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2021-07-13

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Just 5% Of All Bitcoins In Circulation Have Traded In The Past Year<blockquote>过去一年中流通的所有比特币中只有 5% 进行了交易</blockquote>

In JPMorgan's latest weekly bitcoin hit piece (because for some "inexplicable" reason, JPMorgan exec

Just 5% Of All Bitcoins In Circulation Have Traded In The Past Year<blockquote>过去一年中流通的所有比特币中只有 5% 进行了交易</blockquote>

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Discussing the daily trading volumes of bitcoin, JPM notes that a large fraction of Bitcoin are locked up in illiquid entities (liquidity sinks),\"with more than 90% not changing hands in more than a year\" while roughly 80% - and rising - are held by wallets with light turnover.&nbsp; This means that a paltry 5-10% of all bitcoin in circulation has traded in the past year.<blockquote>摩根大通发现，原因是比特币的流通量可能低至5%，如果不是更低的话。在讨论比特币的每日交易量时，摩根大通指出，很大一部分比特币被锁定在非流动性实体（流动性池）中，“超过 90% 的比特币在一年多内没有易手”，而大约 80%（而且还在上升）的钱包持有，流通量很小。这意味着，在过去一年中，所有流通中的比特币中，只有微不足道的 5-10% 进行了交易。</blockquote> <img src=\"https://static.tigerbbs.com/ce30e31759284bfbf1d8923cb4149bfc\" tg-width=\"725\" tg-height=\"534\"><blockquote></blockquote> Another way of putting it:an asset with a $600 billion market cap has a float of just $30 billion.Which is remarkable as it means thatno whalessold bitcoin when it hit its all time high of $65,000.And if they didn't sell then, they certainly won't sell now when it's half that price.<blockquote>另一种说法是：市值为 6000 亿美元的资产的流通量仅为 300 亿美元。这很了不起，因为这意味着没有鲸鱼当比特币创下 65,000 美元的历史新高时出售。如果他们当时不卖，现在是那个价格的一半，他们肯定也不会卖。</blockquote> This, more than anything else, explains why bitcoin - an asset whose market cap was more than a $1 trillion as recently as April - is so extremely volatile: with the vast majority of bitcoin locked up or held by whale accounts who rarely if ever trade, the marginal price setter of bitcoin are odd lots - a burst of trading in fractions of a bitcoin, where the momentum in many cases is ignited and magnified by HFTs who then shape the movement of the crypto in hopes of hitting the max pain stop loss positions for other cryptos, and where as a result of such a unique trading environment, the price of bitcoin can swing 10%, 15% , or even 20% or more every day.<blockquote>这比其他任何事情都更解释了为什么比特币——一种市值在 4 月份超过 1 万亿美元的资产——如此剧烈波动：由于绝大多数比特币被锁定或持有，鲸鱼账户很少交易，比特币的边际价格制定者是奇怪的批次——比特币的几分之一的交易爆发，在许多情况下，这种势头是由 HFT 点燃和放大的，然后 HFT 塑造加密货币的运动，希望达到其他加密货币的最大痛苦止损头寸，由于这种独特的交易环境，比特币的价格每天可以波动 10%、15%，甚至 20% 或更多。</blockquote> The question we have is during liquidation pukes like the one observed recently, how much of the newly released bitcoin are gobbled up by existing or new whales. Judging by the gray line in the chart above, the answer is a record amount.<blockquote>我们的问题是，在清算期间，就像最近观察到的那样，有多少新释放的比特币被现有的或新的鲸鱼吞噬了。从上图中的灰线来看，答案是创纪录的数量。</blockquote> Which means that we are now in the\"weak hands\" shake out and whale accumulationphase. And once the new generation of whales has bought enough, that's when the next squeeze higher will take place, sending the crypto currency and its peers to fresh all time highs. Because if there is one thing that is very easy to do with an asset whose float is as low as bitcoin's, it is to manipulate it as a handful of big players want.<blockquote>这意味着我们现在在“弱手”甩掉鲸鱼积累阶段。一旦新一代鲸鱼买够了，下一次挤压上涨就会发生，将加密货币及其同行推向历史新高。因为如果说对于流通量像比特币一样低的资产有一件非常容易做到的话，那就是按照少数大玩家的意愿操纵它。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Just 5% Of All Bitcoins In Circulation Have Traded In The Past Year<blockquote>过去一年中流通的所有比特币中只有 5% 进行了交易</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJust 5% Of All Bitcoins In Circulation Have Traded In The Past Year<blockquote>过去一年中流通的所有比特币中只有 5% 进行了交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-07-13 11:36\n\n</h4>\n</header>\n<article>\nIn JPMorgan's latest weekly bitcoin hit piece (because for some \"inexplicable\" reason, JPMorgan executive have instructed most of the bank's strategists, including those covering equity and rates, to slam the cryptocurrency on a weekly if not daily basis while the bank quietlybuilds out its own proprietary crypto fund, almost as if it is desperate to scare its clients into selling), the bank makes an interesting argument: bitcoin is not liquid enough to be successfully implemented as a legal tender in El Salvador.<blockquote>在摩根大通最新的每周比特币热门文章中（因为出于某种“无法解释”的原因，摩根大通高管已指示该银行的大多数策略师，包括那些报道股票和利率的策略师，每周（如果不是每天）抨击加密货币，而该银行悄悄地建立了自己的专有加密货币基金，几乎就好像它不顾一切地吓唬客户出售一样），该银行提出了一个有趣的论点：比特币的流动性不足以在萨尔瓦多成功实施为法定货币。