导读：近日，包括比特币在内的虚拟货币大幅波动，出现恐慌式闪崩。
Guide: In recent days, virtual currencies, including Bitcoin, have fluctuated significantly, with panic crashes.
虚拟货币交易所暂停提现，平台宕机等现象频现，然而在不少币圈人士看来，这些仿佛是“家常便饭”，早已见怪不怪。
The virtual currency exchange has been suspended and platforms, etc., are commonplace, yet, according to many in the currency circles, these appear to be “home-to-home” meals.
记者多方了解到，不少华尔街投资机构已悄然清仓所有比特币头寸。
Journalists have learned that a number of Wall Street investment agencies have quietly cleared all bitcoin positions.
但是，市场上永远不缺乏火中取栗者。
However, there will never be a shortage of smokers in the market.
黑色行情下，虚拟货币交易所频繁宕机。
In black, the virtual currency exchange is frequent.
连日来，比特币、以太坊等虚拟货币的大幅波动仍在继续。
Large fluctuations in virtual currencies, such as Bitcoin and Etheria, have continued throughout the days.
5月23日，比特币收盘价为34679.70美元/枚，跌幅达到7.39%，而当日最低报价31192.40美元/枚，一度大跌16.71%。
On 23 May, Bitcoin received a round price of $34679.70, a decline of 7.39 per cent, compared with the lowest bid of $31192.40, a one-time drop of 16.71 per cent.
截至发稿，比特币价格收复37000美元/枚关口，报37638.0美元/枚。
At the time of publication, the price of Bitcoin had recovered $37,000 per gate and reported $37638.0 per gate.
虚拟货币出现恐慌式崩盘，这已经不是本月的第一次了。
It's not the first time this month that a panic crash has occurred in a virtual currency.
5月19日，比特币价格一度跌破31000美元/枚关口，创下今年2月8日以来的最低价格水平，相较于前一个月接近65000美元/枚的最高水平，跌幅高达53.3%。
On 19 May, the price of Bitcoin once fell by $31,000/point, reaching its lowest price level since 8 February of this year, compared to its peak of nearly $65,000/point the previous month, a drop of 53.3 per cent.
而此次虚拟货币行情剧烈震荡，加之对虚拟货币交易和挖矿监管的加码预期，进一步引发了加密货币交易所暂停提币、接连宕机，投资者爆仓等一系列连锁反应。
This vibrancy of virtual currency, coupled with the expected additions to the regulation of virtual currency transactions and mining, further triggered a series of interlocking reactions, such as the suspension of currency withdrawals by the crypto-currency exchange, the succession of machines and the explosion of investors.
此外也引发了整个虚拟货币行业链条、头部平台业务布局的变化，如火币就在近日表示，因为行情波动较大，为了保护投资者利益，针对部分国家和地区新用户暂时不开通合约、杠杆、ETP等服务。并于5月23日起，火币商城暂停为中国大陆境内的用户提供矿机及衍生服务。对已购买BTC矿机产品（包括“矿机托管”、“一站式”“无忧挖矿”）的用户暂停提供矿机托管服务，机器将于5月23日起停电下架。
It has also triggered changes in the entire virtual money industry chain, head platform business layout, such as the recent signage of the gun price, because of the volatility of the movement and the temporary suspension of contracts, levers, ETPs, etc. for new users in some countries and regions in order to protect investors. On May 23, the city suspended the provision of mine machines and derivatives for users in mainland China.
