演算法交易炒作亞洲比特幣市場的波動

追蹤美國交易所交易基金（ETF）流量的自動交易演算法與近期亞洲比特幣價格波動密切相關。這些演算法響應每日美國 ETF 流量數據，導致亞洲交易時段比特幣價格明顯波動。這種演算法交易的影響延伸到了衍生性商品，週二看漲的加密貨幣押注被大量清算。

Algorithmic Trading Dominates Asian Bitcoin Market, Driving Volatility

演算法交易主導亞洲比特幣市場，推動波動

Singapore, March 30, 2022 - Recent price fluctuations in the Asian Bitcoin market have been powerfully influenced by algorithmic trading algorithms, which closely track the flow of investments in US exchange-traded funds (ETFs). This algorithmic response to daily US ETF flow data is causing pronounced swings in Bitcoin prices during Asian trading hours, according to a report by Bloomberg.

新加坡，2022 年 3 月 30 日 - 亞洲比特幣市場近期的價格波動受到演算法交易演算法的強烈影響，這些演算法密切追蹤美國交易所交易基金 (ETF) 的投資流向。根據彭博社報道，這種演算法對每日美國 ETF 流量數據的反應導致亞洲交易時段比特幣價格出現明顯波動。

Trading Algorithms Exacerbate Bitcoin Price Swings

交易演算法加劇比特幣價格波動

The trigger for Bitcoin's steep decline on Tuesday morning in Asia, marking its worst drop in a month, was the release of US ETF flow data, which indicated a net withdrawal of investments. This downturn coincided with the algorithmic trading response to this data, which led to a wave of selling pressure in the Asian market.

週二上午，亞洲比特幣大幅下跌（創下一個月來最嚴重跌幅）的觸發因素是美國 ETF 流量數據的發布，該數據表明投資出現淨撤回。這次低迷恰逢演算法交易對此數據的反應，導致亞洲市場出現一波拋售壓力。

Shiliang Tang, president of Arbelos Markets, emphasized the significant impact of algorithmic trading on these market movements. "From an algorithmic trading perspective, bots can basically auto-scrape this data and buy and sell based on this," explained Tang. "It seems that's basically what is happening."

Arbelos Markets 總裁唐世良強調了演算法交易對這些市場趨勢的重大影響。 「從演算法交易的角度來看，機器人基本上可以自動抓取這些數據，並據此進行買賣，」唐解釋道。 “看來這基本上就是正在發生的事情。”

Influx of Bitcoin ETFs Drives Market Volatility

比特幣 ETF 湧入推動市場波動

The introduction of several Bitcoin ETFs in the United States on January 11 has generated considerable interest and attracted a net inflow of $12 billion in investments. These ETFs experienced a surge in inflows, particularly during the first half of March, which helped propel Bitcoin to a record high of $73,798 on March 28. However, the premier cryptocurrency has since witnessed a correction of up to 17.6% from this peak, reflecting the fluctuating inflows and outflows within the sector.

1 月 11 日，美國推出多隻比特幣 ETF，引發了相當大的興趣，並吸引了 120 億美元的投資淨流入。這些ETF 經歷了資金流入激增，特別是在3 月上半月，這幫助比特幣在3 月28 日創下了73,798 美元的歷史新高。然而，此後，這種主要的加密貨幣自此高峰以來出現了高達17.6% 的回調，反映出該部門內流入和流出的波動。

The pattern of ETF flows has had a notable impact on the Asian market. February and early March saw particularly strong performance in the Asian market, while performance diminished later in the month due to the aforementioned correction. The influence of algorithmic trading protocols on Bitcoin's price extends beyond the spot market to derivatives as well. Coinglass reported approximately $357 million in bullish crypto bets being liquidated on Tuesday alone, as a result of the price decline.

