儘管價格集會，但比特幣（BTC）短期下注，設定了波動率

在過去一周中，比特幣市場又一次反彈，因為價格漲幅超過12％，達到了95,600美元的當地峰值。

The Bitcoin price saw another rebound in the past week as it bounced to hit a local peak of $95,600. Among other interesting developments, blockchain analytics company Glassnode highlighted some observations in the Bitcoin derivative markets.

比特幣價格在過去一周中又有了又一次的反彈，因為它彈起了95,600美元的當地高峰。除其他有趣的發展外，區塊鏈分析公司GlassNode強調了比特幣衍生品市場的一些觀察結果。

Bitcoin Short Bets Increase Despite Price Rally

儘管價格集會，但比特幣短賭注增加

Open Interest (OI) in Bitcoin perpetual futures contracts saw an increment to 218,000 BTC, showcasing a 15.6% surge since early March, Glassnode stated in a recent X post on April 25. In accordance with market activity, this rise in OI coincides with increased leverage, presenting the potential for market volatility through liquidations or stop-outs.

GlassNode在4月25日最近的X帖子中指出，比特幣永久期貨合約中的開放興趣（OI）的增量增長到218,000 BTC，顯示出15.6％的速度。根據市場活動，OI的增長與槓桿率增加，從而增加了通過液化或停車或停車或停車出現市場波動的潛力。

Generally, a rise in Open Interest amid a price rally is expected to signal long-term market confidence. But this time, the narrative appears different. Despite Bitcoin’s bullish strides in the past week, short market positions appear to be dominating the perpetual futures markets. This concerning development is indicated by a decline in the average funding rate, which has now slipped into negative territory to sit around -0.023%.

通常，在價格集會預計將表明長期市場信心的情況下，開放興趣的上升。但是這次，敘述似乎不同。儘管比特幣在過去一周中取得了看法，但短期市場的職位似乎主導著永久的期貨市場。關於發展的這種發展表明，平均融資率下降，現在已經滑入負面的領土，位於-0.023％左右。

The perpetual funding rate is a periodic payment between long and short traders aimed at keeping the contract price in line with the underlying spot price. A negative funding rate indicates short traders pay long traders as Bitcoin’s perpetual contract price is trading below the spot price. This is caused by a higher number of short positions as traders are largely bearish about Bitcoin, even despite recent gains.

永久籌資率是旨在使合同價格與基本現貨價格保持一致的長交易者之間的定期付款。負資金率表明，由於比特幣的永久合同價格低於現貨價格，短交易者付了長交易者。這是由於交易者在比特幣上的幾乎看跌，即使最近收益，這是由於較高的短職位所致。

Furthermore, the 7-day moving average (7DMA) of long-side funding premiums has dropped to $88,000 per hour, reinforcing this short-dominant sentiment. This downtrend indicates a waning demand for long positions, as traders exhibit a short bias.

此外，長期資金保費的7天移動平均值（7DMA）降至每小時88,000美元，增強了這種短暫的情緒。這種下降趨勢表明對長位置的需求逐漸減弱，因為交易員表現出短暫的偏見。

However, Glassnode presents a bullish note stating that the present combination of rising leverage and short positions paves the way for a potential short squeeze, where an unexpected upward price move forces short-sellers to close their positions, thereby driving prices even higher.

但是，GlassNode提出了一個看漲的音符，指出目前的槓桿作用和短職位的組合為潛在的短暫擠壓鋪平了道路，在這種情況下，出乎意料的向上價格使賣空者迫使賣空者關閉其頭寸，從而使價格更高。

Bitcoin Price Overview

比特幣價格概述

At the time of writing, Bitcoin trades at $94,629 following a 1.01% retracement from its local peak price on April 25. Despite creeping developments in the perpetual futures market, the BTC market remains highly bullish, indicated by gains of 1.02%, 11.12%, and 8.32% in the last one, seven, and thirty days, respectively. With a market cap of $1.88 trillion, the premier cryptocurrency ranks as the largest digital asset and fifth-largest asset in the world.

在寫作時，比特幣在4月25日的本地峰值回收率1.01％以後，比特幣的交易價格為94,629美元。儘管永久期貨市場的發展正在蔓延，但BTC市場仍然高度看漲，以1.02％的增長為1.02％，11.12％，11.12％，在過去的7.32％中，差不多是7.32％，在7.32％中，差異為7.32％。總理加密貨幣的市值為1.88萬億美元，是世界上最大的數字資產和第五大資產。