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2theMOON
2021-07-19

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Crypto Traders Loved Big Leveraged Bets Until Inexplicable Crash<blockquote>加密货币交易员喜欢大杠杆押注，直到莫名其妙的崩盘</blockquote>

(Bloomberg) -- On the day of one of the cryptocurrency market’s worst routs, Alex Holland woke up to

Crypto Traders Loved Big Leveraged Bets Until Inexplicable Crash<blockquote>加密货币交易员喜欢大杠杆押注，直到莫名其妙的崩盘</blockquote>

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They knew he had made a big wager recently that prices would fall.<blockquote>（彭博）-在加密货币市场最糟糕的一天，亚历克斯·霍兰德醒来时收到了来自朋友和家人的一波消息。他们知道他最近下了一个大赌注，认为价格会下跌。</blockquote> But when he went to check his account on the online exchange Binance, he saw that the value of his leveraged bet against Ethereum was sinking rather than reaping gains a few times greater than the declines in the second-largest cryptocurrency.<blockquote>但当他去在线交易所币安查看自己的账户时，他发现他做空以太币的杠杆押注价值正在下跌，而不是获得比第二大加密货币跌幅大几倍的收益。</blockquote> “I just kept blinking,” said the 59-year-old Canadian, who was left a paraplegic after a skiing accident. “I thought it was just a bug and they’d be fixing it.”<blockquote>“我只是不停地眨眼，”这位59岁的加拿大人说，他在一次滑雪事故后截瘫。“我以为这只是一个错误，他们会修复它。”</blockquote> By the end of May 19, Ethereum would plummet roughly 20% and Holland’s so-called down token tumbled about 85%. The value was so low it appeared as zero on price charts.<blockquote>到5月19日，以太币将暴跌约20%，荷兰所谓的下跌令牌暴跌约85%。价值如此之低，以至于在价格图表上显示为零。</blockquote> In a way, it’s a cautionary tale as old as Wall Street -- retail speculators burned by byzantine derivatives -- amplified by a lack of regulation, croaky market plumbing and the extreme volatility of the $1.3 trillion crypto world.<blockquote>在某种程度上，这是一个与华尔街一样古老的警示故事——散户投机者被拜占庭衍生品烧毁——而缺乏监管、糟糕的市场管道以及价值1.3万亿美元的加密货币世界的极端波动性加剧了这一问题。</blockquote> It’s hard to know exactly how much value was wiped out. But a growing band of disgruntled Binance users are now organizing to pressure -- with a combination of social media and legal threats -- the exchange to compensate their losses. Regulators have also taken notice, with Binance facing increasing scrutiny in Asia, North America and Europe.<blockquote>很难确切知道有多少价值被抹去。但越来越多心怀不满的币安用户现在正在组织起来，通过社交媒体和法律威胁向交易所施压，要求其赔偿损失。监管机构也注意到了这一点，币安在亚洲、北美和欧洲面临着越来越严格的审查。</blockquote> Holland’s records show from April to May 19 he put roughly $2,700 in the bearish tokens through a series of trades. Including his previous transactions, he estimates his investment totaled around $10,000.<blockquote>Holland的记录显示，从4月到5月19日，他通过一系列交易投入了大约2,700美元的看跌代币。包括之前的交易在内，他估计自己的投资总额约为10,000美元。</blockquote> Leveraged tokens are pitched by crypto exchanges as an easy way for amateurs to make outsized bets without the hassle of managing collateral or margin requirements. On Binance, the product uses futures to offer long or short exposure to cryptocurrencies with a unique twist: A leverage ratio that floats between 1.25 and 4 times. That means, in theory, a 20% plunge in a coin should translate into between a 25% and 80% gain.<blockquote>加密货币交易所将杠杆代币作为业余爱好者进行巨额投注的一种简单方式，而无需管理抵押品或保证金要求。在币安，该产品使用期货提供加密货币的多头或空头敞口，具有独特的转折：杠杆率在1.25至4倍之间浮动。这意味着，从理论上讲，代币下跌20%应该会转化为25%到80%的收益。</blockquote> The world’s largest crypto exchange touts the unpredictability as a feature, not a bug, to prevent front-running. But it’s also prompted traders to question how they are managed, especially during the manic swings that are also a feature of the market.<blockquote>世界上最大的加密货币交易所将不可预测性吹捧为一种功能，而不是一个错误，以防止抢跑。但这也促使交易者质疑他们是如何管理的，尤其是在狂躁波动期间，这也是市场的一个特征。</blockquote> Service Disruptions<blockquote>服务中断</blockquote> Holland’s experience was typical on May 19. Down tokens tied to the Litecoin and Tezos cryptocurrencies lost money despite betting on the right direction. Polkadot’s down token ended up worth less than three cents, plunging 95% from the prior day. At one point, both the tokens wagering on and against Ethereum were down roughly 75%.