有价无量！比特币年内飙升约70% 流动性却创10个月新低

　　今年以来，比特币两位数的涨幅可能会让投资者感到震惊，但事实上，加密货币市场的流动性仍然枯竭。

Investors may be shocked by the double-digit increase in Bitcoin since this year, but in fact the liquidity of the crypto-currency market remains depleted.

　　Kaiko分析师Conor Ryder总结了做市商订单两侧价格2%范围内的买盘和买盘，并指出，衡量比特币买卖难易程度的一个指标已跌至10个月低点。流动性下降的原因是买卖加密货币的公司无法使用美元支付系统。

Kaiko analyst Connor Ryder summarized the purchases and purchases within 2 per cent of the price on both sides of the market order and noted that an indicator of the ease with which Bitcoin was traded had fallen to a low of 10 months. The decline in liquidity was due to the inability of companies buying and selling encrypted currency to use the United States dollar payment system.

　　“由于对银行业的担忧，在美国交易所和与美元挂钩的加密货币流动性受到的打击尤其严重，”Ryder表示，“看起来，比特币最近价格上涨的一个主要原因似乎是流动性不足，当深度较低时，不仅下行支撑较少，上行支撑也较少。”

“As a result of concerns about the banking sector, the liquidity of the United States Exchange and the dollar-linked encrypted currency was particularly hit,” Ryder said, “It appears that one of the main reasons for the recent price increases in Bitcoin is insufficient liquidity and, when depth is low, less support is not only down but also upscaling”.

　　最近几周，与加密行业有着深厚联系的Silvergate Capital Corp．（SI.US）和Signature Bank（SBNY.US）倒闭，导致流动性下降，市场观察人士对任何额外的影响或动荡都感到不安。许多数字资产公司都在这些银行开设了银行账户，而交易所则依赖它们的服务进行实时支付等。

In recent weeks, the collapse of Silvergate Capital Corp. (SI.US) and Signature Bank (SBNY.US), which have strong links to the encryption industry, has led to a decline in liquidity, and market observers are troubled by any additional impact or volatility. Many digital asset companies have bank accounts in these banks, and exchanges rely on their services for real-time payments.

　　Ryder表示：“在美国情况出现一些明朗之前，我们可能预计短期内会出现更多波动，直到我们获得市场所需的流动性注入。”

According to Ryder, “Until things become clear in the United States, we may expect more volatility in the short term until we get the liquidity injections we need in the market”.

　　此次银行业危机恰好发生在加密货币价格飙升之际。比特币今年上涨了约70%，其他币种也有上涨。分析师表示，金融行业的动荡促使投资者转向数字代币，支持者声称，数字代币与席卷美国和欧洲银行的动荡无关。

The banking crisis coincided with a sharp rise in the price of encrypted currencies. Bitcoin rose by about 70% this year, as did other currencies.

　　这是一种围绕比特币的古老说法，尽管并不是所有人都相信这是加密货币上涨的主要原因，但最近几周比特币确实卷土重来。

This is an old version of Bitcoin, and although not everyone believes that this is the main reason for the increase in crypto-currency, it is true that Bitcoin has returned in recent weeks.

　　K33的Torbj?rn Bull Jenssen、Bendik Schei和Anders Helseth在本周的一份报告中写道：“比特币在银行倒闭和担忧蔓延的背景下飙升。”然而，这三人补充道，目前尚不清楚比特币是被视作一种避险资产，还是“只是对潜在的低利率预期做出反应”。

K33, Torbj?rn Bull Jenssen, Bendik Schei and Anders Helseth wrote in a report this week that “bitcoin surged against the backdrop of bank failures and fears.” However, the three add that it is not yet clear whether Bitcoin is regarded as a risk-free asset or “only reacts to potential low interest rate expectations”.

　　不过，他们表示，比特币的走势仍然像一种高贝塔风险资产——例如，纳斯达克100指数在最近几周也有所上涨。他们写道：“另一方面，比特币的表现远远超过纳斯达克，相对于风险更高的加密资产获得了更多的市场份额，并与被视为经典避险资产的黄金一起上涨。”

However, they indicated that Bitcoin's movement was still like a high beta risk asset — for example, Nasdak 100 indexes have also increased in recent weeks.

　　在FTX崩盘后，加密货币交易量暴跌，投资者被该行业此前备受尊敬的公司之一的倒闭吓坏了，并纷纷撤离市场。今年，随着价格上涨，交易量有所回升，但远未达到此前的创纪录水平。

After the collapse of the FTX, the volume of encrypt currency transactions collapsed, and investors were terrified by the collapse of one of the previously respected companies in the industry, leaving the market. This year, as prices rose, the volume of transactions recovered, but far from its record level.

　　不过，Moneta首席信息官Aoifinn Devitt表示，加密货币市场也可能容易出现更大的波动，因为比特币的持有往往集中在相对少数的投资者身上。

However, Aoifinn Devitt, Chief Information Officer of Monteta, stated that the crypto-currency market could also be prone to greater volatility, as Bitcoin holdings tended to be concentrated in a relatively small number of investors.

　　她表示：“那里的所有权更加集中，所以当你没有广泛的所有权时，你可能会有更多的波动。同样的事情也可能发生在股票上。一些大型系统交易员已经成为波动加剧的导火索。”

She said, "There's more concentration of ownership, so when you don't have extensive ownership, you may have more volatility. The same thing can happen on stocks. Some large system traders have become triggers for increased volatility."

责任编辑：李园