數字不言而喻：Coinbase International的比特幣永久合同在一周內超過1000億美元

通過在巴哈馬開設商店，Coinbase扮演了大師賽。它遠非美國的限制，它致力於衍生產品的平台已設法捕獲了全球需求

Coinbase International, the offshore subsidiary of the renowned cryptocurrency exchange, has achieved an unprecedented feat : its Bitcoin perpetual contracts have witnessed an astounding $100 billion in volume within a mere week. This record-breaking milestone has significant implications for the broader financial landscape and sparks pressing questions about the nature of this crypto frenzy.

Coinbase International是著名的加密貨幣交易所的離岸子公司，已經實現了前所未有的壯舉：它的比特幣永久合同在短短的一周內就見證了1000億美元的驚人款項。這一創紀錄的里程碑對更廣泛的金融景觀具有重大影響，並引發了有關這種加密貨幣狂的性質的迫使問題。

Is it simply a consequence of market volatility or a deeper paradigm shift? As we navigate the turbulence of price swings, the flight to safe havens, and the ongoing regulatory games, here’s an analysis of this remarkable phenomenon that is quickly blurring the lines of traditional finance.

這僅僅是市場波動的結果還是更深的範式轉變？當我們駕駛價格波動的動盪，飛往避風港的飛行以及正在進行的監管遊戲時，這是對這種非凡現象的分析，這種現像很快就模糊了傳統的財務狀況。

Set up in the Bahamas earlier this year, Coinbase International is an integral part of the company’s strategy to expand its derivatives offering. After months of preparation, the platform finally opened its doors in March, presenting an unmatched proposition for traders seeking advanced financial instruments.

Coinbase International於今年早些時候在巴哈馬成立，是該公司擴大其衍生品產品戰略不可或缺的一部分。經過幾個月的準備，該平台最終於3月開業，為尋求高級金融工具的交易者提供了無與倫比的主張。

Coinbase applied for registration as a Bahamas Digital Asset Exchange on January 12, 2023, and was successful in securing approval for the registration of its International subsidiary as a CC (Central Cryptocurrency Exchange) on March 23, 2023, according to a statement from the Bahamas Financial Services Commission (BFSC).

根據巴哈馬斯金融服務委員會（BFSC）的一份聲明，Coinbase於2023年1月12日申請註冊為巴哈馬數字資產交換，並成功地確保了其國際子公司作為CC（中央加密貨幣交易所）的註冊。

While Coinbase is known for its wide range of coins and its retail-oriented services in the U.S., its International branch focuses on a smaller selection of cryptocurrencies, but with a broader scope in terms of financial products. Indeed, the platform offers not only spot trading but also futures, options, and other more sophisticated instruments used prevalently by institutional investors and hedge funds.

儘管Coinbase以其廣泛的硬幣及其面向零售業的服務而聞名，但其國際分支機構著重於較小的加密貨幣選擇，但在金融產品方面的範圍更大。的確，該平台不僅提供現貨交易，還提供了期貨，期權以及其他由機構投資者和對沖基金普遍使用的更複雜的工具。

Coinbase's strategy to create a subsidiary in a country with less stringent regulations while maintaining its main entity, which is publicly traded on Nasdaq, in the U.S. presents a unique hybrid model. It combines the institutional credibility of a listed company with the agility and flexibility of a startup operating in a fast-growing industry.

Coinbase在一個規定不太嚴格的國家中建立子公司的策略，同時維持其主要實體，該實體在美國公開交易，在美國公開交易，這是一個獨特的混合模型。它結合了一家上市公司的機構信譽，以及在快速增長的行業運營的初創公司的敏捷性和靈活性。

This approach allows Coinbase to capitalize on new opportunities quickly and efficiently, and it also enables the company to navigate the complex and ever-changing regulatory landscape in different jurisdictions with more ease.

這種方法使Coinbase能夠快速有效地利用新的機會，並且還使公司能夠更輕鬆地在不同司法管轄區中瀏覽複雜而不斷變化的監管景觀。

As a result of this strategy, a large portion of the trading activity on Coinbase International consists of institutional investors who are placing large trades in cryptocurrencies like Bitcoin, which are not typically available through traditional financial channels.

由於這一策略，Coinbase International上的大部分交易活動由機構投資者組成，這些投資者正在將大量交易進行比特幣這樣的加密貨幣進行，通常無法通過傳統的金融渠道獲得。

This has led to an unprecedented level of trading volume on the platform, with over $100 billion in cryptocurrency derivatives changing hands in a seven-day period recently. To put this into perspective, the entire U.S. stock market, including giants like Apple and Tesla, trades around $80 billion in a busy day.