美图炒币亏损1300万！
值得注意的是，试图通过炒币来平衡公司业绩和股价的美图，近日迎来重击。 It is worth noting that a recent blow has been struck by an attempt to balance the company's performance with its share price through currency speculation. 今年3月，美图重仓比特币和以太币，浮盈最高1亿多，最近在国内外对加密货币资产监管力度持续加大的情况下，以比特币为主的币种开始下跌。总体上，美图浮亏202万美元，约合1300万人民币。 In March of this year, the US dollar was heavy in bitcoin and Ether, with a peak of over 100 million, and the currency, dominated by bitcoin, has recently begun to decline in the face of growing domestic and foreign regulation of encrypted monetary assets. On the whole, the US dollar lost $2.02 million, or about 13 million. 截至发稿，美图公司股价自今年高点已暴跌57%，报2.00港元每股。 By the time of publication, Merit’s share price had dropped sharply by 57 per cent since its height this year, at HK$2.00 per share. 复盘惊魂“5.19”：多家交易所暂停提现 图 / 图虫 5月19日，在虚拟货币恐慌式崩盘的当晚，全球最大的加密货币交易所币安在社交媒体发布消息称，因网络拥堵暂停以太坊ETH和ERC20代币提币。 On the night of the virtual currency panic crash, on 19 May, the world's largest encrypted currency exchange banknotes were placed in social media and reported that had suspended the ETH and ERC20 bills due to cyber congestion . 同样暂停提币的还有火币，5月19日晚，火币网官网发布公告称，暂停ERC20代币提现。 Also on the night of 19 May, 5月19日稍晚时，币安再度发布消息称，部分杠杆代币交易维护，已暂停BTCUP、BTCDOWN、ETHUP、ETHDOWN、BNBUP、BNBDOWN之外的所有杠杆代币的交易，并暂停所有杠杆代币的申购和赎回功能。 Later on 19 May, MoneyAnn again released a message stating that partial leverage for currency trading maintenance had suspended all transactions in foreign currency other than BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP, BNBDOWN, and all leverage money requisitioning and foreclosure. 5月19日晚，不少投资者表示Coinbase出现卡顿，Coinbase随即发表声明称，“我们发现Coinbase和Coinbase+Pro出现一些问题，一些功能可能不能正常运行。我们正在调查这些问题，并将尽快提供最新情况。” On the evening of 19 May, a number of investors said Coinbase appeared in Caden, and Coinbase then issued a statement stating, “We found that Coinbase and Coinbase+Pro had problems and that some functions might not function properly. We are investigating these issues and will provide an update as soon as possible.” 此外，加密货币交易所Kraken也指出用户出现连接问题，Gemini表示平台出现延迟。 In addition, Kraken, an encrypted currency exchange, noted a user connection problem, and Gemini indicated a delay in the platform. 虽然在次日凌晨2点，币安宣布恢复所有杠杆代币的申购与赎回。Coinbase的宕机也在约1个半小时后恢复正常。 Although at 2 a.m. on the following day, the currency announced the resumption of all requisitions and foreclosures of the leveraged tokens. Coinbase’s plane also returned to normal about an hour and a half later. 据用户反馈，火币恢复提现约在当晚11点半作用。但彼时比特币已经重回38000美元/枚关口，而上述多家平台出现这些情况时正值比特币跌至3万美元附近时，不少企图“抄底”的币圈玩家表示，由于交易所“宕机”，自己没能在最低点买入比特币。 According to user feedback, the gunback came back around 11.30 p.m. But by then Bitcoin had returned to $38,000/threshold, and the above-mentioned platforms had fallen close to $30,000 at the time of their occurrence. A number of currency ring players who tried to “crush the bottom” said that they had not been able to buy bitcoin at the lowest point because of the exchange's “stucking”. 而对于其他币圈玩家来说，交易所“宕机”或暂停提币也导致部分投资者不能及时追缴保证金或撤单止损，最后被强制平仓。 For other currency circle players, the exchange “crashing” or suspension of the withdrawal of currency also results in some investors not being able to collect the bond or withdraw the bill in a timely manner and eventually being forced to level the ground. 据此前21世纪经济报道的报道，bybt数据显示，5月19日当晚，共有77.57万人遭遇爆仓，爆仓金额超过67亿美元。其中最大一笔爆仓发生在Huobi-BTC，价值高达6700.01万美元。 According to the previous 21st century economic report, bybt data show that on the night of 19 May, 777,500 people were hit by a blast silo, with the explosion amounting to over $6.7 billion. The largest of the blast silos occurred in Huobi-BTC, with a value of up to $670.01 million. 有多名投资者表示，自己的账户遭遇接连爆仓，目前部分投资者准备对账户被强制平仓进行维权。 