比特币（BTC）的价格已通过利用低风险收益率交易的对冲基金来抑制

这是分析师KyleChassé的一般收获，他在X社交媒体平台上的线程中剖析了最新的比特币（BTC）价格崩溃。

Bitcoin’s price has been suppressed by hedge funds exploiting a low-risk yield trade involving spot exchange-traraded funds (ETFs) and CME futures since reaching all-time highs on Jan. 20, signaling once again that institutional adoption of crypto assets isn't a one-way street.

自从1月20日达到历史新高以来，比特币的价格被对冲基金利用了涉及现货交易所交易资金（ETF）和CME期货的低风险贸易的对冲基金，这一价格再次发出信号，表明机构采用了加密货币资产的机构不是一条单向街道。

This is the general takeaway of analyst Kyle Chassé, who dissected the latest Bitcoin (BTC) price crash in a thread on the X social media platform.

这是分析师KyleChassé的一般收获，他在X社交媒体平台上的线程中剖析了最新的比特币（BTC）价格崩溃。

“For months, hedge funds were exploiting a low-risk yield trade using BTC spot ETFs & CME futures,” said Chassé. Now, this cash and carry trade is “imploding.”

Chassé说：“几个月来，对冲基金一直利用BTC Spot ETFS＆CME期货利用低风险的收益贸易。”现在，这种现金和携带贸易正在“爆炸”。

Source: Kyle Chassé

资料来源：凯尔追赶

The cash and carry trade involved buying spot Bitcoin ETFs and shorting Bitcoin futures on CME, which allowed traders to earn up to 5.68% in annualized returns by Chassé’s calculation.

现金和携带贸易涉及购买现货比特币ETF和CME上的卖空比特币期货，这使交易者通过Chassé的计算在年度申报表中赚取了高达5.68％的收入。

The success of this trade depended mainly on Bitcoin futures trading at a premium to the cryptocurrency’s spot price. However, “with recent market weakness, that premium has collapsed,” said Chassé.

这项交易的成功主要取决于比特币期货交易，其额外的价格是加密货币的现货价格。但是，“由于最近的市场疲软，这种溢价崩溃了，”查萨说。

With the trade no longer profitable, hedge funds are exiting the market, which is evidenced by the record outflows from US spot Bitcoin ETFs this week.

由于贸易不再有利可图，对冲基金正在退出市场，这在本周美国现货比特币ETF的创纪录中证明了这一点。

“The same trade that kept Bitcoin stable on the way up is accelerating the crash now,” he said. This is happening because “hedge funds don’t care about Bitcoin. They weren’t betting on BTC mooning. They were farming low-risk yield.”

他说：“现在使比特币稳定的交易正在加速坠机。”这是因为“对冲基金不在乎比特币。他们没有押注BTC月亮。他们正在耕种低风险的产量。”

Related: Bitcoin futures and spot ETF traders capitulate as BTC looks for a bottom

相关：BTC寻找底部的比特币期货和现货ETF交易者会屈服

Losses concentrated among Bitcoin tourists

损失集中在比特币游客中

Bitcoin’s sell-off accelerated on Feb. 27, as the cryptocurrency retraced all the way back to the sub-$79,000 region for the first time in more than three months.

比特币的抛售在2月27日加速，加密货币一直回到三个月以上的首次回到79,000美元的地区。

However, a closer look at onchain data reveals that the losses are mainly concentrated among Bitcoin tourists, or new traders who only entered the market recently.

但是，仔细研究Onchain数据表明，损失主要集中在比特币游客或最近才进入市场的新交易者中。

Data from Glassnode shows that 74% of the realized losses came from holders who bought in the last month.

玻璃节的数据表明，有74％的已实现损失来自上个月购买的持有人。

Source: Carl B Menger

资料来源：Carl B My

Nevertheless, unrealized losses from the recent sell-off exceeded crypto exchange FTX’s capitulation event, according to analyst Milkybull Crypto. A drop of this magnitude is a strong sign of a bottom formation in Bitcoin’s price.

分析师Milkybull Crypto表示，尽管如此，最近抛售的未实现损失超过了Crypto Exchange FTX的投降活动。一滴量的大小是比特币价格底层形成的强烈迹象。