<blockquote>霍兰德在5月19日的经历很典型。尽管押注方向正确，但与莱特币和Tezos加密货币相关的下跌代币仍亏损。Polkadot的下跌代币最终价值不到3美分，较前一天暴跌95%。一度，押注和押注以太币的代币均下跌了约75%。</blockquote> May 19 was a day of tumult overall, with crypto platforms including Binance and Coinbase suffering disruptions to regular trading after negative tweets from Elon Musk and tightening restrictions in China sent investors fleeing.<blockquote>总体而言，5月19日是动荡的一天，在埃隆·马斯克(Elon Musk)的负面推文和中国收紧限制导致投资者逃离后，币安和Coinbase等加密货币平台的常规交易受到干扰。</blockquote> As more traders wanted to cash out of bearish leveraged tokens, Binance said the outflows caused the leverage ratio to spike in some cases. When the program was forced to trim its short exposure in a rocky and illiquid market to lower the ratio again, it ended up losing money due to market conditions.<blockquote>币安表示，随着越来越多的交易者希望从看跌的杠杆代币中套现，资金外流在某些情况下导致杠杆率飙升。当该计划被迫削减其在动荡且流动性不足的市场中的空头敞口以再次降低比率时，它最终因市场状况而亏损。</blockquote> In other words, the product was forced to keep cutting positions at the worst time. That day, the Ethereum down tokens rebalanced 21 times, the majority of which happened over half an hour.<blockquote>也就是说，产品在最糟糕的时候被迫不断砍仓。当天，以太币下跌代币重新平衡了21次，其中大部分发生在半小时以上。</blockquote> “We should note, nevertheless, that there were no identifiable issues or errors with the BLVT during the period,” a spokesman said in an email. “Binance users are informed in advance of the risks associated with any trading activities,” including through a training video and test of their understanding.<blockquote>一位发言人在一封电子邮件中表示：“然而，我们应该指出，在此期间，BLVT没有出现任何可识别的问题或错误。”“币安用户会提前被告知与任何交易活动相关的风险”，包括通过培训视频和测试他们的理解能力。</blockquote> In the depths of the selloff, the platform suspended trading for most leveraged tokens. It now no longer allows tokens to be subscribed or redeemed during rebalancing.<blockquote>在抛售最严重的时候，该平台暂停了大多数杠杆代币的交易。它现在不再允许在再平衡期间认购或赎回代币。</blockquote> The product is somewhat similar to leveraged exchange-traded funds, which typically rebalance at the end of each day to maintain a particular exposure. The difference is the Binance tokens only rebalance whenever the leverage ratio swings out of the 1.25-to-4-time range and based on a proprietary algorithm that determines the ratio.<blockquote>该产品有点类似于杠杆交易所交易基金，通常在每天结束时重新平衡以维持特定的风险敞口。不同之处在于，币安代币只有在杠杆率超出1.25至4倍范围时才会重新平衡，并且基于确定该比率的专有算法。</blockquote> One problem with the absence of regular rebalancing is the product would naturally get more leveraged just as the market is moving against it, warns Tim Leung, a professor of applied mathematics at the University of Washington who’s written a book about leveraged ETFs.<blockquote>华盛顿大学应用数学教授Tim Leung警告说，缺乏定期再平衡的一个问题是，当市场对其不利时，该产品的杠杆率自然会更高，他写了一本关于杠杆ETF的书。</blockquote> “It’s too opaque,” he said, commenting generally on a retail product structured this way. “An investor is looking at the historical leverage ratio and thinking it should be 2x, but there’s no guarantee the future leverage ratio is going to be two.”<blockquote>“这太不透明了，”他说，并对这种结构的零售产品进行了总体评论。“投资者查看历史杠杆率并认为应该是2倍，但不能保证未来的杠杆率会是2倍。”</blockquote> There’s little retail traders can do by way of regulatory recourse. Binance operates as a constellation of entities in multiple jurisdictions, and its terms say that any disputes need to go through individual arbitration in Hong Kong and cannot give rise to class-action claims.<blockquote>散户交易者在监管追索权方面无能为力。币安作为多个司法管辖区的实体星座运营，其条款规定，任何争议都需要在香港进行个人仲裁，并且不能引起集体诉讼索赔。</blockquote> For Holland, it’s yet another blow to his long-time faith in cryptocurrencies. After initially accumulating some coins by running a crypto mining rig, he lost all of the money he put in QuadrigaCX, a Canadian exchange that wiped out at least $125 million of client money when it collapsed in 2019.