由於空頭受到擠壓，比特幣持倉量大幅下降

數據顯示，隨著BTC突破6萬美元大關，比特幣的持股大幅下降，顯示已經發生了大規模清算。

Bitcoin’s open interest has taken a nosedive as the coin has crossed the $60,000 level, suggesting that large liquidations have taken place.

隨著比特幣突破 60,000 美元的水平，比特幣的未平倉合約急劇下降，這表明已經發生了大規模清算。

Bitcoin Open Interest Has Crashed Down As Shorts Have Seen Squeeze

由於空頭受到擠壓，比特幣持倉量大幅下降

In a recent post on X, CryptoQuant Head of Research Julio Moreno discussed the latest trend that has developed in the Bitcoin Open Interest. The “Open Interest” here refers to an indicator that keeps track of the total number of derivatives positions related to BTC currently open on all exchanges.

在最近一篇關於 X 的文章中，CryptoQuant 研究主管 Julio Moreno 討論了比特幣持倉量的最新趨勢。這裡的「持倉量」是指追蹤所有交易所目前未平倉的與BTC相關的衍生性商品部位總數的指標。

When the value of this metric goes up, it means the investors are opening up new positions in the market right now. As the total leverage in the sector usually increases when new positions pop up, this trend can lead to more volatility in the asset’s price.

當該指標的數值上升時，意味著投資者現在正在市場上開設新部位。由於當新部位出現時，該行業的總槓桿率通常會增加，因此這種趨勢可能會導致資產價格出現更大的波動。

On the other hand, the indicator registering a decline implies either the holders are closing up positions of their own volition or getting liquidated by their platform. Generally, the price becomes more stable following such a trend due to the decreased leverage.

另一方面，指標下跌意味著持有人要么自願平倉，要么被平台清算。一般來說，由於槓桿率下降，價格在這種趨勢下會變得更加穩定。

Now, here is a chart that shows the trend in the Bitcoin Open Interest over the past week or so:

現在，下面的圖表顯示了過去一周左右比特幣未平倉合約的趨勢：

In the graph, the Bitcoin Open Interest is the BTC-denominated one, rather than the USD one, as is normally the case. The advantage of it being denominated in  BTC is that its value doesn’t get skewed by changes in the coin’s price.

在圖中，比特幣未平倉合約是以 BTC 計價的，而不是通常以美元計價的。以比特幣計價的優點是其價值不會因比特幣價格的變動而扭曲。

The chart shows that the indicator had observed a sharp plunge a few days ago as the asset had gone through a crash. This crash caused a large amount of long liquidation, thus resulting in the decline of the metric.

該圖表顯示，由於該資產經歷了崩盤，該指標幾天前急劇暴跌。此次崩盤導致大量多頭爆倉，從而導致指標下跌。

During the past 24 hours, the reverse appears to have occurred, as a sharp rally has instead induced a high amount of short liquidations in the market. Naturally, the Open Interest has seen another plummet, thanks to this.

在過去 24 小時內，情況似乎發生了逆轉，大幅上漲反而引發了市場大量空頭清算。自然，未平倉合約因此再次暴跌。

Data from CoinGlass provides the exact numbers involved in the latest Bitcoin short squeeze.

來自 CoinGlass 的數據提供了最新的比特幣空頭擠壓所涉及的確切數字。

As visible above, Bitcoin-related contracts have seen liquidations amounting to more than $94 million over the past day, almost double what the second-placed Ethereum (ETH) has seen (just under $53 million).

如上圖所示，過去一天，比特幣相關合約的清算金額超過 9,400 萬美元，幾乎是排名第二的以太坊 (ETH) 清算金額（略低於 5,300 萬美元）的兩倍。

The entire cryptocurrency derivatives sector has suffered liquidations of $212 million inside this window. Shorts have made up for most of this flush with $137 million in liquidations.

在此視窗期內，整個加密貨幣衍生性商品產業遭受了 2.12 億美元的清算。空頭已經透過 1.37 億美元的清算彌補了大部分沖倉。

Given the massive scale of the short squeeze, it’s likely that the sharp Bitcoin price move-up was in part fed by this cascade of liquidations.

鑑於空頭擠壓的規模龐大，比特幣價格的大幅上漲可能部分是由這一系列的清算所推動的。

BTC Price

比特幣價格

At the time of writing, Bitcoin is floating around $60,300, down around 8% over the last seven days.

截至撰寫本文時，比特幣價格約為 60,300 美元，在過去 7 天內下跌了 8% 左右。