比特幣的價格走勢部分由場外交易（「OTC」）交易台決定

一種被低估的價格行為機制是場外交易（「OTC」）交易台，它處理大量的比特幣買賣

Over-the-counter (OTC) trading desks play a crucial role in facilitating large-volume trades of Bitcoin and other cryptocurrencies. These trades occur off-exchange and typically involve interactions with high-net-worth clients or institutions. While exchange activity is transparent and accessible to the public, OTC trading operates behind the scenes, making it less visible to external observers. However, despite this relative obscurity, the trends and patterns emerging from OTC trading can significantly influence Bitcoin's price movements.

場外交易（OTC）交易台在促進比特幣和其他加密貨幣的大批量交易方面發揮著至關重要的作用。這些交易發生在場外，通常涉及與高淨值客戶或機構的互動。雖然交易所活動是透明的且對公眾開放，但場外交易是在幕後進行的，這使得外部觀察者不太容易看到。然而，儘管相對默默無聞，場外交易中出現的趨勢和模式仍然可以顯著影響比特幣的價格走勢。

In this article, we delve into the world of OTC trading, exploring its mechanisms, key players and geographical presence, and highlighting its impact on Bitcoin's price. We also uncover some interesting observations made by OTC trading desks regarding the demand for stablecoins and the varying premiums or discounts at which they trade.

在本文中，我們深入研究場外交易的世界，探討其機制、關鍵參與者和地理分佈，並強調其對比特幣價格的影響。我們還發現了場外交易櫃檯對穩定幣的需求及其交易溢價或折扣的一些有趣觀察。

The Hidden Forces Shaping Bitcoin's Price Action: A Look at OTC Trading Desks

塑造比特幣價格走勢的隱藏力量：場外交易櫃檯一覽

Bitcoin’s price is always often speculated on. One underrated mechanism of the price action are the over-the-counter (”OTC”) trading desks that deal with large volumes of Bitcoin buys and sells off-exchange and with large private clients. This is especially the case in Asia, where large companies handle OTC trading across financial hubs like Hong Kong and Singapore.

比特幣的價格總是經常被猜測。一種被低估的價格行為機制是場外交易（「OTC」）交易櫃檯，該交易櫃檯處理大量的場外比特幣買賣以及與大型私人客戶的交易。在亞洲尤其如此，大型公司在香港和新加坡等金融中心處理場外交易。

Public spectators don’t have access into what really happens - the system is relatively opaque. And yet the trends of this trading behind the scenes plays an essential role in Bitcoin’s price. The OTC trading that happens around the world represent hidden data and factors.

公眾觀眾無法了解到底發生了什麼事——這個系統相對不透明。然而，這種幕後交易的趨勢對比特幣的價格起著至關重要的作用。世界各地發生的場外交易代表著隱藏的數據和因素。

Activity is moving to Bitcoin and Ethereum, and the stablecoins, while altcoin token volume is shrinking, with the US Bitcoin Spot ETF approval driving a lot of momentum

活動正在轉向比特幣、以太坊和穩定幣，而山寨幣代幣交易量正在萎縮，美國比特幣現貨 ETF 的批准推動了巨大的動力

The CEO of Hashkey OTC, the OTC trading arm of Hashkey Group is Liang Li - though he prefers to go by Leo. Leo observes that he’s seen more interest in Bitcoin and Ethereum from traditional investors with the launch of spot ETF products related to them.

Hashkey OTC 是 Hashkey 集團的場外交易部門，其執行長是樑力，儘管他更喜歡叫 Leo。 Leo 觀察到，隨著與比特幣和以太坊相關的現貨 ETF 產品的推出，傳統投資者對比特幣和以太坊越來越感興趣。

“For smaller tokens, it’s really not picking up very much,” he adds - tracking market performance overall. The ETF approval has drawn traditional eyes to Bitcoin and Ethereum trading - but there’s been a flight to safety among some OTC users as they look to shrink their exposure to more risky altcoins.

「對於較小的代幣來說，它的漲幅確實不是很大，」他補充道——跟踪整體市場表現。 ETF 的批准吸引了傳統人士對比特幣和以太坊交易的關注，但一些場外交易用戶開始轉向安全資產，因為他們希望減少風險更高的山寨幣風險敞口。

At Netcoins, a Canadian company, there was also “had a large increase in trading volume from Q4 ‘23 from US-driven momentum and a significant increase trending around the Bitcoin ETF approvals.”