<blockquote>对于霍兰德来说，这是对他长期以来对加密货币的信念的又一次打击。在最初通过运行加密货币采矿设备积累了一些代币后，他损失了投入QuadrigaCX的所有资金，QuadrigaCX是一家加拿大交易所，在2019年倒闭时损失了至少1.25亿美元的客户资金。</blockquote> When it came to choosing another exchange, he thought he could go no wrong with the largest one in the crypto world.<blockquote>当谈到选择另一个交易所时，他认为选择加密世界中最大的交易所不会出错。</blockquote> “It was a major, major amount of money for me that died, even though I predicted everything properly,” he said from Calgary. “Given my situation, that was my one shot at retirement and now that’s pretty much all gone.”<blockquote>“对我来说，这是一大笔钱的损失，尽管我正确地预测了一切，”他在卡尔加里说道。“考虑到我的情况，这是我退休的唯一机会，现在这一切几乎都消失了。”</blockquote>","source":"lsy1612507957220","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>Crypto Traders Loved Big Leveraged Bets Until Inexplicable Crash<blockquote>加密货币交易员喜欢大杠杆押注，直到莫名其妙的崩盘</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; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\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\">\nCrypto Traders Loved Big Leveraged Bets Until Inexplicable Crash<blockquote>加密货币交易员喜欢大杠杆押注，直到莫名其妙的崩盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-07-19 08:32\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- On the day of one of the cryptocurrency market’s worst routs, Alex Holland woke up to a wave of messages from friends and family. They knew he had made a big wager recently that prices would fall.<blockquote>（彭博）-在加密货币市场最糟糕的一天，亚历克斯·霍兰德醒来时收到了来自朋友和家人的一波消息。他们知道他最近下了一个大赌注，认为价格会下跌。</blockquote> But when he went to check his account on the online exchange Binance, he saw that the value of his leveraged bet against Ethereum was sinking rather than reaping gains a few times greater than the declines in the second-largest cryptocurrency.<blockquote>但当他去在线交易所币安查看自己的账户时，他发现他做空以太币的杠杆押注价值正在下跌，而不是获得比第二大加密货币跌幅大几倍的收益。</blockquote> “I just kept blinking,” said the 59-year-old Canadian, who was left a paraplegic after a skiing accident. “I thought it was just a bug and they’d be fixing it.”<blockquote>“我只是不停地眨眼，”这位59岁的加拿大人说，他在一次滑雪事故后截瘫。“我以为这只是一个错误，他们会修复它。”</blockquote> By the end of May 19, Ethereum would plummet roughly 20% and Holland’s so-called down token tumbled about 85%. The value was so low it appeared as zero on price charts.<blockquote>到5月19日，以太币将暴跌约20%，荷兰所谓的下跌令牌暴跌约85%。价值如此之低，以至于在价格图表上显示为零。</blockquote> In a way, it’s a cautionary tale as old as Wall Street -- retail speculators burned by byzantine derivatives -- amplified by a lack of regulation, croaky market plumbing and the extreme volatility of the $1.3 trillion crypto world.<blockquote>在某种程度上，这是一个与华尔街一样古老的警示故事——散户投机者被拜占庭衍生品烧毁——而缺乏监管、糟糕的市场管道以及价值1.3万亿美元的加密货币世界的极端波动性加剧了这一问题。</blockquote> It’s hard to know exactly how much value was wiped out. But a growing band of disgruntled Binance users are now organizing to pressure -- with a combination of social media and legal threats -- the exchange to compensate their losses. Regulators have also taken notice, with Binance facing increasing scrutiny in Asia, North America and Europe.<blockquote>很难确切知道有多少价值被抹去。但越来越多心怀不满的币安用户现在正在组织起来，通过社交媒体和法律威胁向交易所施压，要求其赔偿损失。监管机构也注意到了这一点，币安在亚洲、北美和欧洲面临着越来越严格的审查。</blockquote> Holland’s records show from April to May 19 he put roughly $2,700 in the bearish tokens through a series of trades. Including his previous transactions, he estimates his investment totaled around $10,000.<blockquote>Holland的记录显示，从4月到5月19日，他通过一系列交易投入了大约2,700美元的看跌代币。包括之前的交易在内，他估计自己的投资总额约为10,000美元。</blockquote> Leveraged tokens are pitched by crypto exchanges as an easy way for amateurs to make outsized bets without the hassle of managing collateral or margin requirements. On Binance, the product uses futures to offer long or short exposure to cryptocurrencies with a unique twist: A leverage ratio that floats between 1.25 and 4 times. That means, in theory, a 20% plunge in a coin should translate into between a 25% and 80% gain.