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部分中国投资者正在从加密资产转向国内股票市场，显示出对传统金融的重新兴趣。尽管中国政府于2021年禁止了数字货币交易，但许多大陆居民仍通过境外账户和交易平台进行买卖数字币活动，以规避资本管制并将资金移出国内。
区块链数据分析公司Kaiko的研究分析师Aubert指出，在过去几个月中，自9月末以来，Tether稳定币与美元相比出现折扣交易。这与中国央行近期的宽松政策并行，旨在缓解经济恶化引发的股票价格上升现象。稳定币是一种数字货币，通常按1:1比例挂钩于如美元等资产。它们在执行交易时提供一个避风港，并能抵御像比特币那样波动性大的市场价格。
Hashkey加密货币交易平台首席执行官表示：“如果投资者急于兑换回法币，可以推断他们正大量买入中国股市。”由于禁止了与人民币的USDT交易对，在此背景下，美元成为衡量此类活动的主要标准。Tether折扣现象表明对于美元的需求增加和稳定币的出售。
尽管在交易所层面难以确切追踪中国投资者推动USDT抛售压力的程度，但其他平台提供的数据更为清晰：Binance的P2P市场中，人民币兑换USDT的价格区间为6.78-6.98元；相比之下，传统货币市场上每美元兑人民币汇率约为7.07元。这种现象与在岸股票市场的交易需求相关联。
上述情况不仅影响着散户投资者，Vidiella del Blanco，纽约MNNC集团的业务发展和战略主管补充说，该机构的一些机构投资者正在将资金分配转向中国股市。沪深300指数在这段时间内上涨21%，从9月23日至9月30日，在中国假期前一日停止交易。
值得注意的是，并非所有资金流入都来自个人投资者，这些变化背后的推动者包括熟悉中国市场、除数字资产外还采用多元策略的亚洲投资人。区块链情报公司Chainalysis估计，今年在场外经纪商中出现了前所未有的资金流入现象，这表明尽管禁令仍在执行，中国投资者对加密货币的需求依然强烈。
对于一些人来说，“或许他们会希望假期更短”，Amber Group创始人黄女士表示：“这是一个了不起的市场动向。”
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新闻来源：www.bloomberg.com
原文地址：‘Panic Buying’ of Chinese Stocks Weighs on Crypto’s Tether
新闻日期：2024-10-06
原文摘要：
One of the best measures for gauging demand for suggests that some Chinese investors are shifting away from digital assets and back to the nation’s surging stock market. While China banned crypto trading in 2021, many mainland residents have continued to use overseas accounts and exchanges to buy and sell digital currencies, in part to avoid capital controls and move assets offshore. Tether’s stablecoin, the world’s most used cryptocurrency, has been trading at a discount at times relative to the dollar since the end of September, according to , senior research analyst at blockchain data firm Kaiko. The emergence of the discount with a series of easing measures by China’s central bank designed to stem a worsening economic outlook that sent stock prices soaring. Stablecoins are cryptocurrencies whose value are usually pegged 1-to-1 to assets such as the dollar. They’re used to conduct transactions and as a refuge from the often volatile price swings seen in tokens such as Bitcoin. “If the traders are rushing to exchange back into fiat currency, it can be inferred that they are panic buying Chinese stocks,” said , chief executive officer of Hong Kong-based crypto exchange Hashkey.The absence of USDT/Chinese yuan trading pairs on crypto exchanges because of the ban has made the dollar the de facto barometer for measuring activity, Kaiko’s Aubert said. The slight discount suggest more demand for dollars and selling of Tethers. While it’s difficult to measure on exchanges how much of the USDT selling pressure has come from Chinese investors, other platforms present a clearer picture. Binance’s peer-to-peer marketplace shows that Chinese yuan merchants are giving over-the-counter price quotes in the range of 6.78-6.98 per yuan for USDT, while trades at 7.07 per dollar in the traditional currency market.We “can see the correlation there with demand to trade onshore A shares,” said , managing partner at digital-asset investment firm Amber Group in Singapore. Some brokerage firms were even open during China’s recent Golden Week holidays to “onboard new customers,” she said. The demand isn’t just being driven by retail investors, according to , the New York-based head of business development and strategy at crypto hedge fund MNNC Group. Some of the firm’s institutional investors are shifting allocations to Chinese stocks. The Shanghai Composite Index jumped 21% from Sept. 23 to Sept. 30, the day before China’s market closed for the holiday. “These are mostly allocators in Asia who are familiar with the market and have multiple strategies besides digital assets,” Vidiella del Blanco said. Blockchain intelligence firm Chainalysis Inc. estimates that China’s over-the-counter brokers are attracting “unprecedented” inflows this year, a sign of the strong demand from Chinese investors on cryptocurrencies despite the ongoing ban.“First time people wish the national holiday is shorter perhaps, pretty incredible move,” Amber’s Huang said.