A number of investors indicated that their accounts had been subjected to successive explosions and that some of them were now prepared to assert their rights over the accounts. 去年3月22日，中国人民银行微信公众号发布文章《3·15金融消费权益保护 不要被虚拟货币交易平台骗了》，指出： On 22 March last year, the People's Bank of China's Widdom Public published an article entitled " 3· 15 Protection of financial consumption rights and interests not to be deceived by virtual money trading platforms ", which states: 有虚拟货币交易平台恶意宕机逼迫杠杆交易“爆仓”，营销客户正常的下单、撤单和平仓等交易操作，从而操纵市场。 The market is manipulated by virtual money-trading platforms that are maliciously forcing leverage trading “shocks”, marketing regular customer operations such as billings, withdrawals and silos. 当前，币安、Coinbase等交易所对交易所宕机情况的回应均表示，是由于网络拥堵。 Currently, the response of the Exchanges, such as the Exchanges of Exchanges and Coinbase, has been due to network congestion. 但在不少币圈人士看来，交易所暂停提币、平台宕机仿佛是“家常便饭”，早已见怪不怪。 But as many in the currency circles see, the exchange's suspension of the money and the platform seems to be the usual food. 就在5月10日晚，币安交易所发布动态称，由于交易过载短时暂停所有提款。当晚，柴犬币SHIB上线币安交易所，SHIB大涨超100%。此后不到半小时，币安交易所恢复提币。 Just on the evening of May 10, the Exchange announced that it would suspend all withdrawals due to short-loading of transactions. That evening, SHIB rose by more than 100%. 虽然此次交易所出现暂停提现均属短时，但以往案例看，也有过数十天不能提现的先例，如OKEx曾暂停提款长达41天。 Although the suspension of the exchange is short-lived, there have been precedents in past cases where it was not possible to do so for dozens of days, such as the suspension of withdrawals by OKEx for 41 days. 2020年10月16日，国内三大虚拟货币交易平台之一的OKEx发布公告称将暂停提币，并称部分私钥负责人正在配合公安机关调查，目前正处于失联状态导致无法授权。暂停提币的消息一经发布，随即引起了币圈的强烈恐慌。 On October 16, 2020, one of the country’s three virtual currency trading platforms, OKEx, issued a circular stating that it would suspend the deposit and that some of the private key holders were cooperating with the public security authorities’ investigations and were currently in a state of disassociation, which had led to a lack of authorization. Once the suspension was issued, it caused a strong panic in the currency ring. 据公开信息显示，公告发布后，OKEx旗下OKB（OK币）的价格走势出现大量卖盘，不少投资者直接OTC变现，盘中迅速暴跌，跌幅一度超过17%。受此影响，主流虚拟币比特币也一度大跌3%，数分钟内自高点下跌400美元，其余虚拟币也纷纷下跌。 According to public information, following the announcement, the price movement of OKEx’s OKB (OKB) under the banner of the announcement was heavily sold, with a number of investors moving directly to OTC, where it fell rapidly and fell by more than 17% at a time. As a result, the mainstream virtual currency also fell by 3% at a time, falling by $400 from its height in a few minutes, and the rest of the virtual currency fell. 此外，OKEx的暂停提币公告也使得其关联公司欧科云链股价暴跌16%。 In addition, the suspension of the tender announcement by OKEx resulted in a 16 per cent drop in the stock price of its affiliated company, Okoyun. 根据公开信息显示，彼时OKEx的钱包中大约有20万枚比特币，价值约150亿元，约占比特币流通量的1%。这也就意味着，在当时近150亿元不能提现。 According to public information, there are about 200,000 bitcoins worth about $15 billion, or about 1% of the Bitcoins in circulation, in the purse of PyceokEx. This also means that nearly $15 billion could not be recovered at the time. 矿机、矿池业务加速变局 图 / 图虫 据21世纪经济报道记者此前的报道，5月21日，国务院金融委召开第五十一次会议，会议提出：“要坚决防控金融风险，打击比特币挖矿和交易行为，坚决防范个体风险向社会领域传递。”这是国家监管（非地方政策）首次明确表态打击比特币挖矿。信号一出，业内人士已预测会加速比特币矿业出海。 According to the Economic Reporters of the 21st Century, on 21 May, the Finance Committee of the State Council held its fifty-first meeting, at which it was stated: “To be determined to prevent financial risks, to combat the mining and trading of bitcoin, and to prevent individual risks from being transmitted to the social sphere.” This was the first time that State regulation (non-local policy) had made a clear statement against bitcoin mining. 城门失火，殃及池鱼。美股矿机股随之大跌，比特矿业跌近20%，第九城市跌9%，嘉楠科技跌5.5%，Bit+Digital、迅雷、亿邦国际、Marathon+Patent均跌超4%。 