比特币的价格走势部分由场外交易（“OTC”）交易台决定

一种被低估的价格行为机制是场外交易（“OTC”）交易台，它处理大量的比特币买卖

Over-the-counter (OTC) trading desks play a crucial role in facilitating large-volume trades of Bitcoin and other cryptocurrencies. These trades occur off-exchange and typically involve interactions with high-net-worth clients or institutions. While exchange activity is transparent and accessible to the public, OTC trading operates behind the scenes, making it less visible to external observers. However, despite this relative obscurity, the trends and patterns emerging from OTC trading can significantly influence Bitcoin's price movements.

场外交易（OTC）交易台在促进比特币和其他加密货币的大批量交易方面发挥着至关重要的作用。这些交易发生在场外，通常涉及与高净值客户或机构的互动。虽然交易所活动是透明的且对公众开放，但场外交易是在幕后进行的，这使得外部观察者不太容易看到。然而，尽管相对默默无闻，场外交易中出现的趋势和模式仍然可以显着影响比特币的价格走势。

In this article, we delve into the world of OTC trading, exploring its mechanisms, key players and geographical presence, and highlighting its impact on Bitcoin's price. We also uncover some interesting observations made by OTC trading desks regarding the demand for stablecoins and the varying premiums or discounts at which they trade.

在本文中，我们深入研究场外交易的世界，探讨其机制、关键参与者和地域分布，并强调其对比特币价格的影响。我们还发现了场外交易柜台对稳定币的需求及其交易溢价或折扣的一些有趣观察。

The Hidden Forces Shaping Bitcoin's Price Action: A Look at OTC Trading Desks

塑造比特币价格走势的隐藏力量：场外交易柜台一览

Bitcoin’s price is always often speculated on. One underrated mechanism of the price action are the over-the-counter (”OTC”) trading desks that deal with large volumes of Bitcoin buys and sells off-exchange and with large private clients. This is especially the case in Asia, where large companies handle OTC trading across financial hubs like Hong Kong and Singapore.

比特币的价格总是经常被猜测。一种被低估的价格行为机制是场外交易（“OTC”）交易柜台，该交易柜台处理大量的场外比特币买卖以及与大型私人客户的交易。在亚洲尤其如此，大型公司在香港和新加坡等金融中心处理场外交易。

Public spectators don’t have access into what really happens - the system is relatively opaque. And yet the trends of this trading behind the scenes plays an essential role in Bitcoin’s price. The OTC trading that happens around the world represent hidden data and factors.

公众观众无法了解到底发生了什么——这个系统相对不透明。然而，这种幕后交易的趋势对比特币的价格起着至关重要的作用。世界各地发生的场外交易代表着隐藏的数据和因素。

Activity is moving to Bitcoin and Ethereum, and the stablecoins, while altcoin token volume is shrinking, with the US Bitcoin Spot ETF approval driving a lot of momentum

活动正在转向比特币、以太坊和稳定币，而山寨币代币交易量正在萎缩，美国比特币现货 ETF 的批准推动了巨大的动力

The CEO of Hashkey OTC, the OTC trading arm of Hashkey Group is Liang Li - though he prefers to go by Leo. Leo observes that he’s seen more interest in Bitcoin and Ethereum from traditional investors with the launch of spot ETF products related to them.

Hashkey OTC 是 Hashkey 集团的场外交易部门，其首席执行官是梁力，尽管他更喜欢叫 Leo。 Leo 观察到，随着与比特币和以太坊相关的现货 ETF 产品的推出，传统投资者对比特币和以太坊越来越感兴趣。

“For smaller tokens, it’s really not picking up very much,” he adds - tracking market performance overall. The ETF approval has drawn traditional eyes to Bitcoin and Ethereum trading - but there’s been a flight to safety among some OTC users as they look to shrink their exposure to more risky altcoins.

“对于较小的代币来说，它的涨幅确实不是很大，”他补充道——跟踪整体市场表现。 ETF 的批准吸引了传统人士对比特币和以太坊交易的关注，但一些场外交易用户开始转向安全资产，因为他们希望减少风险更高的山寨币风险敞口。

At Netcoins, a Canadian company, there was also “had a large increase in trading volume from Q4 ‘23 from US-driven momentum and a significant increase trending around the Bitcoin ETF approvals.”

