比特币的大幅上涨给韩国科斯达克指数带来压力

自特朗普 11 月 5 日获胜以来，加密货币已上涨近 35%，而以小盘股为主的科斯达克指数已下跌 8%。

Bitcoin’s breakneck rally since the recent election victory of Donald Trump is piling pressure on a far-flung corner of the capital markets: small cap stocks in South Korea.

自唐纳德·特朗普最近赢得大选以来，比特币的惊人上涨给资本市场的一个遥远角落带来了压力：韩国的小盘股。

The cryptocurrency has jumped nearly 35% since Trump's election win on Nov. 5, while the small cap-dominated Kosdaq Index has fallen 8%, putting it on track to be Asia's worst performing index this year.

自特朗普 11 月 5 日获胜以来，加密货币已上涨近 35%，而以小盘股为主的科斯达克指数已下跌 8%，有望成为今年亚洲表现最差的指数。

Analysts say that at least part of the reason for the decline is that small investors are dumping shares in favor of Bitcoin, exacerbating a rout that has wiped out around a fifth of the value of the stock index this year.

分析师表示，下跌的至少部分原因是小投资者纷纷抛售股票转而购买比特币，这加剧了今年股指价值约五分之一的跌幅。

“Because the Kosdaq market is doing terribly, people are heading to the coin market,” said Ahn Hyunsang, chief executive of the Korea Investment Research Institute, which runs a telegram channel offering stock tips to subscribers.

韩国投资研究所首席执行官 Ahn Hyunsang 表示：“由于科斯达克市场表现糟糕，人们纷纷转向代币市场。”该研究所运营着一个向订阅者提供股票提示的电报频道。

The shift highlights what has become a sensitive subject for policymakers in the crypto-obsessed country. Trading activity on Korean crypto exchanges now outstrips volumes for the benchmark Kospi stock index. Regulators have held back from approving Bitcoin cash exchange-traded funds due to fears of outflows from the local stock market.

这一转变突显了这个痴迷于加密货币的国家的政策制定者已经成为一个敏感话题。韩国加密货币交易所的交易活动现已超过基准 Kospi 股票指数的交易量。由于担心资金从当地股市流出，监管机构一直没有批准比特币现金交易所交易基金。

Because cash Bitcoin ETFs are banned in South Korea, investors have placed wagers on leveraged funds exposed to crypto futures, said Hong Songuk, a digital assets analyst at NH Investment & Securities Co. Other investors have bought the shares of MicroStrategy Inc., a US company that has loaded up on Bitcoin.

NH Investment & Securities Co. 的数字资产分析师 Hong Songuk 表示，由于韩国禁止现金比特币 ETF，投资者已将赌注押在了加密货币期货的杠杆基金上。其他投资者也购买了美国 MicroStrategy Inc. 的股票。已经大量购买比特币的公司。

The market could get some relief from bets that the crypto rally is overblown. The ProShares UltraShort Bitcoin ETF, which allows investors to make leverage bets against the coin, had its highest daily inflow on Monday, and a recent losing streak for the cryptocurrency has raised questions about whether Bitcoin can finally break $100,000.

对于加密货币涨势被夸大的押注，市场可能会得到一些缓解。允许投资者对比特币进行杠杆押注的 ProShares UltraShort 比特币 ETF 周一创下了单日最高流入量，而该加密货币最近的连续下跌引发了人们对比特币能否最终突破 10 万美元的疑问。

But investors in South Korea are also bracing themselves for more pressure on stock prices. The market got a temporary boost late last year, when regulators announced a surprise ban on short selling that sent beleaguered stocks higher. The ban is set to end in March.

但韩国投资者也准备迎接股价面临的更大压力。去年年底，监管机构出人意料地宣布禁止卖空，导致陷入困境的股票走高，市场暂时得到提振。该禁令将于三月结束。