比特币为何跌破65000美元？加密货币对冲基金可能有答案

比特币跌破 65,000 美元显然是出乎意料的，其背后的原因相当隐蔽，确定到底是什么原因造成的很复杂

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.

比特币最近跌破 65,000 美元令许多人感到惊讶，而且其背后的原因很难查明。然而，可能导致抛售的一个关键因素是加密货币对冲基金对比特币市场的敞口减少。

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.

在过去 20 个交易日中，对冲基金对比特币的敞口已降至 0.37，这是 2020 年 10 月以来的最低水平。通常推动市场的投资者群体缺乏兴趣，可能给 BTC 带来了巨大的抛售压力。

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.

跟踪 2019 年至 2024 年比特币价格趋势的图表还突出显示了该加密货币在这一时期的高点和低点。上图显示了多年来BTC的价格走势。

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.

分析中的下图显示了全球加密货币对冲基金对比特币的滚动一个月贝塔值，这显示了对冲基金业绩受比特币价格变化影响的程度。

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.

如果对冲基金的贝塔值为 1，其表现就会跟随比特币，而贝塔值小于 1 则表示风险敞口减少。贝塔值跌至 0.37 表明，与几年前相比，对冲基金受比特币价格变化的影响要小得多。

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.

对冲基金风险敞口的这种转变在另一项分析中也很明显。该分析显示，全球加密货币对冲基金对比特币的 3 个月贝塔值滚动，进一步凸显了对冲基金对加密货币的敞口正在减少。

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.

一群通常推动市场的投资者的风险敞口减少，可能给比特币带来了巨大的抛售压力，导致其最近的抛售。