数字不言而喻：Coinbase International的比特币永久合同在一周内超过1000亿美元

通过在巴哈马开设商店，Coinbase扮演了大师赛。它远非美国的限制，它致力于衍生产品的平台已设法捕获了全球需求

Coinbase International, the offshore subsidiary of the renowned cryptocurrency exchange, has achieved an unprecedented feat : its Bitcoin perpetual contracts have witnessed an astounding $100 billion in volume within a mere week. This record-breaking milestone has significant implications for the broader financial landscape and sparks pressing questions about the nature of this crypto frenzy.

Coinbase International是著名的加密货币交易所的离岸子公司，已经实现了前所未有的壮举：它的比特币永久合同在短短的一周内就见证了1000亿美元的惊人款项。这一创纪录的里程碑对更广泛的金融景观具有重大影响，并引发了有关这种加密货币狂的性质的迫使问题。

Is it simply a consequence of market volatility or a deeper paradigm shift? As we navigate the turbulence of price swings, the flight to safe havens, and the ongoing regulatory games, here’s an analysis of this remarkable phenomenon that is quickly blurring the lines of traditional finance.

这仅仅是市场波动的结果还是更深的范式转变？当我们驾驶价格波动的动荡，飞往避风港的飞行以及正在进行的监管游戏时，这是对这种非凡现象的分析，这种现象很快就模糊了传统的财务状况。

Set up in the Bahamas earlier this year, Coinbase International is an integral part of the company’s strategy to expand its derivatives offering. After months of preparation, the platform finally opened its doors in March, presenting an unmatched proposition for traders seeking advanced financial instruments.

Coinbase International于今年早些时候在巴哈马成立，是该公司扩大其衍生品产品战略不可或缺的一部分。经过几个月的准备，该平台最终于3月开业，为寻求高级金融工具的交易者提供了无与伦比的主张。

Coinbase applied for registration as a Bahamas Digital Asset Exchange on January 12, 2023, and was successful in securing approval for the registration of its International subsidiary as a CC (Central Cryptocurrency Exchange) on March 23, 2023, according to a statement from the Bahamas Financial Services Commission (BFSC).

根据巴哈马斯金融服务委员会（BFSC）的一份声明，Coinbase于2023年1月12日申请注册为巴哈马数字资产交换，并成功地确保了其国际子公司作为CC（中央加密货币交易所）的注册。

While Coinbase is known for its wide range of coins and its retail-oriented services in the U.S., its International branch focuses on a smaller selection of cryptocurrencies, but with a broader scope in terms of financial products. Indeed, the platform offers not only spot trading but also futures, options, and other more sophisticated instruments used prevalently by institutional investors and hedge funds.

尽管Coinbase以其广泛的硬币及其面向零售业的服务而闻名，但其国际分支机构着重于较小的加密货币选择，但在金融产品方面的范围更大。的确，该平台不仅提供现货交易，还提供了期货，期权以及其他由机构投资者和对冲基金普遍使用的更复杂的工具。

Coinbase's strategy to create a subsidiary in a country with less stringent regulations while maintaining its main entity, which is publicly traded on Nasdaq, in the U.S. presents a unique hybrid model. It combines the institutional credibility of a listed company with the agility and flexibility of a startup operating in a fast-growing industry.

Coinbase在一个规定不太严格的国家中建立子公司的策略，同时维持其主要实体，该实体在美国公开交易，在美国公开交易，这是一个独特的混合模型。它结合了一家上市公司的机构信誉，以及在快速增长的行业运营的初创公司的敏捷性和灵活性。

This approach allows Coinbase to capitalize on new opportunities quickly and efficiently, and it also enables the company to navigate the complex and ever-changing regulatory landscape in different jurisdictions with more ease.

这种方法使Coinbase能够快速有效地利用新的机会，并且还使公司能够更轻松地在不同司法管辖区中浏览复杂而不断变化的监管景观。

As a result of this strategy, a large portion of the trading activity on Coinbase International consists of institutional investors who are placing large trades in cryptocurrencies like Bitcoin, which are not typically available through traditional financial channels.

由于这一策略，Coinbase International上的大部分交易活动由机构投资者组成，这些投资者正在将大量交易进行比特币这样的加密货币进行，通常无法通过传统的金融渠道获得。

This has led to an unprecedented level of trading volume on the platform, with over $100 billion in cryptocurrency derivatives changing hands in a seven-day period recently. To put this into perspective, the entire U.S. stock market, including giants like Apple and Tesla, trades around $80 billion in a busy day.

