前瑞信CIO:周末CME休市期间代币化黄金承担“几乎100%价格发现”

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Odaily星球日报讯 前 Credit Suisse 首席投资官 Iggy Ioppe 表示,当 CME Group 黄金期货于周五 17:00(美东时间)收市至周日 18:00 重新开市期间,公开可见的黄金价格形成几乎全部发生在链上市场。他指出,在此时间窗口内,受监管期货市场暂停交易,亚洲地区的场外交易(OTC)虽有活动但不公开透明,因此 PAX Gold(PAXG)与 Tether Gold(XAUt)等代币化黄金资产成为唯一持续可交易的公开市场。“从公开可见的价格形成来看,链上市场几乎承担了 100%的周末价格发现。”当 CME 恢复交易时,期货价格通常会与链上市场已发生的波动对齐。

数据显示,代币化黄金市值已升至 44 亿美元,过去一年新增约 28 亿美元,增幅达 177%,远超多数现货黄金 ETF 表现。2025 年全年交易量约 1780 亿美元,其中第四季度单季峰值超 1260 亿美元,若按交易量计算,仅次于 SPDR Gold Shares。周六在美以对伊朗发动空袭、地缘局势升级背景下,代币化黄金一度走高,XAUt 短暂突破 5450 美元,PAXG 接近 5536 美元,而比特币与以太坊则同步回落。当前主要参与者包括做市商、跨市场流动性提供者及加密原生宏观交易者,他们利用代币化黄金进行套利、抵押、对冲及收益策略。部分机构也会关注周末链上黄金走势,以评估 CME 开盘前的“跳空风险”,但多将其视为参考信号而非直接建仓依据。(Cointelegraph)

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