比特幣 (BTC) 價格突破 72,000 美元，達到 2022 年 6 月以來的最高價格

根據 Brave New Coin 的比特幣流動性指數，比特幣 (BTC) 於 2024 年 10 月 29 日突破 72,000 美元，達到 6 月以來的最高價格。

On October 29, Bitcoin price breached the $72,000 mark, hitting its highest level since June, as indicated by the Brave New Coin’s Bitcoin Liquid Index. This price surge coincides with a record increase in Bitcoin (BTC) futures open interest (OI) in U.S. dollar terms, reflecting heightened interest from traders and investors in the leading cryptocurrency, setting the stage for a potential bullish rally.

Brave New Coin 的比特幣流動性指數顯示，10 月 29 日，比特幣價格突破 72,000 美元大關，創下 6 月以來的最高水準。此次價格飆升恰逢以美元計算的比特幣（BTC）期貨未平倉合約（OI）創紀錄增長，反映出交易員和投資者對領先加密貨幣的興趣增加，為潛在的看漲反彈奠定了基礎。

According to data from the Chicago Mercantile Exchange (CME), on Tuesday, BTC futures recorded a remarkable single-day surge in OI since June 3, with an addition of over 20,000 BTC, valued at roughly $2.5 billion at current prices. The total OI approached 600,000 BTC, amounting to around $42.6 billion. Open interest tracks outstanding derivative contracts like futures or options that remain unsettled. When OI rises in conjunction with increasing prices, it usually signifies fresh capital entering the market, bolstering a bullish outlook.

芝加哥商品交易所（CME）數據顯示，週二，BTC 期貨自 6 月 3 日以來單日 OI 大幅飆升，新增超過 20,000 枚 BTC，以當前價格計算價值約為 25 億美元。 OI 總量接近 60 萬 BTC，價值約 426 億美元。未平倉合約追蹤未結算的衍生性合約，例如尚未結算的期貨或選擇權。當持倉量隨著價格上漲而上升時，通常意味著新資本進入市場，支撐看漲前景。

However, high OI can amplify volatility, especially as contracts approach expiration, as traders may engage in rapid adjustments, rollovers, or closing positions, influencing price movements. Data from Kaiko highlights that while the futures marketgarners strong attention, funding rates for these positions remain below March highs, suggesting that demand may still be entering cautiously despite the increasing OI.

然而，高持倉量可能會放大波動性，尤其是在合約接近到期時，因為交易者可能會進行快速調整、展期或平倉，從而影響價格走勢。 Kaiko 的數據突顯出，儘管期貨市場受到強烈關注，但這些頭寸的融資利率仍低於 3 月份的高點，這表明儘管 OI 不斷增加，但需求可能仍會謹慎進入。

Funding rates in perpetual futures markets, which are periodic payments made to balance contract prices with asset spot prices, shifted significantly recently. According to data from Coinglass, there was a surge in funding rates on Monday, reaching up to 15%, marking one of the highest points in recent months. Rising funding rates indicate a strong preference for bullish long trades, which could be reflecting a positive outlook for Bitcoin’s short-term trajectory.

永續期貨市場的融資利率最近發生了顯著變化，永續期貨市場是為平衡合約價格與資產現貨價格而定期支付的資金利率。 Coinglass 的數據顯示，週一資金費率飆升，達到 15%，創下近幾個月來的最高點之一。融資利率上升顯示人們對看漲多頭交易的強烈偏好，這可能反映出比特幣短期軌跡的正面前景。

Singapore-based QCP Capital shared a bullish view on Bitcoin, projecting continued price increases. In a recent Telegram broadcast, QCP Capital noted that optimism around a potential Trump win could drive up both stocks and Bitcoin, which would be setting up BTC for more gains in the mid-term, highlighting the strong confidence institutional investors have in Bitcoin's future.

總部位於新加坡的 QCP Capital 也看好比特幣，預計價格將持續上漲。在最近的Telegram 廣播中，QCP Capital 指出，圍繞川普潛在獲勝的樂觀情緒可能會推高股市和比特幣，這將使BTC 在中期獲得更多收益，凸顯機構投資者對比特幣未來的強烈信心。

Moreover, contracts on the CME recorded a 9% spike in open interest within 24 hours, reaching 171,700 BTC, with a value exceeding $12.22 billion. This rise further solidifies CME's leading position in future open interest, contributing 30% of the total market. Despite occasional shifts, CME consistently maintains its top role in Bitcoin futures trading.

