市场强劲增长，中心化交易所交易量飙升：Bybit 报告

2023 年第四季度，加密货币行业经历了显着增长，中心化交易所 (CEX) 的交易量激增，导致市值升至 2.5 万亿美元。值得注意的是，OKX、Binance、Bybit 和 Coinbase 的交易量增长令人印象深刻，占行业平均水平的 255%。衍生品市场普遍看涨，尤其是比特币和以太坊。比特币作为传统金融中的对冲工具而出现，投资组合多元化导致风险调整后回报增加。 Challenger 链和风险投资资金也出现复苏，Solana 和其他平台表现良好。

Robust Growth in Centralized Exchange Trading Volumes: Bybit's Institutional Report

中心化交易所交易量强劲增长：Bybit机构报告

Key Findings:

主要发现：

• Monthly Trading Volumes Surge: Centralized exchanges (CEXs) have witnessed a remarkable surge in monthly trading volumes from October 2023 to March 2024, coinciding with a significant increase in the crypto sector's market capitalization.
• Impressive Platform Performance: OKX, Binance, and Bybit exhibited exceptional growth in trading volumes, with OKX soaring by 278%, Binance by 239%, and Bybit by 264%. Coinbase also experienced a substantial increase of 193%, slightly below the industry average growth rate of 255%.
• BTC Surges Drive Growth: The substantial growth in CEX volumes is primarily attributed to Bitcoin's price surges, fueled by the approval of spot Bitcoin ETFs in the United States.
• Bullish Trends in Derivatives Market: The report reveals bullish trends in the derivatives market, particularly in Bitcoin (BTC) and Ethereum (ETH). Despite sideways movements in March and April, investors displayed bullish sentiment, evident in the large call premium observed for both BTC and ETH futures contracts.
• BTC as a Hedge in Traditional Finance: Bitcoin has emerged as an effective hedge in traditional finance (TradFi) portfolios. BTC and ETH exhibit correlations with traditional financial assets that are consistently below 3%. Allocating a small portion of a portfolio to BTC and ETH can enhance risk-adjusted returns and improve the Sharpe ratio.
• Challenger Chains and VC Funding Resurgence: Challenger chains, including Solana (SOL), have outperformed Ethereum since Q4 2023. Venture capital (VC) funding has also seen a resurgence, with a significant increase in deals and disclosed funding in Q4 2023 and Q1 2024.

Significance:

月度交易量激增：从 2023 年 10 月到 2024 年 3 月，中心化交易所（CEX）的月交易量显着激增，同时加密货币行业的市值也大幅增长。平台表现令人印象深刻：OKX、Binance 和 Bybit 表现出色交易量增长，OKX 猛增 278%，Binance 猛增 239%，Bybit 猛增 264%。 Coinbase 也经历了 193% 的大幅增长，略低于 255% 的行业平均增长率。 BTC 激增推动增长：CEX 交易量的大幅增长主要归因于比特币价格飙升，而比特币现货 ETF 的批准推动了 CEX 交易量的大幅增长。美国。衍生品市场的看涨趋势：报告揭示了衍生品市场的看涨趋势，特别是比特币（BTC）和以太坊（ETH）。尽管 3 月和 4 月出现横盘走势，但投资者仍表现出看涨情绪，这从 BTC 和 ETH 期货合约观察到的巨额看涨期权溢价中可见一斑。 BTC 作为传统金融中的对冲工具：比特币已成为传统金融 (TradFi) 投资组合中的有效对冲工具。 BTC 和 ETH 与传统金融资产的相关性始终低于 3%。将投资组合的一小部分分配给 BTC 和 ETH 可以提高风险调整后的回报并提高夏普比率。挑战者链和风险投资资金复苏：自 2023 年第四季度以来，包括 Solana (SOL) 在内的挑战者链的表现优于以太坊。风险投资 (VC) ）融资也出现复苏，2023 年第四季度和 2024 年第一季度的交易和披露的融资大幅增加。意义：

Bybit's Institutional Report 2024 underscores the robust growth of the cryptocurrency sector and highlights key trends in centralized exchanges, derivatives markets, and the role of Bitcoin in traditional finance. The report provides valuable insights for investors, market analysts, and industry stakeholders to navigate the evolving market landscape effectively.

Bybit 的 2024 年机构报告强调了加密货币行业的强劲增长，并强调了中心化交易所、衍生品市场的主要趋势以及比特币在传统金融中的作用。该报告为投资者、市场分析师和行业利益相关者提供了宝贵的见解，以有效驾驭不断变化的市场格局。