这导致了该平台上空前的交易水平，最近七天内，加密货币衍生品超过1000亿美元。为了透视这一点，包括苹果和特斯拉等巨头在内的整个美国股市在繁忙的一天中交易约800亿美元。

Traders, both retail and fund managers, view Coinbase International as a backdoor to access crypto financial instruments that are forbidden or heavily restricted in their own countries.

零售和基金经理的贸易商都将Coinbase International视为访问其本国禁止或严格限制的加密货币工具的后门。

For instance, European traders who wish to trade bitcoin derivatives with leverage, an activity banned in the EU’s Markets in Financial Instruments Directive (MiFID), can do so seamlessly on Coinbase International. Similarly, U.S. traders who are subject to strict reporting requirements for large trades, known as Form 13F filings, can execute significant trades on the Bahamas-based exchange without these obligations.

例如，希望用杠杆交易比特币衍生品的欧洲商人，这项活动在金融工具指令（MIFID）中被禁止的活动可以在Coinbase International上无缝地做到这一点。同样，受到严格报告要求的大型交易要求（称为13F表格文件）的美国交易者可以在基于巴哈马的交易所进行大量交易，而无需这些义务。

Coinbase International's diverse offering includes perpetual contracts in altcoins like ETH and SOL, in addition to its flagship Bitcoin product. However, the yellow coin still claims a dominant 90% share of the volume, showcasing the strong preference of traders for the world’s largest cryptocurrency.

Coinbase International的多样化产品还包括ETH和SOL等Altcoins的永久合同，除了其旗舰比特币产品。但是，黄色的硬币仍然声称占数量的占主导地位90％，展现了交易者对世界上最大的加密货币的强烈偏爱。

This strong interest in Bitcoin and the relatively lower volume in altcoins like ETH and SOL might be explained by the fact that traders are seeking safety and liquidity in times of market uncertainty.

对比特币和诸如ETH和SOL之类的Altcoins中相对较低的量的这种浓厚的兴趣可能是通过以下事实来解释的：在市场不确定性时期，交易者正在寻求安全性和流动性。

As the S.P. 500 experiences a 20% correction, impacting traders’ stock portfolios, they are turning to alternative assets like cryptocurrencies for diversification and speculation.

随着SP 500经历了20％的纠正，影响了交易者的股票组合，他们正在转向替代资产，例如加密货币进行多元化和投机。

Coinbase International, with its advanced trading technology and deep liquidity, becomes the stage for this dance between fear and opportunism as traders navigate the turbulence of the markets.

Coinbase International凭借其先进的交易技术和深厚的流动性，成为恐惧与机会主义之间这种舞蹈的舞台，因为交易者驾驶市场的动荡。

Recently, we've witnessed striking performances from both gold and bitcoin. As the dollar flounders and the S.P. 500 plummets, these two havens are displaying resilience. But is there a troubling correlation emerging?

最近，我们目睹了黄金和比特币的惊人表演。随着美元比目鱼和SP 500局面，这两个避风港正在表现出弹性。但是，有令人不安的相关性吗？

Well, not exactly. Because there's a much more complex narrative unfolding, and it's a battle for narrative that will ultimately decide the fate of these assets.

好吧，不完全是。因为叙事的发展要复杂得多，这是一场叙事之战，最终将决定这些资产的命运。

The press often compares bitcoin to gold, highlighting the role of the yellow metal as a classic safe haven during times of economic distress. They describe bitcoin as “digital gold,” capitalizing on the familiarity of the term “gold” to introduce the cryptocurrency to a broader audience.

媒体经常将比特币与黄金进行比较，强调了在经济困扰时期黄金作为经典避风港的作用。他们将比特币描述为“数字黄金”，利用了“黄金”一词的熟悉度，以将加密货币引入更广泛的受众。

However, Coinbase International's staggering numbers tell a different story. While both assets have certainly benefited from the recent market turmoil, the sheer volume of bitcoin trading dwarfs that of gold and even surpasses the volume of many traditional markets.

但是，Coinbase International的惊人数字讲述了一个不同的故事。尽管这两种资产肯定都从最近的市场动荡中受益，但比特币交易矮小的矮小，甚至超过了许多传统市场的数量。

In seven days, more than $100 billion flowed

在七天内，超过1000亿美元的流动