加密货币达到6000亿美元的跨境流量，但猜测主导

国际定居银行（BIS）的一份新报告突出了一个令人不安的现实。加密货币的跨境流量达到6000亿美元，但具有强大的统治地位

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.

国际定居银行（BIS）分享了有关加密货币中跨境流动的一些令人不安的数据。虽然2024年第二季度的卷量达到了6000亿美元，而比特币，以太坊，USDT和USDC等主要硬币占据了领先，但这些流量主要由投机活动驱动。

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经济学家的一份新报告中揭示了这一发现，他们的重点是本地加密资产中跨境资本流动的主要驱动因素。他们的分析涵盖了从2021年第一季度到2024年第二季度的时期，发现了一个令人惊讶的发现：与接收或发送国家 /地区相比，全球资助条件对加密货币资产流的影响要比宏观经济条件更大。

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.

加密流向全球流动性条件的敏感性是加密货币与传统金融之间紧密联系的结果，这变得越来越明显。该研究表明，加密市场不再孤立地运作。它的行为越来越与经典风险资产类别的行为保持一致。

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

这也导致了资本流的更广泛的多元化，这些流量不再仅通过传统的银行信贷或股票市场进行了传播。

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.

研究人员还检测到限制性货币政策时期之间的相关性，例如2022年和2024年第一季度的货币政策，以及加密货币流量的减少。相反，像2021年第二季度和2023年第四季度相比，风险食欲强烈的时期和流动性丰富的时期伴随着资本运动的增加。

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.

该报告进一步指出，这些流量中的大多数很快就实现了，平均持有时间不到三个月的资本流量。在新兴经济体的背景下，这一发现尤其重要，在新兴经济体的背景下，由于高昂的成本和有限的传统银行服务访问权限，因此大量的比特币和稳定股份用于跨境支付。

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，该报告强调了加密在动荡的经济时期内作为金融避风港的作用。阿根廷，巴西，土耳其，墨西哥和越南等国家的特征是高通货膨胀或宏观经济不稳定，也是主要加密资产中流出最多的国家之一。

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

该分析表明，加密货币如何整合到全球各种财务策略中。