بک واردیشن: تفاوت میان نسخه‌ها

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(بدون تفاوت)

نسخهٔ کنونی تا ‏۶ مارس ۲۰۲۵، ساعت ۰۵:۳۷

بک واردیشن در معاملات آتی کریپتو

بک واردیشن (Backwardation) یکی از مفاهیم کلیدی در بازارهای مالی، به ویژه در معاملات آتی است. این پدیده زمانی رخ می‌دهد که قیمت قراردادهای آتی پایین‌تر از قیمت نقدی (Spot Price) دارایی پایه باشد. در بازارهای کریپتو، این مفهوم به دلیل نوسانات بالا و ویژگی‌های منحصر به فرد این دارایی‌ها، اهمیت ویژه‌ای پیدا می‌کند. در این مقاله، به بررسی دقیق بک واردیشن، دلایل وقوع آن، و تأثیرات آن بر معاملات آتی کریپتو پرداخته می‌شود.

مفهوم بک واردیشن

بک واردیشن وضعیتی است که در آن قیمت قراردادهای آتی برای تحویل در آینده، کمتر از قیمت نقدی دارایی پایه است. این پدیده معمولاً در شرایطی رخ می‌دهد که تقاضا برای دارایی پایه در زمان حال بالا باشد یا انتظارات بازار نسبت به کاهش قیمت در آینده وجود داشته باشد. در مقابل، وضعیتی که در آن قیمت قراردادهای آتی بالاتر از قیمت نقدی باشد، کانتانگو (Contango) نامیده می‌شود.

دلایل وقوع بک واردیشن در بازار کریپتو

1. **تقاضای بالا برای دارایی نقدی**: در بازارهای کریپتو، گاهی تقاضا برای دارایی نقدی به حدی افزایش می‌یابد که قیمت نقدی از قیمت آتی پیشی می‌گیرد. این اتفاق ممکن است به دلیل نیاز فوری به نقدینگی یا استفاده از دارایی در سایر پلتفرم‌ها باشد.

2. **انتظارات منفی نسبت به آینده**: اگر معامله‌گران انتظار کاهش قیمت دارایی پایه را در آینده داشته باشند، ممکن است قیمت قراردادهای آتی کاهش یابد و منجر به بک واردیشن شود.

3. **هزینه‌های نگهداری پایین**: در بازارهای کریپتو، هزینه‌های نگهداری (مانند هزینه‌های ذخیره‌سازی) نسبت به دار# 2023-01-26 20:38:18

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      1. [ID-3020144.json](https://github.com/hengkiardo/ivy/blob/develop/data/2023/01/26/ID-3020144

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