Odaily星球日报讯 近期，中国股市在政府刺激政策的推动下迎来反弹，但这一上涨可能正从加密市场吸走资金，影响了比特币等加密货币的上涨。自 9 月 24 日以来，上证指数上涨超过 20%，创下自 2023 年 5 月以来的新高。然而，比特币价格在中国刺激政策后仍徘徊在 64,000 美元左右，已维持六个月的 50,000 至 70,000 美元的盘整期。 市场观察人士指出，尽管中国政府推出了超过 7.5 万亿元人民币的经济刺激计划，被普遍视为对比特币和其他风险资产的超级利好消息，但比特币价格并未有显著上涨。Danny Chong，新加坡数字资产协会的联合创始人表示，这种资本转移可能是暂时的，一旦中国股市的上涨趋势稳定，预计资金将重新流入加密市场。 传统市场分析师认为，中国最新的刺激措施并未解决根本的经济问题，可能不会带来股市的长期上涨。TS Lombard 在 10 月 2 日的报告中指出，除非解决一些根本性问题，如修复银行的资产负债表，否则任何试图增加借贷和杠杆风险承担的尝试都可能失败。BCA Research 也表示，中国股市的上涨可能不会持久。（CoinDesk）

Odaily星球日报讯 近期，中国股市在政府刺激政策的推动下迎来反弹，但这一上涨可能正从加密市场吸走资金，影响了比特币等加密货币的上涨。自 9 月 24 日以来，上证指数上涨超过 20%，创下自 2023 年 5 月以来的新高。然而，比特币价格在中国刺激政策后仍徘徊在 64,000 美元左右，已维持六个月的 50,000 至 70,000 美元的盘整期。市场观察人士指出，尽管中国政府推出了超过 7.5 万亿元人民币的经济刺激计划，被普遍视为对比特币和其他风险资产的超级利好消息，但比特币价格并未有显著上涨。Danny Chong，新加坡数字资产协会的联合创始人表示，这种资本转移可能是暂时的，一旦中国股市的上涨趋势稳定，预计资金将重新流入加密市场。传统市场分析师认为，中国最新的刺激措施并未解决根本的经济问题，可能不会带来股市的长期上涨。TS Lombard 在 10 月 2 日的报告中指出，除非解决一些根本性问题，如修复银行的资产负债表，否则任何试图增加借贷和杠杆风险承担的尝试都可能失败。BCA Research 也表示，中国股市的上涨可能不会持久。（CoinDesk）

分析：A股正在从加密市场虹吸资金，但涨势难以持续

Odaily Planet Daily Report: Recently, the Chinese stock market has rebounded with the support of government stimulus policies, but this rise may be draining funds from the cryptocurrency market, affecting the rise of cryptocurrencies such as Bitcoin. Since September 24, the Shanghai Composite Index has risen more than 20%, reaching a new high since May 2023. However, the Bitcoin price has remained around $64,000 after the Chinese stimulus policies, maintaining a consolidation period between $50,000 and $70,000 for six months.

Market observers point out that although the Chinese government has launched an economic stimulus plan of over 7.5 trillion yuan, which is generally seen as super-bullish news for Bitcoin and other risky assets, the Bitcoin price has not seen a significant increase. Danny Chong, co-founder of the Singapore Digital Asset Association, said this capital shift may be temporary, and once the upward trend in the Chinese stock market stabilizes, the funds are expected to flow back into the cryptocurrency market.

Traditional market analysts believe that China's latest stimulus measures have not solved the fundamental economic problems and may not lead to a long-term rise in the stock market. TS Lombard's report on October 2 pointed out that unless some fundamental issues, such as repairing banks' balance sheets, are resolved, any attempts to increase lending and leverage risk-taking are likely to fail. BCA Research also stated that the rise in the Chinese stock market may not be sustainable. (CoinDesk)

Odaily Odaily News Recently, China&#39;s stock market has rebounded under the impetus of government stimulus policies, but this rise may be absorbing funds from the crypto market, affecting the rise of cryptocurrencies such as Bitcoin. Since September 24, the Shanghai Composite Index has risen by more than 20%, hitting a new high since May 2023. However, the price of Bitcoin is still hovering around $64,000 after China&#39;s stimulus policy, and has maintained a six-month consolidation period of $50,000 to $70,000. Market observers pointed out that although the Chinese government has launched an economic stimulus plan of more than 7.5 trillion yuan, which is widely regarded as super good news for Bitcoin and other risky assets, the price of Bitcoin has not risen significantly. Danny Chong, co-founder of the Singapore Digital Asset Association, said that this capital transfer may be temporary, and once the upward trend of the Chinese stock market stabilizes, funds are expected to flow back into the crypto market. Traditional market analysts believe that China&#39;s latest stimulus measures do not solve the underlying economic problems and may not bring long-term stock market gains. TS Lombard pointed out in a report on October 2 that unless some fundamental problems are solved, such as repairing the bank&#39;s balance sheet, any attempt to increase lending and leverage risk-taking may fail. BCA Research also said that the rise in Chinese stocks may not last. (CoinDesk)

Analysis: A-shares are siphoning funds from the crypto market, but the rally is unlikely to continue

According to a Bloomberg report, one of the best indicators of cryptocurrency demand shows that some Chinese investors are shifting from digital assets to the country's soaring stock market.

Dessislava Aubert, a senior research analyst at blockchain data firm Kaiko, said that since the end of September, the trading of Tether's US dollar-pegged stablecoin USDT has frequently been at a discount to the US dollar, and this discount has coincided with a series of easing policies introduced by the People's Bank of China to curb the deterioration of the economic outlook, which have driven a surge in stock prices.

The Hong Kong cryptocurrency...

USDT Discount Suggests Chinese Investors May Be Shifting from Crypto Markets to Soaring Chinese Stock Markets

Odaily reports that according to a post by the on-chain analysis company glassnode, the bitcoin market is currently in a prolonged consolidation phase, which is very similar to the period from the end of 2019 to the beginning of 2020. Since the historical high in March, the capital inflow into the bitcoin network has slowed down, which poses a challenge to the profitability of short-term holders. However, despite experiencing local net capital outflows, new investors' confidence in the market remains quite strong, and the bullish sentiment in the perpetual futures market has seen a "very mild" rise in recent weeks.

Glassnode: Bitcoin perpetual futures market sees “very modest” uptick in longs in recent weeks

The loose liquidity environment continues, and investors' risk appetite has increased.