此外，CME 合約未平倉量在 24 小時內飆升 9%，達到 171,700 BTC，價值超過 122.2 億美元。這一上升進一步鞏固了芝商所在未來未平倉合約的領先地位，佔市場總量的30%。儘管偶爾發生變化，芝商所始終保持其在比特幣期貨交易中的主導地位。

According to Glassnode data, in mid-October, Bitcoin was trading around $67,000, with CME’s open interest hitting all-time highs in both notional open interest ($12.4 billion) and Bitcoin-denominated futures contracts (179,930 BTC). This period also marked a shift in the dynamics of Bitcoin trading, driven by strong inflows from U.S.-listed spot ETFs.

Glassnode 數據顯示，10 月中旬，比特幣交易價格約為 67,000 美元，其中 CME 名義未平倉合約（124 億美元）和比特幣計價期貨合約（179,930 BTC）均創下歷史新高。這段期間也標誌著比特幣交易動態的轉變，這是由美國上市現貨 ETF 的強勁資金流入所推動的。

Since October 16, Bitcoin-denominated futures contracts on CME have decreased by over 6%, which sharply contrasts with ETF inflows. Over this period, ETFs have seen a net inflow of $2.7 billion. Notably, BlackRock's iShares Bitcoin Trust (IBIT) led this charge, with $2.2 billion in net inflows and a new record of holding over 400,000 Bitcoin in the ETF.

自10月16日以來，CME以比特幣計價的期貨合約已下跌超過6%，這與ETF流入形成鮮明對比。在此期間，ETF 淨流入 27 億美元。值得注意的是，貝萊德的 iShares 比特幣信託 (IBIT) 在這一方面處於領先地位，淨流入 22 億美元，並創下在 ETF 中持有超過 40 萬枚比特幣的新紀錄。

This shift in strategy aligns with the progression from institutional basis trades at the beginning of the year to more bullish, long-directional plays, reflecting growing confidence in Bitcoin’s upward trajectory.

這種策略的轉變與年初的機構基差交易向更看漲的多頭方向的發展相一致，反映出人們對比特幣上漲軌蹟的信心不斷增強。

Earlier in the year, basis trading, or cash-and-carry arbitrage, was a common strategy. This involved taking a long position on the ETF and a short position on CME futures to exploit price differences between the spot and futures markets. This strategy kept Bitcoin trading in a sideways range, as not all ETF inflows were directionally long, ultimately resulting in a net-neutral strategy.

今年早些時候，基差交易或現金套利是一種常見的策略。這涉及在 ETF 上建立多頭頭寸並在 CME 期貨上建立空頭頭寸，以利用現貨和期貨市場之間的價格差異。這項策略使比特幣交易保持在橫盤區間，因為並非所有 ETF 流入都是定向做多，最終導致了淨中性策略。

Analysts are highlighting a divergence between rising ETF inflows and CME open interest growth. Checkmate, an analysis firm, points out the steady ETF inflows, which contrast with the modest increases in CME open interest. According to Checkmate, Grayscale Bitcoin Trust (GBTC) outflows remain minimal, suggesting genuine ETF inflows without significant cash-and-carry trades.

分析師強調 ETF 流入量上升與 CME 未平倉合約成長之間存在差異。分析公司 Checkmate 指出 ETF 資金流入穩定，這與 CME 未平倉合約的小幅成長形成鮮明對比。據 Checkmate 稱，灰階比特幣信託 (GBTC) 的流出量仍然很小，這表明 ETF 真正流入，而沒有大量的現金套利交易。

Emory University's endowment is also joining the crypto bandwagon, with a recent investment in the Grayscale Bitcoin Mini Trust (BTC), reflecting a strategic long position, similar to the Wisconsin Pension Fund's approach. While Emory's $15 million investment may seem small for an institutional player, it marks a shift towards direct bullish exposure in Bitcoin.

埃默里大學捐贈基金也加入了加密貨幣浪潮，最近對灰階比特幣迷你信託（BTC）進行了投資，反映出戰略性多頭頭寸，類似於威斯康辛州退休基金的做法。雖然埃默里大學 1500 萬美元的投資對於機構參與者來說似乎很小，但它標誌著比特幣轉向直接看漲的轉變。

However, not all experts share this optimism. Andre Dragosch, Bitwise's head of research, offers a different perspective, noting rising

然而，並非所有專家都持這種樂觀態度。 Bitwise 的研究主管 Andre Dragosch 提出了不同的觀點，他指出，