比特幣（BTC）期貨和期權市場本週破碎的記錄，因為開放興趣向前所未有的水平激增

比特幣期貨的總開放息息率達到了807.3億美元，代表723,990 BTC的活躍合同

Bitcoin futures and options markets have blitzed through records this week, with open interest surging to unprecedented levels as traders amplify bullish bets—including speculative calls for prices to hit $300,000.

比特幣期貨和期權市場在本週的記錄中受到了轟動，隨著交易者擴大看漲的賭注，包括投機性要求價格達到300,000美元，其開放興趣引起了前所未有的水平。

The total open interest in bitcoin futures reached an all-time high of $80.73 billion, according to coinglass.com’s derivatives data. This equates to 723,990 BTC in active futures contracts, a seven-fold increase from the start of the year.

根據Coinglass.com的衍生品數據，比特幣期貨的總開放利息達到了807.3億美元。這相當於活躍期貨合約中的723,990 BTC，比年初增加了7倍。

Futures allow investors to bet on bitcoin’s future price without buying the asset, with gains or losses settled in cash. The surge signals heightened speculation and institutional participation, particularly on regulated platforms like the Chicago Mercantile Exchange (CME).

期貨允許投資者在不購買資產的情況下押注比特幣的未來價格，並以現金賺錢或虧損。電湧信號提高了猜測和機構參與，尤其是在諸如芝加哥商業交易所（CME）之類的受監管平台上。

CME's futures open interest now stands at $18.28 billion, accounting for 22.64% of the total. By contrast, retail-heavy exchanges such as Binance and Bitget saw double-digit growth in open interest over the past 24 hours, highlighting global demand across the board.

CME的期貨開放利息現在為182.8億美元，佔總數的22.64％。相比之下，在過去的24小時內，零售繁重的交易所（Binance和Bitget）的開放興趣增長了兩位數的增長，突出了全球需求。

Meanwhile, bitcoin options—contracts granting the right to buy or sell at a set price by a specific date—reached $42.5 billion in notional open interest on Deribit, a leading crypto derivatives platform.

同時，比特幣期權（合同授予以定期價格在特定日期之前買賣的權利），在領先的加密衍生物平台Deribit上獲得了425億美元的名義開放利息。

The put/call ratio of 0.61 reveals a clear bullish tilt, with traders overwhelmingly favoring calls (bullish bets). The most active strike prices are clustered between $100,000 and $120,000 for June and July expiries, coinciding with expectations for a near-term rally.

0.61的看漲/呼叫比率顯示出明顯的看漲傾向，商人壓倒性地贊成呼叫（看漲賭注）。 6月和7月到期的最活躍的罷工價格在100,000美元至120,000美元之間，這與對近期集會的期望相吻合。

However, what stands out are the emerging open interest for $300,000 call options. While these contracts represent a minority compared to lower strike prices, their presence is noteworthy given the required bitcoin price surge—over 350% from current levels.

但是，引人注目的是新興的開放興趣，價格為300,000美元。儘管這些合同與較低的罷工價格相比是少數族裔，但鑑於所需的比特幣價格上漲，它們的存在值得注意，比目前的水平高350％。

Such "out-of-the-money" calls are typically low-cost, high-risk wagers, and their popularity suggests some traders are envisaging extreme upside scenarios. This could be driven by macroeconomic shifts, regulatory developments, or a combination of factors.

這樣的“無價”電話通常是低成本的高風險賭注，它們的受歡迎程度表明，有些交易者正在設想極端的上升方案。這可能是由宏觀經濟轉變，監管發展或多種因素驅動的。

The futures rally aligns with growing institutional engagement, with CME's bitcoin open interest increasing 2.8% in 24 hours. In contrast, retail-focused platforms like Binance and Whitebit posted sharper gains, up 5.19% and 7.63%, respectively.

期貨集會與不斷增長的機構參與保持一致，CME的比特幣開放興趣在24小時內增加了2.8％。相比之下，諸如Binance和Whitebit等零售零售平台分別提高了5.19％和7.63％。

Often, elevated open interest can precede volatility, as large leveraged positions can amplify price swings. In the options markets, June 2025 expiries are heavily concentrated, with over 65,000 contracts open. This batch of long-dated calls on BTC signals traders are positioning for sustained upward momentum.

通常，升高的開放興趣可以在波動之前，因為較大的槓杆位置可以擴大價格波動。在期權市場中，2025年6月的到期大量集中，有超過65,000份合同。 BTC信號交易者的這批長期呼籲正在定位持續的向上勢頭。

While $300,000 strikes remain speculative, their presence showcases the market's appetite for asymmetric bets—a hallmark of the current risk-on sentiment.

儘管$ 300,000的罷工仍然投機，但他們的存在展示了市場對不對稱賭注的胃口，這是當前風險觀點的標誌。

Bitcoin's derivatives boom parallels its spot price resurgence, with both markets reflecting optimism about its medium-term trajectory. However, the scale of leveraged activity might warrant caution, as unwinding large positions could exacerbate price declines. For now, the data paints a picture of a market bracing for volatility—and banking on historic gains.

比特幣的衍生工具繁榮與現貨價格的複興相同，兩個市場都反映了對其中期軌蹟的樂觀情緒。但是，槓桿活動的規模可能需要謹慎，因為放鬆的大型職位可能會加劇價格下降。目前，數據描繪了一個市場飾有波動性的圖片，並依靠歷史收益來依靠。