比特幣（BTC）的價格已通過利用低風險收益率交易的對沖基金來抑制

這是分析師KyleChassé的一般收穫，他在X社交媒體平台上的線程中剖析了最新的比特幣（BTC）價格崩潰。

Bitcoin’s price has been suppressed by hedge funds exploiting a low-risk yield trade involving spot exchange-traraded funds (ETFs) and CME futures since reaching all-time highs on Jan. 20, signaling once again that institutional adoption of crypto assets isn't a one-way street.

自從1月20日達到歷史新高以來，比特幣的價格被對沖基金利用了涉及現貨交易所交易資金（ETF）和CME期貨的低風險貿易的對沖基金，這一價格再次發出信號，表明機構採用了加密貨幣資產的機構不是一條單向街道。

This is the general takeaway of analyst Kyle Chassé, who dissected the latest Bitcoin (BTC) price crash in a thread on the X social media platform.

這是分析師KyleChassé的一般收穫，他在X社交媒體平台上的線程中剖析了最新的比特幣（BTC）價格崩潰。

“For months, hedge funds were exploiting a low-risk yield trade using BTC spot ETFs & CME futures,” said Chassé. Now, this cash and carry trade is “imploding.”

Chassé說：“幾個月來，對沖基金一直利用BTC Spot ETFS＆CME期貨利用低風險的收益貿易。”現在，這種現金和攜帶貿易正在“爆炸”。

Source: Kyle Chassé

資料來源：凱爾追趕

The cash and carry trade involved buying spot Bitcoin ETFs and shorting Bitcoin futures on CME, which allowed traders to earn up to 5.68% in annualized returns by Chassé’s calculation.

現金和攜帶貿易涉及購買現貨比特幣ETF和CME上的賣空比特幣期貨，這使交易者通過Chassé的計算在年度申報表中賺取了高達5.68％的收入。

The success of this trade depended mainly on Bitcoin futures trading at a premium to the cryptocurrency’s spot price. However, “with recent market weakness, that premium has collapsed,” said Chassé.

這項交易的成功主要取決於比特幣期貨交易，其額外的價格是加密貨幣的現貨價格。但是，“由於最近的市場疲軟，這種溢價崩潰了，”查薩說。

With the trade no longer profitable, hedge funds are exiting the market, which is evidenced by the record outflows from US spot Bitcoin ETFs this week.

由於貿易不再有利可圖，對沖基金正在退出市場，這在本周美國現貨比特幣ETF的創紀錄中證明了這一點。

“The same trade that kept Bitcoin stable on the way up is accelerating the crash now,” he said. This is happening because “hedge funds don’t care about Bitcoin. They weren’t betting on BTC mooning. They were farming low-risk yield.”

他說：“現在使比特幣穩定的交易正在加速墜機。”這是因為“對沖基金不在乎比特幣。他們沒有押注BTC月亮。他們正在耕種低風險的產量。”

Related: Bitcoin futures and spot ETF traders capitulate as BTC looks for a bottom

相關：BTC尋找底部的比特幣期貨和現貨ETF交易者會屈服

Losses concentrated among Bitcoin tourists

損失集中在比特幣遊客中

Bitcoin’s sell-off accelerated on Feb. 27, as the cryptocurrency retraced all the way back to the sub-$79,000 region for the first time in more than three months.

比特幣的拋售在2月27日加速，加密貨幣一直回到三個月以上的首次回到79,000美元的地區。

However, a closer look at onchain data reveals that the losses are mainly concentrated among Bitcoin tourists, or new traders who only entered the market recently.

但是，仔細研究Onchain數據表明，損失主要集中在比特幣遊客或最近才進入市場的新交易者中。

Data from Glassnode shows that 74% of the realized losses came from holders who bought in the last month.

玻璃節的數據表明，有74％的已實現損失來自上個月購買的持有人。

Source: Carl B Menger

資料來源：Carl B My

Nevertheless, unrealized losses from the recent sell-off exceeded crypto exchange FTX’s capitulation event, according to analyst Milkybull Crypto. A drop of this magnitude is a strong sign of a bottom formation in Bitcoin’s price.

分析師Milkybull Crypto表示，儘管如此，最近拋售的未實現損失超過了Crypto Exchange FTX的投降活動。一滴量的大小是比特幣價格底層形成的強烈跡象。