Reversal of money flows: Big institutional players exit crypto and turn to gold, says JPMorgan
資金流的逆轉：摩根大通表示，大型機構參與者退出加密貨幣並轉向黃金
Anna Golubova
Wednesday May 19, 2021 16:34
As the crypto space attempts to recover from a massive selloff, JPMorgan reports that big institutional players are leaving bitcoin for gold.
摩根大通報告稱，隨著加密貨幣領域試圖從大規模拋售中恢復過來，大型機構參與者正在將比特幣用於黃金交易。
This is a reversal of a major trend that was first spotted last year and was very prominent during the first quarter of this year when bitcoin was taking away large money flows traditionally intended for safe-haven assets such as gold.
這是去年首次發現的主要趨勢的逆轉，這一趨勢在今年第一季度非常顯著，當時比特幣奪走了通常用於黃金等避險資產的大量資金。
"The bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors," JPMorgan said in a report this week. "Over the past month, bitcoin futures markets experienced their steepest and more sustained liquidation since the bitcoin ascent started last October."
摩根大通在本週的一份報告中表示：“比特幣的流動狀況繼續惡化，並表明機構投資者將繼續縮減開支。” “在過去的一個月中，自去年十月開始比特幣上升以來，比特幣期貨市場經歷了最陡峭和更持續的清算。”
The selloff in bitcoin accelerated on Wednesday, when the popular cryptocurrency dropped to almost $30,000, seeing its worst day since March of last year. The massive selloff came after China said that virtual currencies could not be used as a form of payment.
比特幣的拋售在周三加速，當時流行的加密貨幣跌至近30,000美元，是自去年3月以來最糟糕的一天。在中國表示不能將虛擬貨幣用作支付方式之後，出現了大規模拋售。
This also marked a retreat of nearly $35,000 from bitcoin's record high of $64,829.14, seen in mid-April.
這也標誌著比特幣從4月中旬創下的歷史新高64,829.14美元回落了近35,000美元。
Gold was the only asset standing tall in the sea of red on Wednesday morning as stocks, commodities, and cryptocurrencies plunged. The overall trend in gold has shifted to the bullish side after the precious metal bottomed out at $1,680 at the end of March and started its approach to the $1,900 an ounce level.
隨著股票，大宗商品和加密貨幣的暴跌，黃金是周三上午在紅色海洋中唯一屹立的資產。黃金的整體趨勢已經向看漲的一面轉變，此前貴金屬在3月底觸底至1,680美元，並開始逼近1,900美元/盎司的水平。
JPMorgan pointed out that the retreat in bitcoin coincided with new inflows into gold.
摩根大通指出，比特幣的回落與黃金的新流入同時發生。
"This suggests that institutional investors appear to be shifting away from bitcoin and back into traditional gold, reversing the trend of the previous two quarters," analysts led by Nikolaos Panigirtzoglou said in the report.
Nikolaos Panigirtzoglou領導的分析師在報告中表示：“這表明機構投資者似乎正在從比特幣轉向傳統黃金，從而扭轉了前兩個季度的趨勢。”
Multiple drivers could be behind this reversal into gold. One of the possible reasons JPMorgan cited was an end to bitcoin's bullish trend upwards.
多種驅動因素可能會導致這種逆轉成為黃金。摩根大通引用的可能原因之一是結束了比特幣的上漲趨勢。
Panigirtzoglou also pointed out that gold's stability is an attraction to investors leaving the crypto space, adding that the rotation back into gold could have been triggered by bitcoin rising too high relative to the precious metal.
Panigirtzoglou還指出，黃金的穩定性是吸引投資者離開加密貨幣領域的誘因，並補充說比特幣相對於貴金屬的價格上漲過高可能觸發了向黃金的輪迴。
The JPMorgan report follows the Bank of America fund manager's survey, which said that bitcoin's long positions looked like one of the most overcrowded trades. The survey polled 194 fund managers with $592 billion worth of AUM.
摩根大通的報告是在美國銀行基金經理的調查之後進行的。調查顯示，比特幣的多頭頭寸似乎是最擁擠的交易之一。該調查對194位資產管理規模為5920億美元的基金經理進行了調查。
"'Long Bitcoin' is now the most crowded trade at 27%. Prior 'peaks' in crowded trades (tech Sep '20 & Sep '18, U.S. Treasuries Mar '20, U.S. dollar Jan '17 & Feb' 15) were associated with relative tops," the survey noted.
“長期持有比特幣”現在是最擁擠的交易，佔27％。之前的擁擠交易（技術9月20日和18年9月，美國國債20年3月20日，美元1月17日和2月15日）達到了“高峰”。相對頂部。”調查指出。
At the time of writing, bitcoin was trading at $39,366.32, down 9.68% on the day, and spot gold was at $1,870.80, up 0.11% on the day.
