三月加密貨幣現貨衍生性商品交易飆升至歷史新高

3 月份，加密貨幣現貨衍生性商品交易量創下歷史新高，超過了2021 年5 月的高峰。現貨交易量攀升108% 至2.94 兆美元，超過衍生性商品的漲幅，後者也大幅成長89.7% 至2.91美元兆。交易活動的激增凸顯了加密貨幣衍生性商品的日益普及和需求，像幣安這樣的中心化交易所見證了顯著增長。

Crypto Spot Derivatives Trading Skyrockets to All-Time High in March

三月加密貨幣現貨衍生性商品交易飆升至歷史新高

In a testament to the burgeoning crypto market, spot derivatives trading has surged to unprecedented levels, reaching a colossal $2.94 trillion in March. This staggering figure represents a remarkable 108% increase compared to the previous month, surpassing the previous record high set in May 2021. The relentless rise in trading activity has outpaced the gains observed in other areas of the crypto derivatives market.

現貨衍生性商品交易已飆升至前所未有的水平，3 月達到 2.94 兆美元的巨額，證明了加密貨幣市場的蓬勃發展。這一驚人的數字與上個月相比增長了 108%，超過了 2021 年 5 月創下的歷史新高。交易活動的持續增長超過了加密貨幣衍生品市場其他領域的漲幅。

Spot Trading Volume Explodes

現貨交易量爆炸性成長

According to data compiled by CCData, the total volume of cryptocurrency spot and derivatives trading executed on centralized exchanges skyrocketed to an astonishing $9.1 trillion in March. This represents a near-doubling of the previous month's volume, underscoring the exponential growth of the crypto ecosystem.

根據 CCData 編制的數據，3 月由中心化交易所執行的加密貨幣現貨和衍生性商品交易總量飆升至驚人的 9.1 兆美元。這意味著上個月的交易量幾乎翻了一番，凸顯了加密貨幣生態系統的指數成長。

Central to this surge was the explosive growth in spot trade volume, which surged by 108% to $2.94 trillion. This marks the highest monthly spot trading volume since May 2021 and surpasses the gains made in derivatives trading during the same period. Binance, the world's largest crypto exchange, witnessed a surge in its spot trade volume, reaching levels not seen since May 2021.

這一激增的核心是現貨貿易量的爆炸性增長，飆升 108% 至 2.94 兆美元。這標誌著自 2021 年 5 月以來最高的月度現貨交易量，並超過了同期衍生性商品交易的漲幅。全球最大的加密貨幣交易所幣安的現貨交易量激增，達到 2021 年 5 月以來的最高水準。

Derivatives Trading Gains Momentum

衍生性商品交易勢頭強勁

While spot trading soared to new heights, derivatives trading also experienced significant growth. The total volume of derivatives contracts traded on centralized exchanges increased by 89.7% to $2.91 trillion. Binance and CME Group were among the major beneficiaries of this growth, accounting for a substantial portion of the overall derivatives trading volume.

在現貨交易飆升至新高的同時，衍生性商品交易也出現了顯著成長。中心化交易所衍生性商品合約交易總量成長89.7%，達到2.91兆美元。幣安和芝商所是這一成長的主要受益者，佔整個衍生性商品交易量的很大一部分。

Non-US Markets Fuel Centralized Derivatives Boom

非美國市場推動中心化衍生性商品繁榮

Analysis by EY reveals a distinct pattern in the crypto derivatives market: centralized derivatives trading is primarily dominated by non-US markets. These markets account for the bulk of the trading volume, while CME Group maintains a commanding presence in the US market, controlling over 60% of the monthly derivative trading volume as of September 2023.

安永的分析揭示了加密貨幣衍生性商品市場的一個獨特模式：中心化衍生性商品交易主要由非美國市場主導。這些市場佔交易量的大部分，而芝商所集團在美國市場保持著主導地位，截至 2023 年 9 月控制著每月衍生性商品交易量的 60% 以上。

Decentralized Derivatives Market Gains Traction

去中心化衍生性商品市場受到關注

Despite its smaller size compared to centralized derivatives markets, the decentralized derivatives market is rapidly gaining popularity due to its inherent security and transparency. dYdX, a leading protocol in the decentralized finance (DeFi) ecosystem, plays a pivotal role in the growth of this market.

儘管與中心化衍生性商品市場相比規模較小，但去中心化衍生性商品市場因其固有的安全性和透明度而迅速受到歡迎。 dYdX 是去中心化金融 (DeFi) 生態系統中的領先協議，在該市場的成長中發揮關鍵作用。

Risks Associated with Crypto Spot Derivatives

與加密貨幣現貨衍生性商品相關的風險

Engaging in cryptocurrency derivatives trading entails a multitude of significant risks that must be carefully considered. These risks include market risk, counterparty credit risk, liquidity risk, operational risk, legal risk, and compliance risk. Given the complexities associated with crypto derivatives trading, it is imperative to employ robust risk models and calculations, such as value at risk (VaR) and funding valuation adjustment (FVA).

參與加密貨幣衍生性商品交易會帶來許多重大風險，必須仔細考慮。這些風險包括市場風險、交易對手信用風險、流動性風險、操作風險、法律風險和合規風險。鑑於與加密貨幣衍生性商品交易相關的複雜性，必須採用強大的風險模型和計算，例如風險價值（VaR）和融資估值調整（FVA）。

Importance of Risk Management

風險管理的重要性

The unique characteristics of crypto derivatives, including the high volatility of underlying crypto assets, continuous trading, legal enforceability challenges, management of crypto collateral, regulatory concerns, and market concentration, pose unique challenges for risk modeling. Consequently, it is paramount to implement robust controls and a comprehensive risk management strategy to navigate the treacherous waters of crypto derivatives trading.

加密衍生性商品的獨特特徵，包括基礎加密資產的高波動性、持續交易、法律可執行性挑戰、加密抵押品管理、監管問題和市場集中度，為風險建模帶來了獨特的挑戰。因此，實施強有力的控制和全面的風險管理策略以駕馭加密貨幣衍生性商品交易的危險水域至關重要。