There was a fire at the gates, affecting the fish. The stock of the merchandising machines fell, with the Bit mine falling by almost 20 per cent, the ninth city by 9 per cent, KANI technology by 5.5 per cent, Bit+Digital, Thunder, Billion States International, and Marathon+Patent falling by over 4 per cent. 而不少矿池也加速了业务的调整，火币是反应较快的头部平台之一。 and a number of ponds have also accelerated the restructuring of their operations, and the sign is one of the more responsive head platforms. 火币官方对暂停国内矿机及衍生服务的决定表示，矿机商城业务全球化发展步伐日益加快，为了集中精力拓展海外业务，矿机商城决定暂停为中国大陆境内的用户提供相关服务。或受该消息影响，火币矿池的比特币算力占比出现暴跌。 Arsenal officials’ decision to suspend domestic mining machines and derivative services indicates that the pace of globalization of miner city operations is accelerating. In an effort to focus on overseas operations, the city has decided to suspend the provision of related services to users in mainland China. 此外，还有其他头部矿池也对此作出了反应。 In addition, there are other head ponds that have responded to this. 莱比特矿池（B.TOP）创始人江卓尔也在近日宣布停止中国大陆境内客户矿机代购服务。其表示：“1、虽然B.TOP未收到相关部门的监管要求，但考虑到最新监管精神，以及B.TOP中国大陆境内业务仅占自营挖矿的较小份额，没有必要继续对中国大陆境内公众提供矿机代购服务，并为此承担额外的监管风险，因此B.TOP决定停止为中国大陆境内客户提供矿机代购服务。2、对已代购付款，未运行矿机，可选择全额退款，请联系您的对接商务处理。3、对已运行矿机，虽然此情况属于合同免责条款中的不可抗力‘政府干预、限制、禁令’，但B.TOP负有维护客户利益的责任，B.TOP将出台措施，确保客户不发生亏损。” The founder of the Lebit pond (B. TOP), Jiang Tshor, also recently announced the cessation of the commissioning service for customers in mainland China. “1. While B. TOP has not received regulatory requirements from the relevant authorities, it has not been necessary to continue to provide the public in mainland China with the commissioning service and to assume additional regulatory risks. B. TOP has therefore decided to discontinue the commissioning service for customers in mainland China. 2; to pay for the overpurchase, to operate the mine, to choose to refund it in full, and to contact you for the processing of the docking business. 3; to a miner already in operation, although this situation is a non-resistible `government intervention, restriction, prohibition' in the terms of the contract exemption, B. TOP has the responsibility to protect the client's interests, and B. TOP will put in place measures to ensure that customers do not suffer losses.” 对于国内矿业的未来，多数业内人士认为未来短期内会加速调整。 For the future of the country's mining industry, is expected to accelerate adjustments in the short term. 比特时代副总裁就在其微博上表示：未来一个月，全国陆续停电、拉闸是常态了。关注算力情况，就知道了，BTC持续在掉……这势必会加剧市场恐慌情绪。此外他还在微博中透露，新疆已经开始大面积关闭比特币矿场。 The Vice-President of the Bit era said on his tweet that, in the coming month, the country would have a normal power outage and a shut-off. If you look at the arithmetic, you'll know that the BTC is continuing to fall, which will certainly exacerbate the panic in the market. He also revealed in Twitter that Xinjiang has begun to shut down the Bitcoin mines in large areas. 在不少业内人士看来，后续监管政策对矿业的影响，或将成为国内币圈近期的重点关注对象。具体走向仍待后续观望。 In many industries, the impact of follow-up regulatory policies on mining is likely to be the focus of attention in the domestic currency sector in the near future. 比特币遭监管重拳 图 / 图虫 “原以为抄到了一个大底，现在看来很可能抄在半山腰上。”一位比特币投资者王强（化名）向记者感慨说。 “It was thought that it had been taken to the bottom, and now it seems likely that it would be on the back of a half mountain.” A bitcoin investor, Wang Qiang (aliasing the name) deplored the journalist. 上周三晚，他在3.1万美元附近抄底比特币，此后比特币一度重返4.2万美元，让他在短短24小时获利约30%。 Last Wednesday night, he copied Dibitcoin near $31,000, after which Bitcoin returned to $42,000, allowing him to profit about 30 per cent in just 24 hours. 然而，抄底的兴奋感尚未逝去，新一轮监管政策给他“当头一棒”。 , however, the excitement of copying has not yet passed, and a new round of regulatory policy has given him a “first shot” . 上周五，国务院金融稳定发展委员会举行会议要求“打击比特币挖矿和交易行为”，加之此前美国财政部拟要求逾1万美元的加密数字货币交易需向美国国税局报告，令比特币交易价格骤然“扭头向下”，一度跌至32000美元附近，令他的抄底收益所剩无几。 