highest daily inflow on Monday, and a recent losing streak for the cryptocurrency has raised questions about whether Bitcoin can finally break $100,000.

對於加密貨幣漲勢被誇大的押注，市場可能會得到一些緩解。允許投資者對比特幣進行槓桿押注的 ProShares UltraShort 比特幣 ETF 週一創下了單日最高流入量，而該加密貨幣最近的連續下跌引發了人們對比特幣能否最終突破 10 萬美元的疑問。

But investors in South Korea are also bracing themselves for more pressure on stock prices. The market got a temporary boost late last year, when regulators announced a surprise ban on short selling that sent beleaguered stocks higher. The ban is set to end in March.

但韓國投資者也準備迎接股價面臨的更大壓力。去年年底，監管機構出人意料地宣布禁止賣空，導致陷入困境的股票走高，市場暫時得到提振。該禁令將於三月結束。