比特幣為何跌破65,000美元？加密貨幣對沖基金可能有答案

比特幣跌破 65,000 美元顯然是出乎意料的，其背後的原因相當隱蔽，確定到底是什麼原因造成的很複雜

Bitcoin's recent drop below $65,000 came as a surprise to many, and the reasons behind it have been difficult to pinpoint. However, one key factor that may have contributed to the sell-off is the reduced exposure of cryptocurrency hedge funds to the BTC market.

比特幣最近跌破 65,000 美元令許多人感到驚訝，而且背後的原因很難找出答案。然而，可能導致拋售的一個關鍵因素是加密貨幣對沖基金對比特幣市場的曝險減少。

Over the past 20 trading days, hedge funds have decreased their exposure to Bitcoin to just 0.37, marking the lowest level since October 2020. This lack of interest from a group of investors that typically drives the market may have put substantial selling pressure on BTC.

在過去20 個交易日中，對沖基金對比特幣的曝險已降至0.37，這是2020 年10 月以來的最低水準。拋售壓力。

A chart that tracks the price trend of Bitcoin from 2019 to 2024 also highlights the highs and lows of the cryptocurrency throughout this period. The upper chart shows the price movements of BTC over the years.

追蹤 2019 年至 2024 年比特幣價格趨勢的圖表也突顯了該加密貨幣在這段時期的高點和低點。上圖顯示了多年來BTC的價格走勢。

The lower chart in the analysis illustrates the rolling one-month beta of global crypto hedge funds to Bitcoin, which shows the degree to which hedge fund performance is influenced by changes in the price of Bitcoin.

分析中的下圖顯示了全球加密貨幣對沖基金對比特幣的滾動一個月貝塔值，顯示了對沖基金績效受比特幣價格變動影響的程度。

A hedge fund's performance follows Bitcoin if its beta value is one, whereas a beta of less than one denotes reduced exposure. The drop to a beta of 0.37 indicates that hedge funds are far less vulnerable to changes in the price of Bitcoin than they were a few years ago.

如果對沖基金的貝塔值為 1，其表現就會跟隨比特幣，而貝塔值小於 1 則表示風險敞口減少。貝塔值跌至 0.37 表明，與幾年前相比，對沖基金受比特幣價格變化的影響要小得多。

This shift in hedge fund exposure is also evident in a separate analysis. The analysis shows the rolling 3-month beta of global crypto hedge funds to Bitcoin, further highlighting the decreasing exposure of hedge funds to the cryptocurrency.

對沖基金風險敞口的這種轉變在另一項分析中也很明顯。該分析顯示，全球加密貨幣對沖基金對比特幣的 3 個月貝塔值滾動，進一步凸顯了對沖基金對加密貨幣的曝險正在減少。

This reduced exposure from a group of investors that typically drives the market may have put substantial selling pressure on BTC, contributing to its recent sell-off.

一群通常推動市場的投資者的風險敞口減少，可能給比特幣帶來了巨大的拋售壓力，導致其最近的拋售。