比特幣期貨開放式利息創紀錄的7.2億美元，這表明在機構投資者中使用了槓桿作用的增加。

本文探討了比特幣（BTC）期貨開放興趣的記錄，提出了有關看跌頭寸是否處於危險中的問題。

The aggregate open interest in Bitcoin (BTC) futures soared to a record high of $72 billion on May 20, converging with the cryptocurrency's persistent attempts to breach the $107,000 level.

5月20日，比特幣（BTC）期貨的總開放興趣飆升至720億美元，這與加密貨幣的持續企圖融合了違反107,000美元的水平。

Despite repeated failures to break above the $107,000 mark since May 18, the sheer volume of leveraged positions could propel Bitcoin to a new all-time high.

儘管自5月18日以來反復出現的失敗率超過了107,000美元的大關，但槓桿率的巨大量可能會使比特幣達到新的歷史最高水平。

Bitcoin futures open interest

比特幣期貨開放興趣

The total open interest in BTC futures rose to $72 billion on May 20, showcasing a 8% increase from $66.6 billion just a week earlier.

5月20日，BTC期貨的總開放利息增至720億美元，從一周前的666億美元增長了8％。

This institutional demand is being channeled largely through the Chicago Mercantile Exchange (CME), where open interest in BTC futures reached $16.9 billion.

這一機構需求主要通過芝加哥商業交易所（CME）傳達，在那裡，對BTC期貨的開放興趣達到169億美元。

Coming in second is Binance, which holds $12 billion in open interest, while smaller exchanges like FTX and Huobi contribute to the remaining open interest in BTC futures.

僅次於Binance，該公司持有120億美元的開放利息，而FTX和Huobi等較小的交易所為BTC期貨的剩餘開放利息做出了貢獻。

$1.2 billion in shorts at risk of liquidation

12億美元的短褲，有清算風險

According to CoinGlass estimates, the largest concentration of bearish BTC futures liquidations is clustered between $107,000 and $108,000.

根據Coinglass的估計，看跌BTC期貨清算的最大濃度集群在107,000美元至108,000美元之間。

The liquidations at those price levels add up to approximately $1.2 billion.

這些價格水平的清算總計約為12億美元。

The price of BTC dropped to as low as $106,600 on May 19 before rebounding to $107,300 at the time of writing.

5月19日，BTC的價格下跌至5月19日至106,600美元，然後在撰寫本文時籃板至107,300美元。

It remains unclear what could spark a breakout above $108,000 to force those leveraged shorts to unwind, but there is growing optimism tied to rising concerns over United States fiscal debt.

目前尚不清楚什麼可能引發108,000美元以上的突破，以迫使那些槓桿短褲放鬆身心，但是隨著對美國財政債務的不斷擔憂的不斷增長而越來越樂觀。

Uncertainty remains about how the government plans to achieve economic growth while reducing spending, especially in light of ongoing disagreement between Democratic and Republican lawmakers.

關於政府計劃如何在減少支出的同時計劃實現經濟增長的不確定性，尤其是鑑於民主黨和共和黨立法者之間的持續分歧。

More importantly, yields on the 20-year US Treasury remain close to 5%, up from 4.82% two weeks earlier.

更重要的是，美國20年的美國財政部的收益率接近5％，高於兩週前的4.82％。

Weak demand for long-term government debt may compel the US Federal Reserve to step in as the buyer of last resort to maintain market stability, reversing a 26-month trend. This approach puts downward pressure on the US dollar and drives investors to seek alternative hedging strategies, including Bitcoin.

對長期政府債務的需求疲軟可能會迫使美國美聯儲成為Last Resort的買方，以維持市場穩定，從而扭轉了26個月的趨勢。這種方法給美元施加了向下壓力，並促使投資者尋求包括比特幣在內的替代套期保值策略。

Gold dominates, but Bitcoin absorbs flow amid reserve reallocations

黃金占主導

Gold remains the dominant alternative asset, but its 24% year-to-date gains in 2025 and $22 trillion market capitalization make it less attractive to many investors.

黃金仍然是主要的替代資產，但其在2025年畢業24％，市值為22萬億美元，使其對許多投資者的吸引力降低。

For context, the entire S&P 500 index is valued at $53 trillion, while US bank deposits and Treasury bills (M1) amount to $18.6 trillion. In contrast, Bitcoin currently represents a $2.1 trillion asset class, roughly equivalent in size to silver.

在上下文中，整個標準普爾500指數的價值為53萬億美元，而美國銀行存款和國庫賬單（M1）為18.6萬億美元。相比之下，比特幣目前代表了2.1萬億美元的資產類別，大小相當於銀。

Meanwhile, some regions, notably the US, have begun laying the groundwork to shift portions of their gold reserves into Bitcoin—an action that could easily propel BTC to a new all-time high.

同時，某些地區，特別是美國，已經開始為將其黃金儲量的部分轉移到比特幣中，這一行動很容易將BTC推向新的歷史最高水平。

A modest 5% reallocation from gold into Bitcoin by those nations would translate into a $105 billion inflow, equivalent to 1 million BTC at a price of $105,000.

這些國家從黃金到比特幣的5％重新分配將轉化為1050億美元的流入，相當於100萬BTC，價格為105,000美元。

For perspective, Strategy, the US-listed firm led by Michael Saylor, currently holds 576,230 BTC.

從角度來看，戰略是由邁克爾·塞勒（Michael Saylor）領導的美國上市公司，目前擁有576,230 BTC。

There is little doubt that institutional buying remains the primary catalyst for Bitcoin to break above the $108,000 level. Such a move would trigger the liquidation of heavily leveraged bearish positions, likely accelerating the push to a new all-time high. However, persistent macroeconomic uncertainty continues to weigh on overall investor sentiment.

毫無疑問，機構購買仍然是比特幣超過108,000美元水平的主要催化劑。這樣的舉動會觸發嚴重槓桿的看跌位置的清算，這可能會加速推動新的歷史最高水平。但是，持續的宏觀經濟不確定性繼續對整體投資者情緒加重。