自动交易放大了亚洲的比特币波动性

比特币在亚洲的波动受到响应美国 ETF 流量数据的算法交易的影响，导致资金流出和流入的变化引发市场大幅波动。美国比特币 ETF 推出后，自动交易机器人在亚洲交易时段监控这些数据点，导致投资者对前一天的信息做出反应，导致价格波动放大。最近的市场行为，包括 2024 年 4 月 2 日下跌 6%，凸显了美国 ETF 流量对亚洲比特币交易的影响，自动交易技术加剧了波动性。

Automated Trading's Sway on Bitcoin's Asian Volatility

自动交易对比特币亚洲波动性的影响

The ebb and flow of Bitcoin's value in Asia has recently witnessed significant fluctuations, potentially attributed to automated trading mechanisms reacting swiftly to data pertaining to cryptocurrency exchange-traded funds (ETFs) listed in the United States. This dynamic, coupled with timing disparities, has amplified price swings as investors in Asia respond decisively to the preceding day's fund flow information.

亚洲比特币价值的涨落最近出现了大幅波动，这可能是由于自动交易机制对在美国上市的加密货币交易所交易基金（ETF）的数据做出迅速反应所致。由于亚洲投资者对前一天的资金流向信息作出果断反应，这种动态加上时间差异放大了价格波动。

On April 2, 2024, Bitcoin experienced its most pronounced morning decline in Asian markets, with a 6% drop. This coincided with data indicating a withdrawal of funds from U.S. Bitcoin ETFs.

2024 年 4 月 2 日，比特币在亚洲市场经历了最明显的早盘跌幅，跌幅为 6%。这与显示美国比特币 ETF 资金撤出的数据相吻合。

Shiliang Tang, the president of principal trading firm Arbelos Markets, elucidated, "From an algorithmic trading viewpoint, bots are capable of automatically scraping this data and executing buy or sell orders accordingly, seemingly mirroring the current market behavior."

主要交易公司 Arbelos Markets 的总裁 Shiliang Tang 解释道：“从算法交易的角度来看，机器人能够自动抓取这些数据并相应地执行买入或卖出订单，这似乎反映了当前的市场行为。”

The introduction of U.S. Bitcoin ETFs in January has exerted a profound influence on the market, attracting $12 billion since their inception on January 11, 2024. The influx peaked in early March, coinciding with Bitcoin's surge to a record-breaking $73,798. However, the sector has since witnessed outflows, partially attributable to Bitcoin's 11% decline from its peak.

美国比特币 ETF 于 1 月份推出，对市场产生了深远影响，自 2024 年 1 月 11 日推出以来，吸引了 120 亿美元资金。流入量在 3 月初达到顶峰，恰逢比特币飙升至破纪录的 73,798 美元。然而，此后该行业出现了资金外流，部分原因是比特币较峰值下跌了 11%。

This recent market behavior underscores the significance of trading during Asian hours. As Tang observed, Asian trading hours yielded substantial returns in February and early March, although this trend subsided later in the month, likely due to shifting dynamics within US-based Bitcoin exchange-traded funds.

最近的市场行为凸显了亚洲时段交易的重要性。正如唐观察到的那样，亚洲交易时段在 2 月和 3 月初产生了可观的回报，尽管这种趋势在本月晚些时候有所消退，这可能是由于美国比特币交易所交易基金内部动态的变化。

Automated Trading's Far-Reaching Impact

自动交易的深远影响

Automated trading's influence extends beyond the spot market. Coinglass data reveals that on Tuesday, around $354 million worth of optimistic crypto investments were liquidated. This substantial figure, the largest in two weeks, demonstrates how automated trading techniques can trigger a domino effect across multiple financial markets, beyond the initial trades themselves.

自动交易的影响力超出了现货市场。 Coinglass 数据显示，周二，价值约 3.54 亿美元的乐观加密投资被清算。这一庞大数字是两周来最大的，表明自动交易技术如何在多个金融市场引发多米诺骨牌效应，而不仅仅是初始交易本身。

Bitcoin's current valuation represents approximately 5.5% of its entire supply within the collective ETF industry, dwarfing the 1% held by gold-based ETFs, according to an analysis by Charlie Morris, the Chief Investment Officer at ByteTree Asset Management. Morris concluded that "ETF flows are, therefore, more critical for Bitcoin than gold."

根据 ByteTree 资产管理公司首席投资官 Charlie Morris 的分析，比特币目前的估值约占 ETF 行业整体供应量的 5.5%，令黄金 ETF 所持有的 1% 相形见绌。莫里斯总结道：“因此，ETF 流量对比特币来说比黄金更重要。”

As of early Wednesday, April 3, 2024, Bitcoin faced challenges, trading at $66,200 in Singapore, a 0.57% decrease from Tuesday's closing price. This decline was attributed to factors such as the aforementioned ETF flows and diminished anticipation of interest rate reductions by the Federal Reserve.

截至 2024 年 4 月 3 日星期三早间，比特币面临挑战，新加坡交易价格为 66,200 美元，较周二收盘价下跌 0.57%。这一下降归因于上述 ETF 流量和美联储降息预期减弱等因素。

Positive Outlook Amidst Volatility

波动中前景乐观

Looking ahead, a potential positive catalyst for Bitcoin may materialize in the approaching halving event scheduled for April 20th, 2024. Occurring every four years, this event reduces the issuance of new Bitcoin units, and some traders anticipate its potential to exert upward pressure on the price.

展望未来，定于 2024 年 4 月 20 日临近的减半事件可能会成为比特币的潜在积极催化剂。该事件每四年发生一次，会减少新比特币单位的发行量，一些交易者预计它有可能对比特币施加上行压力价格。

Market Maturation: A Complex Interplay

市场成熟：复杂的相互作用

Jakob Kronbichler, co-founder of Clearpool Finance, a decentralized credit platform, emphasized that market trends generally follow ETF flow data. Moreover, the recent surge of enthusiasm has facilitated a correction, enabling the market to pause momentarily.

去中心化信贷平台 Clearpool Finance 联合创始人 Jakob Kronbichler 强调，市场趋势通常遵循 ETF 流量数据。此外，近期的热情高涨也促进了回调，使市场暂时停顿。

"Markets have typically taken their cues from ETF flow figures," said Jakob Kronbichler, co-founder of decentralized credit marketplace Clearpool Finance. "Additionally, there's been a lot of excitement over the past couple of weeks, and the correction is natural for the market to take a bit of a breather."

去中心化信贷市场 Clearpool Finance 联合创始人 Jakob Kronbichler 表示：“市场通常会从 ETF 流量数据中获取线索。” “此外，过去几周出现了很多令人兴奋的事情，市场调整自然会稍事休息。”

The ongoing volatility underscores the evolving role of algorithmic trading and ETF flows in shaping Bitcoin's price movements. As the market matures, investors can anticipate a more intricate interplay between these factors and traditional supply and demand forces, characterizing a dynamic and evolving crypto landscape.

持续的波动凸显了算法交易和 ETF 流量在影响比特币价格走势中不断变化的作用。随着市场的成熟，投资者可以预期这些因素与传统供需力量之间会出现更加复杂的相互作用，从而描绘出动态且不断变化的加密货币格局。