加密貨幣達到6000億美元的跨境流量，但猜測主導

國際定居銀行（BIS）的一份新報告突出了一個令人不安的現實。加密貨幣的跨境流量達到6000億美元，但具有強大的統治地位

The Bank for International Settlements (BIS) has shared some disturbing figures regarding cross-border flows in crypto. While volumes reached $600 billion in the second quarter of 2024, with major coins like bitcoin, Ethereum, USDT, and USDC taking the lead, these flows were mainly driven by speculative activity.

國際定居銀行（BIS）分享了有關加密貨幣中跨境流動的一些令人不安的數據。雖然2024年第二季度的捲量達到了6000億美元，而比特幣，以太坊，USDT和USDC等主要硬幣佔據了領先，但這些流量主要由投機活動驅動。

This finding was unveiled in a new report by BIS economists, who focused on the main drivers of cross-border capital flows in native crypto assets. Their analysis, which covered the period from the first quarter of 2021 to the second quarter of 2024, uncovered a surprising finding: global funding conditions had a greater impact on crypto asset flows than macroeconomic conditions in the receiving or sending countries.

BIS經濟學家的一份新報告中揭示了這一發現，他們的重點是本地加密資產中跨境資本流動的主要驅動因素。他們的分析涵蓋了從2021年第一季度到2024年第二季度的時期，發現了一個令人驚訝的發現：與接收或發送國家 /地區相比，全球資助條件對加密貨幣資產流的影響要比宏觀經濟條件更大。

This sensitivity of crypto flows to global liquidity conditions is a consequence of the close ties between crypto and traditional finance, which is becoming increasingly evident. The study indicates that the crypto market is no longer operating in isolation. Its behavior is becoming increasingly aligned with that of classic risky asset classes.

加密流向全球流動性條件的敏感性是加密貨幣與傳統金融之間緊密聯繫的結果，這變得越來越明顯。該研究表明，加密市場不再孤立地運作。它的行為越來越與經典風險資產類別的行為保持一致。

This is also leading to a broader diversification of capital flows, which are no longer solely channeled through traditional bank credit or equity markets.

這也導致了資本流的更廣泛的多元化，這些流量不再僅通過傳統的銀行信貸或股票市場進行了傳播。

The researchers also detected a correlation between periods of restrictive monetary policy, like those observed in 2022 and the first quarter of 2024, and a decline in the volume of crypto flows. Conversely, periods of strong risk appetite and abundant liquidity, like those seen in the second quarter of 2021 and the fourth quarter of 2023, were accompanied by an increase in capital movement.

研究人員還檢測到限制性貨幣政策時期之間的相關性，例如2022年和2024年第一季度的貨幣政策，以及加密貨幣流量的減少。相反，像2021年第二季度和2023年第四季度相比，風險食慾強烈的時期和流動性豐富的時期伴隨著資本運動的增加。

The report further notes that the majority of these flows are quickly realized, with an average holding time of less than three months for capital flows. This finding is especially relevant in the context of emerging economies, where large shares of bitcoin and stablecoins are used for cross-border payments due to the high cost and limited access to traditional banking services.

該報告進一步指出，這些流量中的大多數很快就實現了，平均持有時間不到三個月的資本流量。在新興經濟體的背景下，這一發現尤其重要，在新興經濟體的背景下，由於高昂的成本和有限的傳統銀行服務訪問權限，因此大量的比特幣和穩定股份用於跨境支付。

In addition, the report highlights the role of crypto in serving as a financial safe haven during turbulent economic periods. Countries like Argentina, Brazil, Turkey, Mexico, and Vietnam, which are characterized by high inflation or macroeconomic instability, are also among those with the largest outflows in major crypto-assets.

此外，該報告強調了加密在動蕩的經濟時期內作為金融避風港的作用。阿根廷，巴西，土耳其，墨西哥和越南等國家的特徵是高通貨膨脹或宏觀經濟不穩定，也是主要加密資產中流出最多的國家之一。

This analysis showcases how crypto is being integrated into diverse financial strategies across the globe.

該分析表明，加密貨幣如何整合到全球各種財務策略中。