加拿大公司 Netcoins 也“由于美国推动的势头，交易量自 23 年第四季度以来大幅增加，并且围绕比特币 ETF 批准的趋势也显着增加。”

USDT is trading at a premium in Asia, while USDC is trading at a discount

USDT 在亚洲处于溢价交易，而 USDC 处于折价交易

During price action that saw Bitcoin’s price descend to around the $50,000 range from highs of $73,000, Leo from Hashkey also observed that demand for Tether was very strong, with it trading at a premium compared to the US dollar. This might be explained by, among other things, people refusing to cash out into a domestic currency and trying to wait until the market for Bitcoin to stabilize.

在比特币价格从 73,000 美元的高点跌至 50,000 美元左右的价格走势中，Hashkey 的 Leo 还观察到，对 Tether 的需求非常强劲，其交易价格相对于美元存在溢价。除其他因素外，这可能是由于人们拒绝兑现本国货币并试图等到比特币市场稳定下来。

On the other hand, USDC seldom trades at a premium - and at some points, like with the failure of Silicon Valley Bank, it actually trades at a loss. Netcoins observed the same thing in North America around the same time, though in North America, stablecoins tend to trend closely to the exact value in dollars - and that stablecoins are notably more popular in Asia.

另一方面，USDC 很少以溢价交易 - 在某些时候，例如硅谷银行的倒闭，它实际上是亏损交易。 Netcoins 大约在同一时间在北美观察到了同样的情况，尽管在北美，稳定币往往与美元的确切价值密切相关——而且稳定币在亚洲尤其更受欢迎。

More companies are accepting cryptocurrencies, which is creating more offramp activity for OTC desks - and which shows a new class of OTC client

越来越多的公司正在接受加密货币，这为场外交易柜台创造了更多的场外活动，并展示了新一类的场外交易客户

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There’s been more acceptance of cryptocurrencies from payment companies and gaming companies according to Leo. This has led to OTC desks like HashKey being more active in helping offload cryptocurrencies to keep businesses running afloat in fiat.

Leo 表示，支付公司和游戏公司对加密货币的接受度越来越高。这导致像 HashKey 这样的场外交易平台更加积极地帮助卸载加密货币，以保持企业以法定货币运营。

On the one hand, this shows the movement towards integrating Bitcoin and other cryptocurrencies more closely when it comes to payments overall and making it more of a medium of exchange. On the other hand, as more large businesses integrate with Bitcoin, unless their payroll and other costs are also in Bitcoin or other cryptocurrencies, they will be a hidden sell factor - a quiet drip in the background that accounts for some of the price action down. Though, since these trades happen with OTC desks, it’s not as likely to affect prices as if they happened on an open exchange.

一方面，这表明在整体支付方面，比特币和其他加密货币更加紧密地结合在一起，并使其更像是一种交换媒介。另一方面，随着越来越多的大型企业与比特币整合，除非他们的工资和其他成本也以比特币或其他加密货币的形式出现，否则它们将成为一个隐藏的抛售因素——背景中的悄然滴落，导致了部分价格下跌。不过，由于这些交易发生在场外交易柜台，因此影响价格的可能性不像在公开交易所发生的那样。

How does OTC trading work?

场外交易如何运作？

The intricacies of OTC trading are not known to many - the ritual of it, for example. I’ve written previously about how clients at a physical location at Genesis Block, a physical OTC trading space, were invited in and treated to tea in a ritual that probably wouldn’t be unfamiliar with those getting onboarded as high net worth individuals at banks like HSBC.

很多人并不了解场外交易的复杂性——例如它的仪式。我之前写过关于 Genesis Block（一个实体场外交易空间）的实体场所的客户如何被邀请进入并以茶招待的仪式，对于那些作为高净值人士进入银行的人来说可能不会陌生像汇丰银行。

While exchanges have a process that can be seen online, OTC desks are a bit of a mystery - somewhat by design. Leo described Hash

虽然交易所有一个可以在线查看的流程，但场外交易柜台却有点神秘——某种程度上是设计使然。 Leo描述了Hash