<blockquote>加密货币交易所将杠杆代币作为业余爱好者进行巨额投注的一种简单方式，而无需管理抵押品或保证金要求。在币安，该产品使用期货提供加密货币的多头或空头敞口，具有独特的转折：杠杆率在1.25至4倍之间浮动。这意味着，从理论上讲，代币下跌20%应该会转化为25%到80%的收益。</blockquote> The world’s largest crypto exchange touts the unpredictability as a feature, not a bug, to prevent front-running. But it’s also prompted traders to question how they are managed, especially during the manic swings that are also a feature of the market.<blockquote>世界上最大的加密货币交易所将不可预测性吹捧为一种功能，而不是一个错误，以防止抢跑。但这也促使交易者质疑他们是如何管理的，尤其是在狂躁波动期间，这也是市场的一个特征。</blockquote> Service Disruptions<blockquote>服务中断</blockquote> Holland’s experience was typical on May 19. Down tokens tied to the Litecoin and Tezos cryptocurrencies lost money despite betting on the right direction. Polkadot’s down token ended up worth less than three cents, plunging 95% from the prior day. At one point, both the tokens wagering on and against Ethereum were down roughly 75%.<blockquote>霍兰德在5月19日的经历很典型。尽管押注方向正确，但与莱特币和Tezos加密货币相关的下跌代币仍亏损。Polkadot的下跌代币最终价值不到3美分，较前一天暴跌95%。一度，押注和押注以太币的代币均下跌了约75%。</blockquote> May 19 was a day of tumult overall, with crypto platforms including Binance and Coinbase suffering disruptions to regular trading after negative tweets from Elon Musk and tightening restrictions in China sent investors fleeing.<blockquote>总体而言，5月19日是动荡的一天，在埃隆·马斯克(Elon Musk)的负面推文和中国收紧限制导致投资者逃离后，币安和Coinbase等加密货币平台的常规交易受到干扰。</blockquote> As more traders wanted to cash out of bearish leveraged tokens, Binance said the outflows caused the leverage ratio to spike in some cases. When the program was forced to trim its short exposure in a rocky and illiquid market to lower the ratio again, it ended up losing money due to market conditions.<blockquote>币安表示，随着越来越多的交易者希望从看跌的杠杆代币中套现，资金外流在某些情况下导致杠杆率飙升。当该计划被迫削减其在动荡且流动性不足的市场中的空头敞口以再次降低比率时，它最终因市场状况而亏损。</blockquote> In other words, the product was forced to keep cutting positions at the worst time. That day, the Ethereum down tokens rebalanced 21 times, the majority of which happened over half an hour.<blockquote>也就是说，产品在最糟糕的时候被迫不断砍仓。当天，以太币下跌代币重新平衡了21次，其中大部分发生在半小时以上。</blockquote> “We should note, nevertheless, that there were no identifiable issues or errors with the BLVT during the period,” a spokesman said in an email. “Binance users are informed in advance of the risks associated with any trading activities,” including through a training video and test of their understanding.<blockquote>一位发言人在一封电子邮件中表示：“然而，我们应该指出，在此期间，BLVT没有出现任何可识别的问题或错误。”“币安用户会提前被告知与任何交易活动相关的风险”，包括通过培训视频和测试他们的理解能力。</blockquote> In the depths of the selloff, the platform suspended trading for most leveraged tokens. It now no longer allows tokens to be subscribed or redeemed during rebalancing.<blockquote>在抛售最严重的时候，该平台暂停了大多数杠杆代币的交易。它现在不再允许在再平衡期间认购或赎回代币。</blockquote> The product is somewhat similar to leveraged exchange-traded funds, which typically rebalance at the end of each day to maintain a particular exposure. The difference is the Binance tokens only rebalance whenever the leverage ratio swings out of the 1.25-to-4-time range and based on a proprietary algorithm that determines the ratio.<blockquote>该产品有点类似于杠杆交易所交易基金，通常在每天结束时重新平衡以维持特定的风险敞口。不同之处在于，币安代币只有在杠杆率超出1.25至4倍范围时才会重新平衡，并且基于确定该比率的专有算法。</blockquote> One problem with the absence of regular rebalancing is the product would naturally get more leveraged just as the market is moving against it, warns Tim Leung, a professor of applied mathematics at the University of Washington who’s written a book about leveraged ETFs.<blockquote>华盛顿大学应用数学教授Tim Leung警告说，缺乏定期再平衡的一个问题是，当市场对其不利时，该产品的杠杆率自然会更高，他写了一本关于杠杆ETF的书。