Last Friday, the State Department's Committee on Financial Stability and Development held a meeting to demand that “现在币圈的投资情绪显得极其低落，一些资深比特币投资者甚至担心在监管持续施压下，比特币价格可能重回牛市行情的起点——3300美元。”王强告诉记者。 “Now the investment mood in the currency circles appears extremely low, with some senior bitcoin investors even worried that, under constant regulatory pressure, bitcoin prices might return to the starting point of the cattle market — $3,300.” Wang Qiang told journalists. 记者多方了解到，目前市场传闻中国相关机构已着手采取措施“打击比特币挖矿与交易行为”， Journalists have learned that 一是鉴于比特币挖矿耗能巨大，中国境内数字加密资产矿场将有可能被全部关停； The first is the possibility that the digitally encrypted asset mine in China will be completely shut down, given the enormous energy costs involved in the mining of Bitcoin; 二是银行正全面排查可疑账户，对金额或笔数较大的加密数字资产C2C撮合交易商立刻采取管制措施并每日上报； The second is that banks are conducting a comprehensive check of suspicious accounts and immediate control measures are being taken against the C2C broker, which has a larger amount or a larger number of encrypted digital assets, and are being reported on a daily basis; 三是鉴于比特币期货交易与合约交易涉嫌非法经营期货，相关部门正制定政策打击提供这类服务的加密数字资产交易平台； Thirdly, in view of the suspected illicit operation of futures in respect of futures in Bitcoin futures and contractual transactions, the relevant departments are developing policies to combat encrypted digital asset trading platforms that provide such services; 四是严肃查处为境外加密虚拟货币交易平台提供所谓“回国线路”等服务的IDC服务商。 The fourth is a serious investigation of IDC service providers providing services such as the so-called “return route” for offshore encrypted virtual money trading platforms. 值得注意的是，不少加密数字资产交易所也开始强化合规操作，近日火币已针对部分国家地区新用户暂时不开通合约、杠杆、ETP等服务，此外火币还暂停了中国大陆矿机服务。 It is worth noting that a number of encrypted digital asset exchanges have also begun to strengthen compliance operations, and that recent Japanese coins have temporarily suspended contracts, leverage, ETP and other services for new users in some parts of the country, as well as the Chinese mainland miner service. 多位加密数字资产业内人士指出，这些措施将令比特币价格变得“跌不见底”。与此对应的是，衡量加密数字资产市场焦虑程度的一大流动指标——恐惧贪婪指数触及14，表明市场正陷入极度恐惧；但在一个月前，这个指数高达55，凸显市场极度贪婪。 Several insiders in the crypto-digital asset industry have pointed out that these measures will make bitcoin prices “unfinished.” By contrast, a large moving indicator of the level of anxiety in the crypto-digital asset market — the fear and greed index — reaches 14, indicating that the market is in a state of extreme fear; but a month ago, the index was as high as 55, highlighting the extreme greed of the market. 记者多方了解到，不少华尔街投资机构已悄然清仓所有比特币头寸。 一位华尔街对冲基金经理向记者直言，近日中美密集出台一系列针对加密数字资产的从严监管措施，都在给加密数字资产投机潮“降温”，导致越来越多投资机构预感到比特币未来成长空间将受到极大限制，加之马斯克“变脸”与美联储拟缩减QE，都令比特币估值像断了线的风筝，没人知道它的底部在哪里。 A Wall Street hedge fund manager told journalists that a series of intensive regulatory measures against encrypted digital assets had been introduced in China and the United States in recent days to “reduce” the speculators of encrypted digital assets, resulting in an increasing number of investment agencies presumably limiting the future growth space of Bitcoin, and that Gazek Mask and the Fed were planning to downsize QE, all of which caused Bitcoin to value like a wind kit that broke the line, and no one knew where its bottom was. 在他看来，机构的离场，正令比特币多头变成“一盘散沙”——任何散户的抄底行为，都很快变成机构逢高减持套现离场的“机会”。 In his view, the Agency's departure, which had led to Bitcoin becoming “a piece of sand” — the bottom of any settlement — quickly turned into a “opportunity” for the institution to leave at a time when it had reduced its grip. “不少对冲基金甚至认为，当前中美监管部门对比特币等加密数字资产采取极其严格的监管措施，可能是为CBDC（央行数字货币）发行推广做铺垫。因为比特币若受到民众追捧，无形间压缩了CDBC的未来发展空间。”加密数字资产分析师Alex Krüger指出。 “A number of hedge funds even argue that the current tight regulation of encrypted digital assets, such as bitcoin, by Central American regulators, could be a stepping stone for the CBDC (Central Bank Digital Currency) roll-out. Because Bitcoins, if popularly promoted, compresses the future development space of the CDBC.” The cryptographic digital asset analyst Alex Krü ger points out. 但是，市场永远不缺乏火中取栗者。 But the market never lacks a smoker in the fire. 一位加密数字资产交易所人士透露，上周六马斯克突然支持“加密数字货币对垒主权货币”，一度吸引不少抄底资金入场令比特币回升逾1000美元，但随着机构逢高抛售潮起，抄底资金很快沦为接盘侠。 An encrypted digital asset exchange source revealed that last Saturday Musk suddenly supported the “encrypted digital currency-backed sovereign currency”, which once attracted a lot of bottom-down funds to bring Bitcoin back up by over $1,000, but that the bottom-down money was quickly turned into a successor to the agency as a result of high sales. “这种状况还会持续相当长的时间，但考虑到比特币的市场追捧热情正在迅速退去，抄底者偷鸡不成蚀把米的几率很高。”他坦言。 “This situation will continue for a considerable period of time, but given that the enthusiasm of Bitcoin's market is quickly retreating, the chances of the bottom-cookers stealing chickens without corrosion are high.” He admits. 据比特币家园网发布的统计数据显示，在上周五中国出台新监管政策令比特币骤然下跌3000美元期间，一小时内全网爆仓金额达到2.88亿元，过去24小时累计爆仓金额则高达85.78亿元，共有224783人爆仓，最大单笔爆仓单发生在Bybit-ETH，价值1572万美元。其中不少爆仓者是上周三高杠杆抄底入场、持仓成本约在4万美元的新散户。 According to statistics published by the Bitcoin Homes Network, during last Friday’s China’s new regulatory policy, which led to a sharp drop of $3,000 in Bitcoins, the total amount of a full-line explosion in an hour amounted to RMB 288 million, while the cumulative amount of a 24-hour explosion amounted to RMB 8,578 million, with a total of 224,783 people banging, with the largest single explosion bill occurring in Bybit-ETH, valued at $15,72 million. Many of the blasters were new break-ins at a cost of about $40,000. 华尔街机构急于清仓“探因” 图 / 新华社 面对中美两国持续释放监管大棒，不少华尔街对冲基金已悄然清仓比特币资产。 In the face of the continued release of the regulatory baton from China and the United States, several Wall Street hedge funds have emptied bitcoin assets. “相比2个月前，加密数字资产的市场投资情绪已发生180度大转变。”上述华尔街对冲基金经理告诉记者。2个月前，不少多策略型对冲基金愿冒着50%本金亏损风险去博取比特币的逾100%涨幅；如今，随着比特币在短短两周内从历史高点回落逾50%，加之监管大棒持续将令，没人愿用100%本金损失风险博取比特币的30%涨幅。 “There has been a major 180-degree shift in market investment sentiment in encrypted digital assets two months ago.” The Wall Street hedge fund manager told journalists. Two months ago, a number of multi-temporal hedge funds were willing to risk over 100% of their principal loss to pick up bitcoin; today, with bitcoin falling from its historical heights by over 50% in just two weeks, with the regulatory stick continuing, no one wants to pick up 30% of bitcoin with 100% of its principal loss risk. 他坦言，目前华尔街投资机构对比特币的投资态度也出现骤变，2个月前不少对冲基金还在将比特币吹捧成“数字黄金”，如今他们几乎不再提及比特币，还悄悄清仓离场。 He admits that there is a sudden change in the attitude of the Wall Street investment agency, Bitcoin, and that two months ago a number of hedge funds were blowing bitcoin into “digital gold”, and now they barely mention bitcoin and leave quietly. 在这位华尔街对冲基金经理看来，触发华尔街投资机构清仓比特币的最大因素，是他们正竭力规避LP问责压力。 In the view of the Wall Street hedge fund manager, the biggest trigger for the Wall Street investment agency to clear Bitcoin was that they were trying to evade LP accountability pressures. 记者多方了解到，多数华尔街对冲基金是受到2月马斯克宣布“特斯拉接受比特币付款买车”后，押注比特币应用场景广阔而纷纷“买币”，因此他们的平均持仓成本在30000-35000美元之间。 Journalists have learned that most of the Wall Street hedge funds were “buying” large and varied bitcoin applications after Mask announced in February that “Texra accepted Bitcoin payments” and therefore their average warehousing costs ranged from $30,000 to $35,000. 然而，这种投资操作却承受着很大的争议。因为不少基金出资人（LP，尤其是养老基金、大学基金与FOF等长期投资机构）认为比特币普遍存在价格操纵、缺乏监管、价格波动性极大等风险，不建议对冲基金将比特币纳入投资范畴。部分对冲基金为了参与比特币投资，一再向LP保证比特币投资组合“不亏钱”。 