Thomas Daniels
Humwe humbowo huri kukura hunoratidza kuti Bitcoin iri kurasa ganda rayo rekufungidzira uye kutora midzi sechinhu chiri pamutemo macroeconomic asset. Dhata kubva kuAvenir Group uye pa-chain analytics platform Glassnode inoratidza kuti chikamu chikuru chekupinda muU.S. Bitcoin ETFs haina kuvharidzirwa, ichiratidza chivimbo chepamusoro, nzira yenguva refu chete nevashambadziri vemasangano.
Aya maitiro anoratidza shanduko yemaitiro mukuti Bitcoin inoonekwa uye inoshandiswa nemasangano emari echinyakare.
Kubva kuArbitrage kuenda Kugovera: Shift muInstitutional Behaviour
Apo US Securities and Exchange Commission greenlit spot Bitcoin ETFs, vacherechedzi vakawanda vakafungidzira kuti kuguma kweguta guru kwaizokonzerwa ne-arbitrage-kureva, nevatambi vanoshandisa kusakosha kwemutengo pakati pemisika yemisika uye neramangwana reBitcoin paCME. Nekudaro, chidzidzo chitsva chakabatana neAvenir Group uye Glassnode zvinonetsa rondedzero.
Nekushandisa nzira yakaoma yekuparadzanisa mafambiro ekutungamira kubva munzvimbo dzine chekuita nearbitrage, vaongorori vakaratidza kuwirirana kwakakosha pakati pekuda kusingafungirwe uye kupinda kweETF. "Iyo data inoratidza maitiro anoramba achiratidzwa kwenguva refu-chete," akadaro Helena Lam weAvenir Group, padivi peGlassnode vaongorori vanozivikanwa nema pseudonyms UkuriaOC uye CryptoVizArt. Vanoti, izvi zvinoratidza kutenda kwechokwadi kwesangano—kwete mari inotora mukana.
Bitcoin's Kukura Kuwirirana neMakoreki Echinyakare
Sezvo capital capital inowedzera kupinda munzvimbo yeBitcoin ETFs, BTC iri kuita seyakajairwa macro asset. Chirevo ichi chinotaridza kuwirirana kuri kukura pakati peBitcoin uye zvechinyakare njodzi-pazvinhu zvakaita seS&P 500, Nasdaq, uye goridhe. Sezvineiwo, Bitcoin inotenderera ichitenderera kuUS Dollar Index uye zviratidzo zvekunetsekana kwemusika wechikwereti sekupararira kwegoho rakakura.
Uyezve, kunzwisiswa kweBitcoin kune kutenderera kwemari yepasi rose kunosimbisa chimiro chayo chikuru. Ongororo inoratidza kuti iyo cryptocurrency inowanzoita rally panguva dzekuwedzera kwemari uye kudzoreredza kana liquidity yawedzera.
A Macro Framework: Bitcoin uye Global Liquidity
André Dragosch, mukuru wezvekutsvagisa kuBitwise Europe, anowedzera imwe nhanho kurondedzero iri kuitika. Anonongedza kuhukama hwehuwandu hwenguva refu pakati pekupa mari yepasi rose uye kukosha kweBitcoin. Sekureva kwaDragosch, yega yega $ 1 trillion kuwedzera kwepasi rose kwemari inogona kuenderana ne $ 13,861 kukwira kwemutengo wemusika weBitcoin. Kunyange zvazvo hukama uhwu husingafaniri kushandiswa pakufanotaura kwenguva pfupi, inosimbisa kuti Bitcoin yave mumiriri we macroeconomic liquidity maitiro.
Kupera kweBitcoin Identity Crisis
Zvakatorwa pamwe chete, zviitiko izvi zvinoratidza kuti dambudziko rekuzivikanwa kweBitcoin rinogona kunge rave pedyo nekugadziriswa. Icho chaimborambwa sechinhu chekufungidzira chedhijitari chave kutora mari yakasimba, inotungamira kubva kune vanoisa mari mumasangano. Nekuwedzera kuwirirana kune zvechinyakare mari zviridzwa uye kuterera kumamiriro epasi rose emari, Bitcoin iri kubuda seyakanaka fide macro asset.
Kushanduka uku kunogona kuunza nguva itsva yekugadzikana, kuve pamutemo, uye kugovaniswa kwehurongwa-iyo iyo Bitcoin haisisiri yekunze, asi chigaro chekusingaperi mumapotfolio emasangano.
