花旗银行发现加密货币市场波动阻碍了用户采用

花旗银行最近的报告强调了加密货币市场波动对用户采用的负面影响，交易量和活跃地址的下降就证明了这一点。对稳定币的担忧，特别是在 TerraUSD 崩溃之后，导致 Tether 资金流出，一些投资者转向 USDC 等更透明的稳定币，或者完全退出市场。

Crypto Market Volatility Hinders User Adoption, Citibank Reports

花旗银行报告称，加密货币市场波动阻碍了用户采用

New York, June 8, 2022 - Citibank (C) has issued a report highlighting the significant impact of cryptocurrency market volatility on user adoption and overall market sentiment.

纽约，2022 年 6 月 8 日 - 花旗银行 (C) 发布了一份报告，强调了加密货币市场波动对用户采用和整体市场情绪的重大影响。

The report notes that cryptocurrencies are currently trading well below their peak values, and concerns surrounding stablecoins, particularly in the wake of the collapse of terraUSD (UST), have led to a decline in the value of the largest stablecoin, tether (USDT). These concerns have likely contributed to the ongoing decline in the crypto markets.

该报告指出，加密货币目前的交易价格远低于其峰值，而对稳定币的担忧，特别是在 terraUSD (UST) 崩溃之后，导致最大的稳定币 Tether (USDT) 的价值下跌。这些担忧可能导致了加密货币市场的持续下滑。

"Volatility has had a detrimental effect on user adoption," Citibank observes, indicating that trading volumes and active addresses experienced a spike around the time of the luna (LUNC) collapse, suggesting increased user engagement. However, these increases have since dwindled to previous levels or even below.

花旗银行观察到，“波动性对用户采用产生了不利影响”，这表明交易量和活跃地址在 luna (LUNC) 崩溃期间经历了峰值，这表明用户参与度有所增加。然而，这些增幅此后已回落至之前的水平，甚至更低。

Despite the decline in trading volumes and futures positions, Citibank suggests that there is evidence of sustained investor interest in the cryptocurrency space. "Tentative evidence indicates a reduction in trading volumes and futures positions, but not wholesale declines in investor interest in the space," the report states.

尽管交易量和期货头寸下降，但花旗银行表示，有证据表明投资者对加密货币领域的兴趣持续存在。报告指出：“初步证据表明，交易量和期货头寸有所减少，但投资者对该领域的兴趣并未大幅下降。”

Following the collapse of LUNC, concerns emerged regarding outflows from USDT, but these have since slowed down. Some USDT flows shifted to the more "transparent and centralized" USD coin (USDC) stablecoin, while others exited the market entirely.

LUNC 崩溃后，人们开始担心 USDT 流出，但此后这种担忧已经放缓。一些 USDT 流向更加“透明和中心化”的美元币（USDC）稳定币，而其他流则完全退出市场。

According to the report, the Total Value Locked (TVL) in DeFi has decreased in U.S. dollar terms but has remained relatively stable when measured in ether (ETH), particularly considering the losses incurred by the Anchor protocol following the collapse of UST and LUNC.

报告称，以美元计算的 DeFi 锁定总价值（TVL）有所下降，但以以太币（ETH）计算则保持相对稳定，特别是考虑到 UST 和 LUNC 崩溃后 Anchor 协议造成的损失。

DeFi, an umbrella term for financial activities conducted on a blockchain without intermediaries, has witnessed a decline in TVL, mirroring the broader market trend.

DeFi 是在没有中介机构的区块链上进行的金融活动的总称，其 TVL 有所下降，反映了更广泛的市场趋势。

Meanwhile, Morgan Stanley (MS) issued a report on Tuesday, highlighting the weakness in crypto markets, the failure of a dollar stablecoin, and the reduction in leverage in DeFi, leading to the "crypto equivalent of quantitative tightening."

与此同时，摩根士丹利（MS）周二发布报告，强调了加密货币市场的疲软、美元稳定币的失败以及 DeFi 杠杆的降低，导致“加密货币相当于量化紧缩”。