隨著未平倉合約（OI）持續上升，比特幣（BTC）可能有“更多下跌空間”

根據加密貨幣分析，由於近期價格走勢中未平倉合約（OI）持續上升，比特幣（BTC）可能仍有“更大的下跌空間”

Crypto analysis platform CoinGlass has observed that Bitcoin ( BTC ) prices may still have “more room to fall” as open interest has continued to rise amid recent price action.

加密貨幣分析平台 CoinGlass 觀察到，由於近期價格走勢中未平倉合約持續上升，比特幣 (BTC) 價格可能仍有「更大的下跌空間」。

In an Aug. 16 X post, CoinGlass noted that it was “a bit unusual” that open interest has not reacted to BTC prices.

CoinGlass 在 8 月 16 日的貼文中指出，未平倉合約對 BTC 價格沒有反應「有點不尋常」。

The platform reported that the total OI on Bitcoin futures reached $29 billion on Aug. 16 and has been rising all week, while spot BTC prices have declined by 5% in the two days prior.

該平台報告稱，8 月 16 日，比特幣期貨的 OI 總額達到 290 億美元，整週都在上漲，而現貨 BTC 價格在前兩天下跌了 5%。

Open interest refers to the total number of Bitcoin futures contracts that have yet to be settled or expire.

未平倉合約是指尚未結算或到期的比特幣期貨合約總數。

“An increase in open interest means that both long and short positions are increasing,” the firm said.

該公司表示：“未平倉合約的增加意味著多頭和空頭部位都在增加。”

Rising OI indicates more leverage in the market, which can amplify movements in either direction. This occurred on Aug. 5 as leverage was flushed out, causing BTC to drop by 20% in less than a day.

OI 上升表示市場槓桿增加，這可能會放大任一方向的波動。這種情況發生在 8 月 5 日，槓桿被清空，導致 BTC 在不到一天的時間內下跌了 20%。

CoinGlass data also indicates that funding rates were negative. Negative funding rates in crypto derivatives markets occur when the price of the contract is trading below the spot price of the underlying asset.

CoinGlass 數據也顯示資金利率為負。當合約價格低於標的資產的現貨價格時，加密貨幣衍生性商品市場就會出現負融資利率。

This scenario could discourage traders from holding long positions, as they must pay to maintain these positions and incentivize more short positions.

這種情況可能會阻止交易者持有多頭頭寸，因為他們必須付費才能維持這些頭寸並激勵更多的空頭部位。

The end of the week also brings a crypto options expiry event, with Aug. 16 seeing around 24,000 BTC contracts expire with a notional value of $1.4 billion, according to Deribit.

根據 Deribit 的數據，本週末還帶來了加密貨幣選擇權到期事件，8 月 16 日，大約有 24,000 個 BTC 合約到期，名義價值為 14 億美元。

However, these events typically have a limited impact on spot markets, and large leverage buildups have a greater influence when they get flushed.

然而，這些事件通常對現貨市場的影響有限，而大規模的槓桿累積在被沖垮時會產生更大的影響。

Bitcoin prices have decreased by 3% over the past 12 hours to trade just above the $58,000 level during early trading on Friday, Aug. 16.

8 月 16 日週五早盤交易中，比特幣價格在過去 12 小時內下跌了 3%，略高於 58,000 美元。