</blockquote> We won't speak to the validity of JPM's argument - we will soon find out first hand whether or not El Salvador made a mistake in adopting bitcoin as legal tender - although it certainly is simple enough: “daily payment activity in El Salvador would represent ~4% of recent on-chain transaction volume and more than 1% of the total value of tokens which have been transferred between wallets in the past year,” the report said, with the illiquidity and nature of the volume “potentially a significant limitation on its potential as a medium of exchange.”<blockquote>我们不会谈论摩根大通的论点的有效性--我们很快就会第一手发现萨尔瓦多在采用比特币作为法定货币时是否犯了错误--尽管这当然很简单： “报告称：”萨尔瓦多的日常支付活动将占近期链上交易量的约4%，占过去一年钱包之间转移的代币总价值的1%以上，”报告称，交易量的非流动性和性质 “可能会严重限制其作为交换媒介的潜力”。</blockquote> Perhaps, then again in its brief history bitcoin has certainly demonstrated that it is remarkably scalable and viable even without a central bank propping it up every time there is even a modest risk-flaring hiccup, which is much more than we could ever say about the global stock market or currencies such as Europe's \"whatever it takes\" euro.<blockquote>或许，在其短暂的历史中，比特币无疑已经证明了它具有非凡的可扩展性和可行性，即使每次出现哪怕是轻微的风险爆发问题时，央行也没有对其进行支撑，这远远超过了我们对全球股市或欧洲“不惜一切代价”欧元等货币的评价。</blockquote> Of course, JPMorgan - a bank that directly benefited form more than one multibilion bailout - will be the last to admit just how much sustainable the cryptocurrency has become, which is why we will ignore the bank's latest round of propaganda, but will point out an interesting fact unearthed by JPMorgan: it goes straight to the heart of the recurring argument why bitcoin is so volatile.<blockquote>当然，摩根大通——一家直接受益于超过数十亿美元救助的银行——将是最后一家承认加密货币已经变得多么可持续的银行，这就是为什么我们将忽略该银行最新一轮的宣传，但会指出摩根大通发现的一个有趣的事实：它直奔比特币为何如此不稳定这一反复出现的争论的核心。</blockquote> The reason, as JPM has discovered, is that bitcoin's float may be as little as 5%, if not less. Discussing the daily trading volumes of bitcoin, JPM notes that a large fraction of Bitcoin are locked up in illiquid entities (liquidity sinks),\"with more than 90% not changing hands in more than a year\" while roughly 80% - and rising - are held by wallets with light turnover.&nbsp; This means that a paltry 5-10% of all bitcoin in circulation has traded in the past year.<blockquote>摩根大通发现，原因是比特币的流通量可能低至5%，如果不是更低的话。在讨论比特币的每日交易量时，摩根大通指出，很大一部分比特币被锁定在非流动性实体（流动性池）中，“超过 90% 的比特币在一年多内没有易手”，而大约 80%（而且还在上升）的钱包持有，流通量很小。这意味着，在过去一年中，所有流通中的比特币中，只有微不足道的 5-10% 进行了交易。</blockquote> <img src=\"https://static.tigerbbs.com/ce30e31759284bfbf1d8923cb4149bfc\" tg-width=\"725\" tg-height=\"534\"><blockquote></blockquote> Another way of putting it:an asset with a $600 billion market cap has a float of just $30 billion.Which is remarkable as it means thatno whalessold bitcoin when it hit its all time high of $65,000.And if they didn't sell then, they certainly won't sell now when it's half that price.<blockquote>另一种说法是：市值为 6000 亿美元的资产的流通量仅为 300 亿美元。这很了不起，因为这意味着没有鲸鱼当比特币创下 65,000 美元的历史新高时出售。如果他们当时不卖，现在是那个价格的一半，他们肯定也不会卖。</blockquote> This, more than anything else, explains why bitcoin - an asset whose market cap was more than a $1 trillion as recently as April - is so extremely volatile: with the vast majority of bitcoin locked up or held by whale accounts who rarely if ever trade, the marginal price setter of bitcoin are odd lots - a burst of trading in fractions of a bitcoin, where the momentum in many cases is ignited and magnified by HFTs who then shape the movement of the crypto in hopes of hitting the max pain stop loss positions for other cryptos, and where as a result of such a unique trading environment, the price of bitcoin can swing 10%, 15% , or even 20% or more every day.<blockquote>这比其他任何事情都更解释了为什么比特币——一种市值在 4 月份超过 1 万亿美元的资产——如此剧烈波动：由于绝大多数比特币被锁定或持有，鲸鱼账户很少交易，比特币的边际价格制定者是奇怪的批次——比特币的几分之一的交易爆发，在许多情况下，这种势头是由 HFT 点燃和放大的，然后 HFT 塑造加密货币的运动，希望达到其他加密货币的最大痛苦止损头寸，由于这种独特的交易环境，比特币的价格每天可以波动 10%、15%，甚至 20% 或更多。</blockquote> The question we have is during liquidation pukes like the one observed recently, how much of the newly released bitcoin are gobbled up by existing or new whales. Judging by the gray line in the chart above, the answer is a record amount.<blockquote>我们的问题是，在清算期间，就像最近观察到的那样，有多少新释放的比特币被现有的或新的鲸鱼吞噬了。从上图中的灰线来看，答案是创纪录的数量。</blockquote> Which means that we are now in the\"weak hands\" shake out and whale accumulationphase. And once the new generation of whales has bought enough, that's when the next squeeze higher will take place, sending the crypto currency and its peers to fresh all time highs. Because if there is one thing that is very easy to do with an asset whose float is as low as bitcoin's, it is to manipulate it as a handful of big players want.