However, this type of investment operation is highly controversial. Because many fund contributors (LPs, especially long-term investment institutions such as pension funds, university funds, and FOFs) argue that Bitcoin is a risk of widespread price manipulation, lack of regulation, and high price volatility, hedge funds are not recommended to include bitcoins in their investments. 然而，随着比特币价格持续回落至3.2万美元一线，对冲基金的“保证”正面临巨大考验，迫使他们必须趁着每一次比特币反弹机会逢高离场。 However, as the price of bitcoin continues to fall to $32,000, the “assurance” of hedge funds is being put to a great test, forcing them to take advantage of every opportunity to rebound. “目前这些对冲基金承受的LP问责压力非常大。”一位华尔街大型宏观经济型对冲基金资产配置部主管告诉记者。 “The current pressure on LP accountability for these hedge funds is very high.” A head of the large Wall Street hedge fund asset allocation department told journalists. 因为多数华尔街大型投资机构都没有配置比特币，且他们认为比特币作为投资工具存在诸多弊端，一是交易速度过于缓慢，二是在托管、对冲风险方面存在劣势，无法衡量其涨跌风险，三是无法将比特币进行抵押融资，寻找新的投资机会。 Because most Wall Street large investment agencies do not have Bitcoins in place, and they believe that Bitcoins have many disadvantages as an investment instrument, either because the pace of transactions is too slow, because there is a disadvantage in hosting, hedge risk and not in measuring their up and down risks, and because it is not possible to mortgage bitcoins for new investment opportunities. 如今比特币价格大跌，令众多LP认为不参与比特币投资的投资机构更具投资策略稳健性，正考虑向后者追加投资。反之参与比特币投资的对冲基金则可能面临LP资金赎回“惩罚”。 Today’s sharp fall in bitcoin prices has led many LPs to believe that investment institutions that do not participate in bitcoin are more robust in their investment strategies, and are considering making additional investments to the latter. Instead, hedge funds that participate in bitcoin investment may face “punishment” of LP funds. 多数华尔街投资机构之所以不愿参与比特币投资，还在于他们发现比特币价格波动性实在太高，导致投资风险成倍扩大。一项衡量比特币波动率的市场恐慌指数（类似于美股的VIX指数）已超过130，这是过去30多年美股从未出现过的景象，表明其价格波动幅度与市场情绪变化远远超过美股。此外，比特币的30天历史波动率约为100，是标普500指数30天历史波动率的7倍左右。 Most Wall Street investment agencies are reluctant to participate in bitcoin investments because they find that bitcoin price volatility is too high, leading to a doubling of investment risk. A market panic index that measures bitcoin volatility (like the US stock VIX index) has exceeded 130, a picture that has never been seen in the United States stock stock for more than 30 years, suggesting that its price volatility and market mood change far exceed that of the United States. 记者多方了解到，如今不少对冲基金将减持比特币的资金迅速转向黄金头寸，竭力挽回LP的“信赖”。 “在5月中旬比特币迭创新高时，一些嗅觉敏锐的华尔街对冲基金已开始逢高离场。”上述华尔街大型宏观经济型对冲基金资产配置部主管透露。其中一个重要原因，是当时美国证监会向持有比特币期货的共同基金投资者发出警告——虽然比特币期货衍生品越来越受欢迎，但它仍是基于一种“具有高度投机性”与“波动不确定性”的资产，且其进行交易的市场也监管较少。 “In mid-May, at a time of high innovation in Bitcoin, some of the snooping Wall Street hedge funds began to go away.” The above-mentioned head of the asset allocation department of the Wall Street large macroeconomic hedge fund was revealed. One important reason was that the US CSR issued a warning to mutual fund investors holding bitcoin futures — although they were increasingly popular with bitcoin derivatives, it was still an asset based on “high speculative” and “volatile uncertainty” and its trading market was less regulated. 原先，这些对冲基金认为比特币期货可以对冲比特币价格波动风险，令比特币投资热潮得以延续。但随着美国证监会否定了比特币期货的“风险对冲”功能，这些对冲基金不再通过持有比特币期货的共同基金份额，或参与投资比特币期货以对冲比特币价格波动风险，转而出现抛售离场避险。 Previously, these hedge funds assumed that bitcoin futures could hedge against the risk of price fluctuations in bitcoins, thus perpetuating the boom in bitcoin investment. But, with the US CSRC denying the “risk hedge” function for bitcoin futures, these hedge funds would no longer be safe from sale through the holding of a common fund share of bitcoin futures, or by participating in investment in bitcoin futures to counter the risk of price fluctuations in bitcoins. 在他看来，机构抛售离场，是触发过去两周比特币价格较历史高点大跌逾50%的重要幕后推手。