在銀行業困境中，美元流動性激增推動比特幣上漲

摩根士丹利將比特幣最近的上漲歸因於支持銀行業的流動性增加和交易量減少導致價格波動放大的預期。該報告強調了幣安在比特幣每日價格設定方面的主導地位以及 Tether 發行量的成長，其中超過一半集中在 Tron 區塊鏈上。其他穩定幣的發行量有所下降，平衡了整體穩定幣的供應。

U.S. Dollar Liquidity Bolsters Bitcoin Rally Amidst Banking Crisis Concerns

在銀行業危機擔憂中，美元流動性推動比特幣上漲

The recent spate of bank closures has heightened expectations of increased U.S. dollar liquidity to shore up the banking sector. This anticipation has played a significant role in fueling the current Bitcoin (BTC) rally, according to a comprehensive research report published Sunday by Morgan Stanley. However, the report highlights a confluence of factors driving Bitcoin's upward trajectory.

最近大量銀行倒閉，加劇了人們對增加美元流動性以支撐銀行業的預期。摩根士丹利週日發布的一份綜合研究報告顯示，這種預期在推動當前比特幣（BTC）上漲方面發揮了重要作用。然而，該報告強調了推動比特幣上漲軌跡的多種因素的綜合作用。

Bitcoin, the crypto market's heavyweight champion, has surged an impressive 69% year-to-date. Analysts spearheaded by Sheena Shah observe that Bitcoin's trading order book liquidity has dwindled to its lowest point in a year. This scarcity of liquidity implies that modest trading volumes can trigger more pronounced price movements.

加密貨幣市場的重量級冠軍比特幣今年迄今飆升 69%，令人印象深刻。以 Sheena Shah 為首的分析師觀察到，比特幣的交易訂單流動性已降至一年來的最低點。流動性的稀缺意味著適度的交易量可能會引發更明顯的價格波動。

Binance, the crypto exchange colossus, now wields immense influence over Bitcoin's daily price. Binance's trading volume has skyrocketed to an astonishing 80%, effectively cementing its role as the market's price setter.

加密貨幣交易巨頭幣安現在對比特幣的每日價格有著巨大的影響力。幣安的交易量飆升至驚人的 80%，有效鞏固了其作為市場價格製定者的地位。

The report also delves into the dynamics of stablecoins, cryptocurrencies pegged to stable assets like the U.S. dollar. Tether (USDT), the largest stablecoin, has witnessed a notable 10% issuance increase in the past month and a 16% surge this year. However, this growth has been insufficient to offset the decline in other stablecoins, such as Binance USD (BUSD) and USD Coin (USDC).

該報告還深入研究了穩定幣、與美元等穩定資產掛鉤的加密貨幣的動態。最大的穩定幣 Tether (USDT) 在過去一個月的發行量顯著增加了 10%，今年更是飆升了 16%。然而，這種成長不足以抵消其他穩定幣的下跌，例如幣安美元（BUSD）和美元硬幣（USDC）。

Morgan Stanley underscores that over half of total Tether issuance and a staggering 70% of recent issuance reside on the Tron blockchain. Notably, the U.S. Securities and Exchange Commission (SEC) recently filed a lawsuit against Tron founder Justin Sun and his companies, alleging fraud. The report suggests that Kraken and Binance are the primary recipients of the newly issued USDT.

摩根士丹利強調，超過一半的 Tether 發行總量以及近期發行量的 70% 驚人地位於 Tron 區塊鏈上。值得注意的是，美國證券交易委員會（SEC）最近對波場創始人孫宇晨及其公司提起訴訟，指控其詐欺。報告顯示，Kraken 和幣安是新發行的 USDT 的主要接收者。

A related report from JPMorgan suggests that the U.S. banking crisis could present opportunities for crypto exchanges. The report notes that the forced closure of banks could shift customer deposits to exchanges with strong liquidity and the ability to provide refuge during financial turmoil.

摩根大通的相關報告表明，美國銀行業危機可能為加密貨幣交易所帶來機會。報告指出，銀行被迫關閉可能會將客戶存款轉移到流動性強、有能力在金融動盪期間提供避難的交易所。

In conclusion, the Morgan Stanley report elucidates the multifaceted factors influencing Bitcoin's rally, including increased U.S. dollar liquidity, reduced trading order book liquidity, and the growing dominance of Binance in price setting. The issuance dynamics of stablecoins, particularly Tether, also play a crucial role in understanding the crypto market's current trajectory. As the banking crisis unfolds, the convergence of these factors is likely to continue shaping the crypto landscape.

總而言之，摩根士丹利的報告闡明了影響比特幣上漲的多方面因素，包括美元流動性增加、交易訂單流動性減少以及幣安在價格製定方面日益佔據主導地位。穩定幣（尤其是 Tether）的發行動態對於理解加密貨幣市場當前的軌跡也發揮著至關重要的作用。隨著銀行業危機的展開，這些因素的融合可能會繼續塑造加密貨幣格局。