ETF流動模式對亞洲市場產生了顯著影響。 2 月和 3 月初，亞洲市場表現尤為強勁，但由於上述調整，本月稍後表現有所下降。演算法交易協議對比特幣價格的影響不僅限於現貨市場，還延伸到衍生性商品市場。 Coinglass 報告稱，由於價格下跌，僅在週二就清算了約 3.57 億美元的看漲加密貨幣押注。

ETF Flows More Critical for Bitcoin Than Gold

ETF 流量對比特幣的影響比黃金更重要

Charlie Morris, Chief Investment Officer at ByteTree Asset Management, highlighted the significance of ETF flows for Bitcoin compared to gold. "5.5% of Bitcoin is held in ETFs, against 1% for gold," noted Morris. "That makes ETF flows a more critical factor for Bitcoin's market movements."

ByteTree 資產管理公司首席投資長 Charlie Morris 強調了比特幣 ETF 流量相對於黃金的重要性。 Morris 指出：“5.5% 的比特幣以 ETF 形式持有，而黃金的比例為 1%。” “這使得 ETF 流量成為比特幣市場走勢更關鍵的因素。”

Market Takes a Breather

市場稍作喘息

Market participants like Jakob Kronbichler, co-founder of Clearpool Finance, emphasize the market's responsiveness to ETF flow data and view the recent correction as a natural pause for the market to "take a bit of a breather" amidst widespread excitement.

Clearpool Finance 聯合創始人 Jakob Kronbichler 等市場參與者強調市場對 ETF 流量數據的反應，並認為最近的調整是市場在普遍興奮中「喘口氣」的自然停頓。

Spot ETFs Experience Mixed Flows

現貨ETF的流動性參差不齊

Yesterday, all spot Bitcoin ETFs experienced a mixed inflow of $40.3 million. Blackrock made a significant contribution of $150.5 million, which played a crucial role in boosting the market. However, ARK faced a challenging day with $87.9 million in outflows, despite having $200 million inflows the previous week. Grayscale's GBTC saw relatively low outflows of $81.9 million.

昨天，所有現貨比特幣 ETF 都經歷了 4,030 萬美元的混合流入。貝萊德貢獻了1.505億美元的巨額捐款，對提振市場起到了至關重要的作用。然而，ARK 面臨著充滿挑戰的一天，儘管上週有 2 億美元的流入，但流出了 8,790 萬美元。 Grayscale 的 GBTC 流出量相對較低，為 8,190 萬美元。

Analysts Offer Perspectives

分析師提出觀點

Renowned analyst WhalePanda commented on the recent correction: "Maybe profit taking after Q1? Speculation though. […] Mondays always seem to have the most outflows and wondering if end of Q1 had something to do with it as I suspect. Price crashed further on US government moving/selling some of the BTC from Silk Road. Better to sell here than at $100k or $200k. 17 days until halving."

著名分析師WhalePanda 對最近的調整發表了評論：「也許第一季後獲利了結？不過是投機。[…]週一似乎總是有最多的資金外流，我懷疑第一季末是否與此有關。價格進一步下跌美國政府從 Silk Road 轉移/出售部分 BTC。在這裡出售比以 10 萬或 20 萬美元的價格出售更好。距離減半還有 17 天。”

As of press time, BTC traded at $66,398, reflecting the volatile nature of the market.

截至發稿，BTC 交易價格為 66,398 美元，反映出市場的波動性。

Conclusion

結論

Algorithmic trading algorithms, which track US ETF flow data, have emerged as a dominant force in the Asian Bitcoin market, leading to pronounced price swings. The influx of Bitcoin ETFs has attracted substantial investments and influenced market sentiment, while the fluctuating flows of these investments continue to drive volatility. Analysts suggest that the recent correction is a natural pause after a period of rapid growth, as the market seeks a more stable equilibrium amidst ongoing developments in the cryptocurrency landscape.

追蹤美國 ETF 流量數據的演算法交易演算法已成為亞洲比特幣市場的主導力量，導致價格大幅波動。比特幣ETF的湧入吸引了大量投資並影響了市場情緒，而這些投資的波動性流量繼續推動波動。分析師認為，近期的調整是一段快速成長期後的自然停頓，因為市場在加密貨幣領域的持續發展中尋求更穩定的平衡。