美国 ETF 流动助长自动交易狂潮，比特币市场波动

亚洲比特币投资者面临着自动交易协议对美国比特币 ETF 流量做出反应所带来的波动。亚洲交易时段流入市场的 ETF 需求数据会影响市场行为。周二比特币和加密货币市场的大幅下跌与投资者资金撤出的指标相吻合。算法交易协议利用这些数据进行买卖，从而导致市场波动。

Bitcoin Market Faces Volatility as Automated Trading Protocols React to US ETF Flows

由于自动交易协议对美国 ETF 流量做出反应，比特币市场面临波动

Hong Kong, March 30, 2022 - Bitcoin investors in Asia have experienced significant price fluctuations in recent weeks due to the impact of automated trading protocols that respond to inflows and outflows in US Bitcoin exchange-traded funds (ETFs).

香港，2022 年 3 月 30 日 - 由于响应美国比特币交易所交易基金 (ETF) 流入和流出的自动交易协议的影响，亚洲的比特币投资者最近几周经历了大幅价格波动。

Asian Trading Sessions React to US ETF Updates

亚洲交易时段对美国 ETF 更新作出反应

During Asian trading hours, market updates on spot Bitcoin ETF demand have influenced the cryptocurrency market. Following the conclusion of US share trading, these updates have triggered price movements.

在亚洲交易时段，现货比特币 ETF 需求的市场更新影响了加密货币市场。美国股票交易结束后，这些更新引发了价格变动。

On Tuesday, Bitcoin and the wider crypto market witnessed their steepest decline in a month during the Asian morning session. This decline was attributed to data indicating that investors were withdrawing funds from ETFs.

周二，比特币和更广泛的加密市场在亚洲早盘见证了一个月来的最大跌幅。这一下降归因于数据表明投资者正在从 ETF 中撤资。

Shiliang Tang, President of principal trading firm Arbelos Markets, explained that algorithmic trading bots are capable of automatically scraping this data and executing buy and sell orders accordingly. "It seems that's basically what is happening," Tang stated.

主要交易公司 Arbelos Markets 的总裁 Shiliang Tang 解释说，算法交易机器人能够自动抓取这些数据并相应地执行买卖订单。 “看来这基本上就是正在发生的事情，”唐说。

Bitcoin ETF Inflows Experience Volatility

比特币 ETF 资金流入经历波动

The Bitcoin ETF market has also seen volatility recently. Inflows reached their peak in the first two weeks of March, coinciding with Bitcoin's rally to its all-time high of $73,798. Since then, the sector has witnessed intermittent outflows, leading to a decline of approximately 11% from the token's historic peak.

比特币ETF市场近期也出现波动。资金流入在 3 月的前两周达到峰值，恰逢比特币反弹至历史新高 73,798 美元。此后，该行业出现间歇性资金外流，导致该代币较历史峰值下跌约 11%。

Charlie Morris, Chief Investment Officer at ByteTree Asset Management, highlighted that roughly 5.5% of Bitcoin is held within the broader ETF sector, in contrast to gold's 1% allocation. According to Morris, this makes ETF flows more impactful for Bitcoin than for gold.

ByteTree 资产管理公司首席投资官 Charlie Morris 强调，大约 5.5% 的比特币持有在更广泛的 ETF 领域，而黄金的配置比例为 1%。莫里斯表示，这使得 ETF 流量对比特币的影响比对黄金的影响更大。

Tang noted that this flow pattern explains the varying market returns during Asian trading hours. February and early March saw notable strength, followed by a decline later in March.

唐指出，这种流动模式解释了亚洲交易时段市场回报的变化。 2 月和 3 月初出现显着走强，随后在 3 月下旬出现下降。

Liquidation of Bullish Bets Triggers Ripple Effects

看涨押注的清算引发连锁反应

Coinglass data indicates that the liquidation of bullish crypto wagers, totaling around $354 million on Tuesday, contributed to the market volatility. Algorithmic protocols offloaded Bitcoin, triggering ripple effects in the derivatives market.

Coinglass 数据显示，周二看涨加密货币押注的清算总额约为 3.54 亿美元，加剧了市场波动。算法协议卸载了比特币，引发了衍生品市场的连锁反应。

Bitcoin Price Decline and Anticipated Market Impact

比特币价格下跌和预期的市场影响

Bitcoin's price plummeted over 6% on Tuesday, dropping to a low of $65,400. The industry is eagerly anticipating the upcoming Bitcoin halving, which could potentially induce a significant supply shock and drive prices higher.

周二，比特币价格暴跌超过 6%，跌至 65,400 美元的低点。该行业热切期待即将到来的比特币减半，这可能会引发严重的供应冲击并推高价格。

Market Commentary and Outlook

市场评论与展望

According to analysts, the recent market volatility underscores the influence of algorithmic trading and ETF flows on the Bitcoin market. They believe that investors should exercise caution and monitor market updates closely.

分析师表示，近期的市场波动凸显了算法交易和ETF流量对比特币市场的影响。他们认为投资者应谨慎行事并密切关注市场动态。

"The market is still trying to find its feet after the recent sell-off," said Lisa Zhang, an analyst at the cryptocurrency exchange Binance. "We expect continued volatility in the near term as investors assess the impact of ETF flows and the upcoming halving."

加密货币交易所币安分析师丽莎·张表示：“在最近的抛售之后，市场仍在努力站稳脚跟。” “随着投资者评估 ETF 流量和即将到来的减半的影响，我们预计短期内将持续波动。”

The Bitcoin market is expected to remain dynamic in the coming weeks, with investors anticipating the potential impact of the halving and ongoing macroeconomic developments.

预计比特币市场在未来几周内将保持活跃，投资者预计减半和持续宏观经济发展的潜在影响。