</blockquote> “It’s too opaque,” he said, commenting generally on a retail product structured this way. “An investor is looking at the historical leverage ratio and thinking it should be 2x, but there’s no guarantee the future leverage ratio is going to be two.”<blockquote>“这太不透明了，”他说，并对这种结构的零售产品进行了总体评论。“投资者查看历史杠杆率并认为应该是2倍，但不能保证未来的杠杆率会是2倍。”</blockquote> There’s little retail traders can do by way of regulatory recourse. Binance operates as a constellation of entities in multiple jurisdictions, and its terms say that any disputes need to go through individual arbitration in Hong Kong and cannot give rise to class-action claims.<blockquote>散户交易者在监管追索权方面无能为力。币安作为多个司法管辖区的实体星座运营，其条款规定，任何争议都需要在香港进行个人仲裁，并且不能引起集体诉讼索赔。</blockquote> For Holland, it’s yet another blow to his long-time faith in cryptocurrencies. After initially accumulating some coins by running a crypto mining rig, he lost all of the money he put in QuadrigaCX, a Canadian exchange that wiped out at least $125 million of client money when it collapsed in 2019.<blockquote>对于霍兰德来说，这是对他长期以来对加密货币的信念的又一次打击。在最初通过运行加密货币采矿设备积累了一些代币后，他损失了投入QuadrigaCX的所有资金，QuadrigaCX是一家加拿大交易所，在2019年倒闭时损失了至少1.25亿美元的客户资金。</blockquote> When it came to choosing another exchange, he thought he could go no wrong with the largest one in the crypto world.<blockquote>当谈到选择另一个交易所时，他认为选择加密世界中最大的交易所不会出错。</blockquote> “It was a major, major amount of money for me that died, even though I predicted everything properly,” he said from Calgary. “Given my situation, that was my one shot at retirement and now that’s pretty much all gone.”<blockquote>“对我来说，这是一大笔钱的损失，尽管我正确地预测了一切，”他在卡尔加里说道。“考虑到我的情况，这是我退休的唯一机会，现在这一切几乎都消失了。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/crypto-traders-loved-big-leveraged-130000045.html\">Bloomberg</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://finance.yahoo.com/news/crypto-traders-loved-big-leveraged-130000045.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109701958","content_text":"(Bloomberg) -- On the day of one of the cryptocurrency market’s worst routs, Alex Holland woke up to a wave of messages from friends and family. They knew he had made a big wager recently that prices would fall.\nBut when he went to check his account on the online exchange Binance, he saw that the value of his leveraged bet against Ethereum was sinking rather than reaping gains a few times greater than the declines in the second-largest cryptocurrency.\n“I just kept blinking,” said the 59-year-old Canadian, who was left a paraplegic after a skiing accident. “I thought it was just a bug and they’d be fixing it.”\nBy the end of May 19, Ethereum would plummet roughly 20% and Holland’s so-called down token tumbled about 85%. The value was so low it appeared as zero on price charts.\nIn a way, it’s a cautionary tale as old as Wall Street -- retail speculators burned by byzantine derivatives -- amplified by a lack of regulation, croaky market plumbing and the extreme volatility of the $1.3 trillion crypto world.\nIt’s hard to know exactly how much value was wiped out. But a growing band of disgruntled Binance users are now organizing to pressure -- with a combination of social media and legal threats -- the exchange to compensate their losses. Regulators have also taken notice, with Binance facing increasing scrutiny in Asia, North America and Europe.\nHolland’s records show from April to May 19 he put roughly $2,700 in the bearish tokens through a series of trades. Including his previous transactions, he estimates his investment totaled around $10,000.\nLeveraged tokens are pitched by crypto exchanges as an easy way for amateurs to make outsized bets without the hassle of managing collateral or margin requirements. On Binance, the product uses futures to offer long or short exposure to cryptocurrencies with a unique twist: A leverage ratio that floats between 1.25 and 4 times. That means, in theory, a 20% plunge in a coin should translate into between a 25% and 80% gain.