這導致了該平台上空前的交易水平，最近七天內，加密貨幣衍生品超過1000億美元。為了透視這一點，包括蘋果和特斯拉等巨頭在內的整個美國股市在繁忙的一天中交易約800億美元。

Traders, both retail and fund managers, view Coinbase International as a backdoor to access crypto financial instruments that are forbidden or heavily restricted in their own countries.

零售和基金經理的貿易商都將Coinbase International視為訪問其本國禁止或嚴格限制的加密貨幣工具的後門。

For instance, European traders who wish to trade bitcoin derivatives with leverage, an activity banned in the EU’s Markets in Financial Instruments Directive (MiFID), can do so seamlessly on Coinbase International. Similarly, U.S. traders who are subject to strict reporting requirements for large trades, known as Form 13F filings, can execute significant trades on the Bahamas-based exchange without these obligations.

例如，希望用槓桿交易比特幣衍生品的歐洲商人，這項活動在金融工具指令（MIFID）中被禁止的活動可以在Coinbase International上無縫地做到這一點。同樣，受到嚴格報告要求的大型交易要求（稱為13F表格文件）的美國交易者可以在基於巴哈馬的交易所進行大量交易，而無需這些義務。

Coinbase International's diverse offering includes perpetual contracts in altcoins like ETH and SOL, in addition to its flagship Bitcoin product. However, the yellow coin still claims a dominant 90% share of the volume, showcasing the strong preference of traders for the world’s largest cryptocurrency.

Coinbase International的多樣化產品還包括ETH和SOL等Altcoins的永久合同，除了其旗艦比特幣產品。但是，黃色的硬幣仍然聲稱佔數量的占主導地位90％，展現了交易者對世界上最大的加密貨幣的強烈偏愛。

This strong interest in Bitcoin and the relatively lower volume in altcoins like ETH and SOL might be explained by the fact that traders are seeking safety and liquidity in times of market uncertainty.

對比特幣和諸如ETH和SOL之類的Altcoins中相對較低的量的這種濃厚的興趣可能是通過以下事實來解釋的：在市場不確定性時期，交易者正在尋求安全性和流動性。

As the S.P. 500 experiences a 20% correction, impacting traders’ stock portfolios, they are turning to alternative assets like cryptocurrencies for diversification and speculation.

隨著SP 500經歷了20％的糾正，影響了交易者的股票組合，他們正在轉向替代資產，例如加密貨幣進行多元化和投機。

Coinbase International, with its advanced trading technology and deep liquidity, becomes the stage for this dance between fear and opportunism as traders navigate the turbulence of the markets.

Coinbase International憑藉其先進的交易技術和深厚的流動性，成為恐懼與機會主義之間這種舞蹈的舞台，因為交易者駕駛市場的動盪。

Recently, we've witnessed striking performances from both gold and bitcoin. As the dollar flounders and the S.P. 500 plummets, these two havens are displaying resilience. But is there a troubling correlation emerging?

最近，我們目睹了黃金和比特幣的驚人表演。隨著美元比目魚和SP 500局面，這兩個避風港正在表現出彈性。但是，有令人不安的相關性嗎？

Well, not exactly. Because there's a much more complex narrative unfolding, and it's a battle for narrative that will ultimately decide the fate of these assets.

好吧，不完全是。因為敘事的發展要復雜得多，這是一場敘事之戰，最終將決定這些資產的命運。

The press often compares bitcoin to gold, highlighting the role of the yellow metal as a classic safe haven during times of economic distress. They describe bitcoin as “digital gold,” capitalizing on the familiarity of the term “gold” to introduce the cryptocurrency to a broader audience.

媒體經常將比特幣與黃金進行比較，強調了在經濟困擾時期黃金作為經典避風港的作用。他們將比特幣描述為“數字黃金”，利用了“黃金”一詞的熟悉度，以將加密貨幣引入更廣泛的受眾。

However, Coinbase International's staggering numbers tell a different story. While both assets have certainly benefited from the recent market turmoil, the sheer volume of bitcoin trading dwarfs that of gold and even surpasses the volume of many traditional markets.

但是，Coinbase International的驚人數字講述了一個不同的故事。儘管這兩種資產肯定都從最近的市場動盪中受益，但比特幣交易矮小的矮小，甚至超過了許多傳統市場的數量。

In seven days, more than $100 billion flowed

在七天內，超過1000億美元的流動