但某种程度而言，机构抛售潮迟早会来临。因为众多华尔街对冲基金并没有将比特币纳入长期投资策略，而是将它视为短期获利工具。因为当比特币一举突破6.5万美元令对冲基金浮盈翻番时，他们借监管趋严“顺势”获利离场也在情理之中。 In his view, the agency’s selling-out was an important trigger behind the 50% drop in Bitcoin’s prices over the past two weeks. But, to some extent, the wave of the agency’s selling-out will come sooner or later. “如今，仍持有比特币持仓（持仓成本在1-2万美元，入场较早）的对冲基金也显得风声鹤唳，都在想着尽早离场落袋为安。”他透露。目前他们最害怕的，是其他投资机构持续加大抛售力度，将触发多杀多踩踏行情，这势必造成比特币进一步大跌，拖累自己深陷亏损漩涡。 “Now, hedge funds that still hold the Bitcoin warehouse (with a cost of $120 million and an early entrance) also appear to be stylish, thinking of getting out of the house as soon as possible.” He reveals that their worst fear is that other investment agencies will continue to increase their sales, triggering more stomping, which will inevitably cause the bitcoin to fall further, dragging itself into a loss vortex. 散户抄底情绪“分化” 上周末比特币价格因监管趋严再度下跌，也令不少抄底资金从“大赚”沦为“巨亏”。 Last weekend, the price of Bitcoin fell again due to tighter regulations, which reduced many of the bottom-ups from “big money” to “big money”. “上周四，不少在3-4万美元抄底入场的散户还庆幸自己抄了大底，但现在他们都想着早早止损离场，避免爆仓风险降临。前述加密数字资产交易所人士透露。 “Since last Thursday, many of the homeless who entered the field at $30-4 million were lucky enough to have taken their share, they now want to leave early in the morning to avoid the risk of an explosion. The above-mentioned encrypted digital asset exchange revealed. 在他看来，随着全球针对加密数字资产的监管持续趋严，散户们的乐观情绪正在“土崩瓦解”——以往每逢比特币大跌回调，众多散户就会纷纷入场押注比特币迭创新高，如今比特币一度跌至3.2万美元，真正出手抄底的散户较以往明显减少。 In his view, as global regulation of encrypted digital assets continued to tighten, the optimism of the diaspora was “demorrhaging” — in the past, when bitcoin had fallen back and backslided, a large number of scattered households had entered the field to bet on bitcoin innovations, which had fallen to $32,000 at a time, and the number of genuinely outcasts had decreased significantly over the past. 这背后，是众多散户对未来比特币价格走势显得相当“悲观”。目前，一些散户担心持续趋严的监管政策，有可能令比特币再度重回牛市行情的起点——3300美元附近。甚至不少资深比特币投资者已承认比特币投机泡沫正在破裂，因为中美等国从严监管措施正令大量新资金无法进入比特币市场，而华尔街投资机构则在持续撤资，比特币的高估值正缺乏资金支撑。 Behind this is a rather pessimistic view of the future trend in bitcoin prices by a large number of dispersed households.
“说到底，比特币的牛市行情，就是投机资本涌入与市场乐观情绪堆砌出来的。当监管部门出台一系列监管组合拳阻断了投机资金继续入场，并压制了市场乐观情绪，比特币牛市行情的根基自然被摧毁了。”王强表示。他甚至注意到，一些持仓成本很低（持仓成本约在1万美元下方）的投资者也在迅速清仓比特币，原因是他们注意到加密数字资产价格走势与美联储提前加息呈现着极强的负相关性。随着美联储释放欲讨论缩减QE的信号，令华尔街开始笃定美联储可能会在2022年底提前加息，他们也选择尽早落袋为安规避新的政策冲击。
“In the end, the rush of speculative capital in Bitcoin’s cow market was conflated with market optimism. When the regulatory sector introduced a series of regulatory punches that blocked speculative funds from continuing to enter the market, and suppressed market optimism, the foundations of Bitcoin’s cow market movement were naturally destroyed.” Wang Qiang said. He even noted that some investors with low warehouse costs (about $10,000 below) were also rapidly clearing bitcoins because they noticed that the price of encrypted digital assets showed a strong negative correlation with the Fed’s early build-up.
不过，市场永远不乏“勇敢”的抄底者。
The market, however, will never be short of “bolders”.
截至发稿，比特币价格收复37000美元/枚关口，报37638.0美元/枚。
At the time of publication, the price of Bitcoin had recovered $37,000 per gate and reported $37638.0 per gate.
“这背后，或许是一些散户在拉高价格自救，避免比特币继续下跌导致爆仓风险来临。”王强认为。但在机构资金持续离场，加密数字资产市场投资情绪持续低迷的情况下，这些新抄底资金很快又会沦为“韭菜”。
“Behind that, perhaps, some scattered households are saving themselves at high prices, lest Bitcoin continue to fall, leading to the risk of an explosion.” Wang Qiang argues. But these new capital cuts will soon turn into “cooks” when institutional funds continue to run out and investment in the crypto-digital asset market continues to be depressed.
注册有任何问题请添加 微信：MVIP619 拉你进入群
打开微信扫一扫
添加客服
进入交流群
发表评论