\nThe world’s largest crypto exchange touts the unpredictability as a feature, not a bug, to prevent front-running. But it’s also prompted traders to question how they are managed, especially during the manic swings that are also a feature of the market.\nService Disruptions\nHolland’s experience was typical on May 19. Down tokens tied to the Litecoin and Tezos cryptocurrencies lost money despite betting on the right direction. Polkadot’s down token ended up worth less than three cents, plunging 95% from the prior day. At one point, both the tokens wagering on and against Ethereum were down roughly 75%.\nMay 19 was a day of tumult overall, with crypto platforms including Binance and Coinbase suffering disruptions to regular trading after negative tweets from Elon Musk and tightening restrictions in China sent investors fleeing.\nAs more traders wanted to cash out of bearish leveraged tokens, Binance said the outflows caused the leverage ratio to spike in some cases. When the program was forced to trim its short exposure in a rocky and illiquid market to lower the ratio again, it ended up losing money due to market conditions.\nIn other words, the product was forced to keep cutting positions at the worst time. That day, the Ethereum down tokens rebalanced 21 times, the majority of which happened over half an hour.\n“We should note, nevertheless, that there were no identifiable issues or errors with the BLVT during the period,” a spokesman said in an email. “Binance users are informed in advance of the risks associated with any trading activities,” including through a training video and test of their understanding.\nIn the depths of the selloff, the platform suspended trading for most leveraged tokens. It now no longer allows tokens to be subscribed or redeemed during rebalancing.\nThe product is somewhat similar to leveraged exchange-traded funds, which typically rebalance at the end of each day to maintain a particular exposure. The difference is the Binance tokens only rebalance whenever the leverage ratio swings out of the 1.25-to-4-time range and based on a proprietary algorithm that determines the ratio.\nOne problem with the absence of regular rebalancing is the product would naturally get more leveraged just as the market is moving against it, warns Tim Leung, a professor of applied mathematics at the University of Washington who’s written a book about leveraged ETFs.\n“It’s too opaque,” he said, commenting generally on a retail product structured this way. “An investor is looking at the historical leverage ratio and thinking it should be 2x, but there’s no guarantee the future leverage ratio is going to be two.”\nThere’s little retail traders can do by way of regulatory recourse. Binance operates as a constellation of entities in multiple jurisdictions, and its terms say that any disputes need to go through individual arbitration in Hong Kong and cannot give rise to class-action claims.\nFor Holland, it’s yet another blow to his long-time faith in cryptocurrencies. After initially accumulating some coins by running a crypto mining rig, he lost all of the money he put in QuadrigaCX, a Canadian exchange that wiped out at least $125 million of client money when it collapsed in 2019.\nWhen it came to choosing another exchange, he thought he could go no wrong with the largest one in the crypto world.\n“It was a major, major amount of money for me that died, even though I predicted everything properly,” he said from Calgary. “Given my situation, that was my one shot at retirement and now that’s pretty much all gone.”","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1537,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}