<blockquote>这意味着我们现在在“弱手”甩掉鲸鱼积累阶段。一旦新一代鲸鱼买够了，下一次挤压上涨就会发生，将加密货币及其同行推向历史新高。因为如果说对于流通量像比特币一样低的资产有一件非常容易做到的话，那就是按照少数大玩家的意愿操纵它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/just-5-all-bitcoins-circulation-have-traded-past-year\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.zerohedge.com/markets/just-5-all-bitcoins-circulation-have-traded-past-year","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161408787","content_text":"In JPMorgan's latest weekly bitcoin hit piece (because for some \"inexplicable\" reason, JPMorgan executive have instructed most of the bank's strategists, including those covering equity and rates, to slam the cryptocurrency on a weekly if not daily basis while the bank quietlybuilds out its own proprietary crypto fund, almost as if it is desperate to scare its clients into selling), the bank makes an interesting argument: bitcoin is not liquid enough to be successfully implemented as a legal tender in El Salvador.\nWe won't speak to the validity of JPM's argument - we will soon find out first hand whether or not El Salvador made a mistake in adopting bitcoin as legal tender - although it certainly is simple enough: “daily payment activity in El Salvador would represent ~4% of recent on-chain transaction volume and more than 1% of the total value of tokens which have been transferred between wallets in the past year,” the report said, with the illiquidity and nature of the volume “potentially a significant limitation on its potential as a medium of exchange.”\nPerhaps, then again in its brief history bitcoin has certainly demonstrated that it is remarkably scalable and viable even without a central bank propping it up every time there is even a modest risk-flaring hiccup, which is much more than we could ever say about the global stock market or currencies such as Europe's \"whatever it takes\" euro.\nOf course, JPMorgan - a bank that directly benefited form more than one multibilion bailout - will be the last to admit just how much sustainable the cryptocurrency has become, which is why we will ignore the bank's latest round of propaganda, but will point out an interesting fact unearthed by JPMorgan: it goes straight to the heart of the recurring argument why bitcoin is so volatile.\nThe reason, as JPM has discovered, is that bitcoin's float may be as little as 5%, if not less. Discussing the daily trading volumes of bitcoin, JPM notes that a large fraction of Bitcoin are locked up in illiquid entities (liquidity sinks),\"with more than 90% not changing hands in more than a year\" while roughly 80% - and rising - are held by wallets with light turnover.  This means that a paltry 5-10% of all bitcoin in circulation has traded in the past year.\n\nAnother way of putting it:an asset with a $600 billion market cap has a float of just $30 billion.Which is remarkable as it means thatno whalessold bitcoin when it hit its all time high of $65,000.And if they didn't sell then, they certainly won't sell now when it's half that price.\nThis, more than anything else, explains why bitcoin - an asset whose market cap was more than a $1 trillion as recently as April - is so extremely volatile: with the vast majority of bitcoin locked up or held by whale accounts who rarely if ever trade, the marginal price setter of bitcoin are odd lots - a burst of trading in fractions of a bitcoin, where the momentum in many cases is ignited and magnified by HFTs who then shape the movement of the crypto in hopes of hitting the max pain stop loss positions for other cryptos, and where as a result of such a unique trading environment, the price of bitcoin can swing 10%, 15% , or even 20% or more every day.\nThe question we have is during liquidation pukes like the one observed recently, how much of the newly released bitcoin are gobbled up by existing or new whales. Judging by the gray line in the chart above, the answer is a record amount.\nWhich means that we are now in the\"weak hands\" shake out and whale accumulationphase. And once the new generation of whales has bought enough, that's when the next squeeze higher will take place, sending the crypto currency and its peers to fresh all time highs. Because if there is one thing that is very easy to do with an asset whose float is as low as bitcoin's, it is to manipulate it as a handful of big players want.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":2245,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}