美國 ETF 流動助長自動交易狂潮，比特幣市場波動

亞洲比特幣投資者面臨自動交易協議對美國比特幣 ETF 流量做出反應所帶來的波動。亞洲交易時段流入市場的 ETF 需求數據會影響市場行為。週二比特幣和加密貨幣市場的大幅下跌與投資者資金撤出的指標相吻合。演算法交易協議利用這些數據進行買賣，從而導致市場波動。

Bitcoin Market Faces Volatility as Automated Trading Protocols React to US ETF Flows

由於自動交易協議對美國 ETF 流量做出反應，比特幣市場面臨波動

Hong Kong, March 30, 2022 - Bitcoin investors in Asia have experienced significant price fluctuations in recent weeks due to the impact of automated trading protocols that respond to inflows and outflows in US Bitcoin exchange-traded funds (ETFs).

香港，2022 年 3 月 30 日 - 由於響應美國比特幣交易所交易基金 (ETF) 流入和流出的自動交易協議的影響，亞洲的比特幣投資者最近幾週經歷了大幅價格波動。

Asian Trading Sessions React to US ETF Updates

亞洲交易時段對美國 ETF 更新作出反應

During Asian trading hours, market updates on spot Bitcoin ETF demand have influenced the cryptocurrency market. Following the conclusion of US share trading, these updates have triggered price movements.

在亞洲交易時段，現貨比特幣 ETF 需求的市場更新影響了加密貨幣市場。美國股票交易結束後，這些更新引發了價格變動。

On Tuesday, Bitcoin and the wider crypto market witnessed their steepest decline in a month during the Asian morning session. This decline was attributed to data indicating that investors were withdrawing funds from ETFs.

週二，比特幣和更廣泛的加密市場在亞洲早盤見證了一個月來的最大跌幅。這一下降歸因於數據表明投資者正在從 ETF 中撤資。

Shiliang Tang, President of principal trading firm Arbelos Markets, explained that algorithmic trading bots are capable of automatically scraping this data and executing buy and sell orders accordingly. "It seems that's basically what is happening," Tang stated.

主要交易公司 Arbelos Markets 的總裁 Shiliang Tang 解釋說，演算法交易機器人能夠自動抓取這些資料並相應地執行買賣訂單。 「看來這基本上就是正在發生的事情，」唐說。

Bitcoin ETF Inflows Experience Volatility

比特幣 ETF 資金流入經歷波動

The Bitcoin ETF market has also seen volatility recently. Inflows reached their peak in the first two weeks of March, coinciding with Bitcoin's rally to its all-time high of $73,798. Since then, the sector has witnessed intermittent outflows, leading to a decline of approximately 11% from the token's historic peak.

比特幣ETF市場近期也出現波動。資金流入在 3 月的前兩週達到峰值，恰逢比特幣反彈至歷史新高 73,798 美元。此後，該產業出現間歇性資金外流，導致該代幣較歷史高峰下跌約 11%。

Charlie Morris, Chief Investment Officer at ByteTree Asset Management, highlighted that roughly 5.5% of Bitcoin is held within the broader ETF sector, in contrast to gold's 1% allocation. According to Morris, this makes ETF flows more impactful for Bitcoin than for gold.

ByteTree 資產管理公司首席投資長 Charlie Morris 強調，大約 5.5% 的比特幣持有在更廣泛的 ETF 領域，而黃金的配置比例為 1%。莫里斯表示，這使得 ETF 流量對比特幣的影響比對黃金的影響更大。

Tang noted that this flow pattern explains the varying market returns during Asian trading hours. February and early March saw notable strength, followed by a decline later in March.

唐指出，這種流動模式解釋了亞洲交易時段市場回報的變化。 2 月和 3 月初出現顯著走強，隨後在 3 月下旬出現下降。

Liquidation of Bullish Bets Triggers Ripple Effects

看漲押注的清算引發連鎖反應

Coinglass data indicates that the liquidation of bullish crypto wagers, totaling around $354 million on Tuesday, contributed to the market volatility. Algorithmic protocols offloaded Bitcoin, triggering ripple effects in the derivatives market.

Coinglass 數據顯示，週二看漲加密貨幣押注的清算總額約為 3.54 億美元，加劇了市場波動。演算法協議卸載了比特幣，引發了衍生性商品市場的連鎖反應。

Bitcoin Price Decline and Anticipated Market Impact

比特幣價格下跌和預期的市場影響

Bitcoin's price plummeted over 6% on Tuesday, dropping to a low of $65,400. The industry is eagerly anticipating the upcoming Bitcoin halving, which could potentially induce a significant supply shock and drive prices higher.

週二，比特幣價格暴跌超過 6%，跌至 65,400 美元的低點。該行業熱切期待即將到來的比特幣減半，這可能會引發嚴重的供應衝擊並推高價格。

Market Commentary and Outlook

市場評論與展望

According to analysts, the recent market volatility underscores the influence of algorithmic trading and ETF flows on the Bitcoin market. They believe that investors should exercise caution and monitor market updates closely.

分析師表示，近期的市場波動凸顯了演算法交易和ETF流量對比特幣市場的影響。他們認為投資者應謹慎行事並密切關注市場動態。

"The market is still trying to find its feet after the recent sell-off," said Lisa Zhang, an analyst at the cryptocurrency exchange Binance. "We expect continued volatility in the near term as investors assess the impact of ETF flows and the upcoming halving."

加密貨幣交易所幣安分析師麗莎·張表示：“在最近的拋售之後，市場仍在努力站穩腳跟。” “隨著投資者評估 ETF 流量和即將到來的減半的影響，我們預計短期內將持續波動。”

The Bitcoin market is expected to remain dynamic in the coming weeks, with investors anticipating the potential impact of the halving and ongoing macroeconomic developments.

預計比特幣市場在未來幾週內將保持活躍，投資者預計減半和持續宏觀經濟發展的潛在影響。