作者：Ciaran Lyons，CoinTelegraph；编译：五铢，金色财经
一位加密货币风险投资家表示，比特币的价格将继续波动，直到真正的买家开始进入市场，而不是寻求套利机会的交易者。
“这是一个典型的流动性游戏案例。ETF 不仅带来了长期持有者，还带来了进行短期套利的对冲基金，”Master Ventures 创始人 Kyle Chasse 在 2 月 27 日的 X 帖子中表示。
对冲基...

<div>作者：Ciaran Lyons，CoinTelegraph；编译：五铢，金色财经一位加密货币风险投资家表示，比特币的价格将继续波动，直到真正的买家开始进入市场，而不是寻求套利机会的交易者。“这是一个典型的流动性游戏案例。ETF 不仅带来了长期持有者，还带来了进行短期套利的对冲基金，”Master Ventures 创始人 Kyle Chasse 在 2 月 27 日的 X 帖子中表示。<h2>对冲基金追求比特币的“低风险收益”</h2>“几个月来，对冲基金一直在利用 BTC 现货 ETF 和 CME 期货进行低风险收益交易，”Chasse 补充道。他表示，随着杠杆头寸被清算，现货和套利交易将继续平仓，比特币的波动性将继续存在。“BTC 需要找到真正的有机买家（而不仅仅是提取收益的对冲基金），”他说。Chasse 解释说，对冲基金通过交易比特币期货价格和比特币现货价格之间的差价获利，因为期货价格较高。随着市场暴跌，该价格差异“崩溃”，使交易无利可图。 这就是通常所说的现货和套利交易。Chasse 说：“对冲基金不关心比特币。”10x Research 研究主管 Markus Thielen 在 2 月 27 日的一份报告中表达了类似的观点，他表示，随着加密货币市场情绪的下降，融资利率暴跌，可能迫使这些交易平仓。Chasse 解释说，对冲基金从未“押注”比特币价格飙升；相反，他们追求的是低风险收益。<img src="https://img.jinse.cn/7352844_watermarknone.png" title="7352844" alt="fI6U81iAjpGqs0lNNn6wjd2OUPNPaNXiEa8fLAJq.jpeg">比特币价格自 11 月 10 日以来首次跌破 80,000 美元，在唐纳德·特朗普 (Donald Trump) 在美国总统大选中连任后突破了这一水平。<h2>比特币自 11 月以来首次跌破 80,000 美元</h2>根据 TradingView 的数据，截至本文发布时，比特币的交易价格为 79,532 美元。<img src="https://img.jinse.cn/7352845_watermarknone.png" title="7352845" alt="MnYXLEstjNClL4UBHzMPiSbSvEhkvLJRFhsb5a05.jpeg">截至本文发稿时，比特币交易价格为 79,532 美元。资料来源：TradingViewSwyftx 首席分析师 Pav Hundal 表示，尽管比特币可能会进一步下跌，但大部分震荡已经结束。“我们完全有可能看到比特币在此时下跌，但大部分损失可能已经造成，”Hundal 说。他补充说，如果 2 月 28 日即将公布的美国通胀数据低于预期，可能会改善市场状况。“现在交易已经结束，他们正在撤走流动性——让市场自由落体，”Chasse 说。自 2 月 25 日比特币跌破 90,000 美元以来，许多分析师将比特币和更广泛的加密货币市场的下跌归咎于宏观经济的不确定性和对特朗普拟议关税的担忧。</div>

VC：BTC需“找到真正的有机买家”才能恢复上涨趋势

Ciaran Lyons, CoinTelegraph; Compiled by Wuzhu, <Jinse Finance>
A cryptocurrency venture capitalist said that the price of Bitcoin will continue to fluctuate until real buyers, not traders seeking arbitrage opportunities, enter the market.
"This is a classic case of a liquidity game. ETFs not only bring long-term holders, but also bring hedge funds that engage in short-term arbitrage," said Kyle Chasse, founder of Master Ventures, in a post on February 27.
Hedge funds...

Here is the English translation:

<div>Author: Ciaran Lyons, CoinTelegraph; Compiled by Wuzhu, Jinse FinanceA cryptocurrency venture capitalist says that the price of Bitcoin will continue to fluctuate until real buyers, not just traders seeking arbitrage opportunities, enter the market."This is a classic case of a liquidity game. ETFs not only bring long-term holders, but also bring hedge funds that engage in short-term arbitrage," said Kyle Chasse, founder of Master Ventures, in a post on February 27.<h2>Hedge funds pursue "low-risk returns" on Bitcoin</h2>"For months, hedge funds have been using BTC spot ETFs and CME futures to trade for low-risk returns," Chasse added.He said that as leveraged positions are liquidated, spot and arbitrage trades will continue to unwind, leading to continued volatility in Bitcoin."BTC needs to find real organic buyers (not just hedge funds extracting yield)," he said.Chasse explained that hedge funds profit by trading the spread between Bitcoin futures prices and Bitcoin spot prices, as futures prices are higher.With the market crash, this price differential "collapsed," making the trades unprofitable. This is what is commonly referred to as spot and arbitrage trading.Chasse said: "Hedge funds don't care about Bitcoin."Markus Thielen, head of research at 10x Research, expressed a similar view in a report on February 27, stating that as crypto market sentiment declines, funding rates have plummeted, potentially forcing these trades to unwind.Chasse explained that hedge funds never "bet" on Bitcoin prices soaring; instead, they were pursuing low-risk returns.Bitcoin price fell below $80,000 for the first time since November 10, breaking through that level after Donald Trump's re-election as US president.<h2>Bitcoin falls below $80,000 for the first time since November</h2>According to data from TradingView, as of the time of writing, the trading price of Bitcoin is $79,532.Swyftx chief analyst Pav Hundal said that while Bitcoin may fall further, most of the volatility is likely over."We could very well see Bitcoin dip at this time, but most of the damage may have already been done," Hundal said. He added that if the upcoming US inflation data on February 28 comes in lower than expected, it could improve market conditions."The trades are done, they're withdrawing liquidity - letting the market free fall," Chasse said.Since Bitcoin fell below $90,000 on February 25, many analysts have attributed the decline in Bitcoin and the broader cryptocurrency market to macroeconomic uncertainty and concerns over Trump's proposed tariffs.</div>

VC: BTC needs to “find real organic buyers” to resume its upward trend

The media The Kobeissi Letter pointed out that since the escalation of trade war concerns at the end of January this year, the global cryptocurrency market capitalization has plummeted from $3.7 trillion to $2.8 trillion in just five weeks, evaporating over $800 billion in value. For a long time, Bitcoin has been seen as a decentralized hedge asset against economic uncertainty, but this role seems to be still shaking.
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Cryptocurrency market collapses under trade war: Bitcoin cannot escape the fate of risky assets

The speculative bubble in the overall cryptocurrency market has burst, and Bitcoin is now mired in a frenzied sell-off.

Many Bitcoin bulls have at least turned bearish in the short term.

The traditional market is also stumbling, and the resulting interest rate decline may be paving the way for Bitcoin's next bull market.

"If it weren't for you, I wouldn't have ended up in this situation. You gave me..."

VC: BTC needs to “find real organic buyers” to resume its upward trend

Hedge funds pursue "low-risk returns" on Bitcoin

Bitcoin falls below $80,000 for the first time since November

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