加拿大公司 Netcoins 也“由於美國推動的勢頭，交易量自 23 年第四季度以來大幅增加，並且圍繞比特幣 ETF 批准的趨勢也顯著增加。”

USDT is trading at a premium in Asia, while USDC is trading at a discount

USDT 在亞洲處於溢價交易，而 USDC 處於折價交易

During price action that saw Bitcoin’s price descend to around the $50,000 range from highs of $73,000, Leo from Hashkey also observed that demand for Tether was very strong, with it trading at a premium compared to the US dollar. This might be explained by, among other things, people refusing to cash out into a domestic currency and trying to wait until the market for Bitcoin to stabilize.

在比特幣價格從 73,000 美元的高點跌至 50,000 美元左右的價格走勢中，Hashkey 的 Leo 還觀察到，對 Tether 的需求非常強勁，其交易價格相對於美元存在溢價。除其他因素外，這可能是由於人們拒絕兌現本國貨幣並試圖等到比特幣市場穩定下來。

On the other hand, USDC seldom trades at a premium - and at some points, like with the failure of Silicon Valley Bank, it actually trades at a loss. Netcoins observed the same thing in North America around the same time, though in North America, stablecoins tend to trend closely to the exact value in dollars - and that stablecoins are notably more popular in Asia.

另一方面，USDC 很少以溢價交易 - 在某些時候，例如矽谷銀行的倒閉，它實際上是虧損交易。 Netcoins 大約在同一時間在北美觀察到了同樣的情況，儘管在北美，穩定幣往往與美元的確切價值密切相關——而且穩定幣在亞洲尤其更受歡迎。

More companies are accepting cryptocurrencies, which is creating more offramp activity for OTC desks - and which shows a new class of OTC client

越來越多的公司正在接受加密貨幣，這為場外交易櫃檯創造了更多的場外活動，並展示了新一類的場外交易客戶

Samsung’s Update Mistake—Bad News For Millions Of Galaxy Phone Owners

三星的更新錯誤——對數百萬 Galaxy 手機用戶來說是個壞消息

Google Play Store Warning—Do Not Install These Apps On Your Phone

Google Play 商店警告 - 請勿在手機上安裝這些應用程式

Netflix’s Best New Horror Movie Is An Instant Classic

Netflix 最佳新恐怖電影瞬間成為經典

There’s been more acceptance of cryptocurrencies from payment companies and gaming companies according to Leo. This has led to OTC desks like HashKey being more active in helping offload cryptocurrencies to keep businesses running afloat in fiat.

Leo 表示，支付公司和遊戲公司對加密貨幣的接受度越來越高。這導致像 HashKey 這樣的場外交易平台更加積極地幫助卸載加密貨幣，以保持企業以法定貨幣運作。

On the one hand, this shows the movement towards integrating Bitcoin and other cryptocurrencies more closely when it comes to payments overall and making it more of a medium of exchange. On the other hand, as more large businesses integrate with Bitcoin, unless their payroll and other costs are also in Bitcoin or other cryptocurrencies, they will be a hidden sell factor - a quiet drip in the background that accounts for some of the price action down. Though, since these trades happen with OTC desks, it’s not as likely to affect prices as if they happened on an open exchange.

一方面，這表明在整體支付方面，比特幣和其他加密貨幣更加緊密地結合在一起，並使其更像是交換媒介。另一方面，隨著越來越多的大型企業與比特幣整合，除非他們的工資和其他成本也以比特幣或其他加密貨幣的形式出現，否則它們將成為一個隱藏的拋售因素——背景中的悄然滴落，導致了部分價格下跌。不過，由於這些交易發生在場外交易櫃檯，因此影響價格的可能性不像在公開交易所發生的那樣。

How does OTC trading work?

場外交易如何運作？

The intricacies of OTC trading are not known to many - the ritual of it, for example. I’ve written previously about how clients at a physical location at Genesis Block, a physical OTC trading space, were invited in and treated to tea in a ritual that probably wouldn’t be unfamiliar with those getting onboarded as high net worth individuals at banks like HSBC.

很多人並不了解場外交易的複雜性──例如它的儀式。我之前寫過關於 Genesis Block（一個實體場外交易空間）的實體場所的客戶如何被邀請進入並以茶招待的儀式，對於那些作為高淨值人士進入銀行的人來說可能不會陌生像匯豐銀行。

While exchanges have a process that can be seen online, OTC desks are a bit of a mystery - somewhat by design. Leo described Hash

雖然交易所有一個可以在線查看的流程，但場外交易櫃檯卻有點神秘——某種程度上是設計使然。 Leo描述了Hash