在撰寫本文時，比特幣的交易價格為39,366.32美元，當日下跌9.68％，現貨黃金的價格為1,870.80美元，當日上漲0.11％。
By Anna Golubova
Shiny黃金白銀交易所
引用: Kitco News
資金流的逆轉：摩根大通表示，大型機構參與者退出加密貨幣並轉向黃金
Anna Golubova
Wednesday May 19, 2021 16:34
As the crypto space attempts to recover from a massive selloff, JPMorgan reports that big institutional players are leaving bitcoin for gold.
摩根大通報告稱，隨著加密貨幣領域試圖從大規模拋售中恢復過來，大型機構參與者正在將比特幣用於黃金交易。
This is a reversal of a major trend that was first spotted last year and was very prominent during the first quarter of this year when bitcoin was taking away large money flows traditionally intended for safe-haven assets such as gold.
這是去年首次發現的主要趨勢的逆轉，這一趨勢在今年第一季度非常顯著，當時比特幣奪走了通常用於黃金等避險資產的大量資金。
"The bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors," JPMorgan said in a report this week. "Over the past month, bitcoin futures markets experienced their steepest and more sustained liquidation since the bitcoin ascent started last October."
摩根大通在本週的一份報告中表示：“比特幣的流動狀況繼續惡化，並表明機構投資者將繼續縮減開支。” “在過去的一個月中，自去年十月開始比特幣上升以來，比特幣期貨市場經歷了最陡峭和更持續的清算。”
The selloff in bitcoin accelerated on Wednesday, when the popular cryptocurrency dropped to almost $30,000, seeing its worst day since March of last year. The massive selloff came after China said that virtual currencies could not be used as a form of payment.
比特幣的拋售在周三加速，當時流行的加密貨幣跌至近30,000美元，是自去年3月以來最糟糕的一天。在中國表示不能將虛擬貨幣用作支付方式之後，出現了大規模拋售。
This also marked a retreat of nearly $35,000 from bitcoin's record high of $64,829.14, seen in mid-April.
這也標誌著比特幣從4月中旬創下的歷史新高64,829.14美元回落了近35,000美元。
Gold was the only asset standing tall in the sea of red on Wednesday morning as stocks, commodities, and cryptocurrencies plunged. The overall trend in gold has shifted to the bullish side after the precious metal bottomed out at $1,680 at the end of March and started its approach to the $1,900 an ounce level.
隨著股票，大宗商品和加密貨幣的暴跌，黃金是周三上午在紅色海洋中唯一屹立的資產。黃金的整體趨勢已經向看漲的一面轉變，此前貴金屬在3月底觸底至1,680美元，並開始逼近1,900美元/盎司的水平。
JPMorgan pointed out that the retreat in bitcoin coincided with new inflows into gold.
摩根大通指出，比特幣的回落與黃金的新流入同時發生。
"This suggests that institutional investors appear to be shifting away from bitcoin and back into traditional gold, reversing the trend of the previous two quarters," analysts led by Nikolaos Panigirtzoglou said in the report.
Nikolaos Panigirtzoglou領導的分析師在報告中表示：“這表明機構投資者似乎正在從比特幣轉向傳統黃金，從而扭轉了前兩個季度的趨勢。”
Multiple drivers could be behind this reversal into gold. One of the possible reasons JPMorgan cited was an end to bitcoin's bullish trend upwards.
多種驅動因素可能會導致這種逆轉成為黃金。摩根大通引用的可能原因之一是結束了比特幣的上漲趨勢。
Panigirtzoglou also pointed out that gold's stability is an attraction to investors leaving the crypto space, adding that the rotation back into gold could have been triggered by bitcoin rising too high relative to the precious metal.
Panigirtzoglou還指出，黃金的穩定性是吸引投資者離開加密貨幣領域的誘因，並補充說比特幣相對於貴金屬的價格上漲過高可能觸發了向黃金的輪迴。
The JPMorgan report follows the Bank of America fund manager's survey, which said that bitcoin's long positions looked like one of the most overcrowded trades. The survey polled 194 fund managers with $592 billion worth of AUM.
摩根大通的報告是在美國銀行基金經理的調查之後進行的。調查顯示，比特幣的多頭頭寸似乎是最擁擠的交易之一。該調查對194位資產管理規模為5920億美元的基金經理進行了調查。
"'Long Bitcoin' is now the most crowded trade at 27%. Prior 'peaks' in crowded trades (tech Sep '20 & Sep '18, U.S. Treasuries Mar '20, U.S. dollar Jan '17 & Feb' 15) were associated with relative tops," the survey noted.
“長期持有比特幣”現在是最擁擠的交易，佔27％。之前的擁擠交易（技術9月20日和18年9月，美國國債20年3月20日，美元1月17日和2月15日）達到了“高峰”。相對頂部。”調查指出。
At the time of writing, bitcoin was trading at $39,366.32, down 9.68% on the day, and spot gold was at $1,870.80, up 0.11% on the day.
在撰寫本文時，比特幣的交易價格為39,366.32美元，當日下跌9.68％，現貨黃金的價格為1,870.80美元，當日上漲0.11％。
By Anna Golubova
Shiny黃金白銀交易所
引用: Kitco News
