比特幣期貨開放興趣本周占據了新高點，隨著更多的資金湧入市場

嚴格的編輯政策，側重於準確性，相關性和公正性

A recent report by CoinDesk sheds light on the surprising positivity in the Bitcoin market despite the looming threat of a potential price decline. As May 23 comes to a close, nearly $2.76 billion of Bitcoin contracts are set to expire today.

Coindesk最近的一份報告闡明了比特幣市場的令人驚訝的積極性，儘管迫在眉睫的價格下降了威脅。隨著5月23日結束，今天將有近27.6億美元的比特幣合同今天到期。

According to Deribit data, the put/call ratio stands at 1.2, indicating slightly more bets on a price drop than on a rise. The so-called max pain level is estimated to be around $103,000, at which point the largest number of options would expire worthless.

根據Deribit數據，PUT/呼叫比率為1.2，表明價格下降的賭注略高於上升。所謂的最大疼痛水平估計約為103,000美元，這時最多的期權將到期。

If the price were to approach this level, it could trigger squeezes or sudden moves as traders adjust their positions.

如果價格要接近此水平，它可能會觸發擠壓或突然的動作，因為交易者調整其頭寸。

Bitcoin price stability is also being supported by inflows into spot Bitcoin ETFs, which have reportedly attracted over $2.5 billion in May alone. These inflows represent real coins being moved into a regulated setting, highlighting a sustained interest from institutional investors.

比特幣的價格穩定也得到了投入現貨比特幣ETF的支持，據報導，僅在5月，這些ETF就吸引了超過25億美元。這些流入代表了真正的硬幣被轉移到受監管的環境中，強調了機構投資者的持續興趣。

Institutions are not just engaging in paper trades or futures contracts; they are buying actual Bitcoin, adding a layer of demand that wasn’t present in past rallies.

機構不僅從事紙質交易或期貨合約；他們正在購買實際的比特幣，增加了過去集會中不存在的需求層。

However, a potential setback could arise if the market experiences a small pullback. With a significant portion of futures and options contracts expiring out of the money, a minor price decrease could spark a chain reaction of liquidations, leading to a rapid decline in Bitcoin's value.

但是，如果市場經歷了小小的回調，可能會出現潛在的挫折。隨著大部分的期貨和期權合約從貨幣到期，較小的價格降低可能會引發清算的鏈條反應，從而導致比特幣價值迅速下降。

The report concludes that the stability of the market depends on whether ETF demand can continue to counterbalance the risks from crowded futures and options markets.

該報告得出的結論是，市場的穩定性取決於ETF需求是否可以繼續抵消擁擠的期貨和期權市場的風險。

If the narrative shifts towards a broader adoption of Bitcoin as an asset class by institutions, we may witness a continuation of the rally despite the potential for a small pullback.

如果敘述朝著比特幣作為一種資產類別的廣泛採用，儘管有可能引起小額回調，但我們可能會目睹集會的延續。

However, if the focus remains on the expiring futures and options contracts, then a small setback could trigger a cascade of liquidations, ultimately leading to a return to lower price levels.

但是，如果重點仍然放在到期的期貨和期權合同上，那麼小挫折可能會引發一系列清算，最終導致恢復較低的價格水平。