比特幣期貨已成為將傳統金融與數字資產聯繫起來的關鍵參與者

比特幣期貨已成為將傳統金融與數字資產聯繫起來的關鍵參與者，而且這種轉變非常驚人。而區塊鏈世界

The introduction of Bitcoin futures has been a pivotal moment in linking traditional finance with the burgeoning world of digital assets. While the narrative of blockchain often centers around decentralization, the maturation of Bitcoin futures is a tale of institutions engaging with a new asset class in a massively scaled manner.

比特幣期貨的引入是將傳統財務與新興的數字資產世界聯繫起來的關鍵時刻。儘管區塊鏈的敘述通常以權力下放為中心，但比特幣期貨的成熟是一個機構以大規模擴大的方式與新資產類別互動的故事。

The second half of 2025 has seen a striking convergence of forces. Some regulated exchanges began offering 24/7 trading of both Bitcoin and Ethereum futures, a testament to the increasing demand for liquidity and access within compliant structures.

2025年下半年的力量引人注目。一些受監管的交易所開始提供比特幣和以太坊期貨的24/7交易，這證明了對流動性和兼容結構內的不斷增長的需求。

The involvement of major financial players has also been critical. As we discussed in previous articles, traditional institutions are showing a keen interest in digital asset derivatives. The 24-hour access to BTC futures on regulated platforms is a sign of this shift.

主要財務參與者的參與也至關重要。正如我們在以前的文章中所討論的那樣，傳統機構對數字資產衍生產品產生了濃厚的興趣。在受監管平台上訪問BTC期貨的24小時訪問是這種轉變的跡象。

This evolution is forcing large investors to adjust their risk management strategies and exposure in interesting ways. We’ve seen a strong inflow of institutional capital into digital assets in early 2025, catalyzed by the availability of futures, ETFs, and, crucially, regulatory frameworks.

這種發展迫使大型投資者以有趣的方式調整其風險管理策略和曝光率。我們已經在2025年初看到了大量的機構資本流入數字資產，這是由於期貨，ETF和至關重要的監管框架所促進的。

The first quarter saw a massive influx of capital into Bitcoin ETFs as major financial firms integrated digital assets into their portfolios. This participation from large institutional investors, who typically employ sophisticated futures trading strategies, will be crucial in determining how the market develops in the coming year.

由於主要金融公司將數字資產納入其投資組合，因此第一季度將資本大量湧入了比特幣ETF。通常採用複雜的期貨交易策略的大型機構投資者的參與對於確定來年市場的發展至關重要。

The fact that investors are placing a large percentage of their asset allocations into digital assets by 2025 is a sign of the confidence in cryptocurrencies as a distinct asset class, offering the potential for greater return and better portfolio diversification.

到2025年，投資者將大部分資產分配給數字資產這一事實表明，對加密貨幣作為一種獨特的資產類別有信心，為更大的回報和更好的投資組合多元化提供了潛力。

Bitcoin futures provide traders with exposure to the price movements of Bitcoin without requiring them to hold the underlying asset, enabling the construction of complex trading strategies.

比特幣期貨可為交易者提供對比特幣價格變動的影響，而無需他們持有基礎資產，從而實現了複雜的交易策略的構建。

Those who trade Bitcoin futures are not limited to simply taking long or short positions on the cryptocurrency; rather, they engage in sophisticated tactics typically employed by institutions and experienced traders to create complex portfolio structures and manage risk effectively.

那些交易比特幣期貨的人不僅限於在加密貨幣上長期或短期職位。相反，他們參與了機構和經驗豐富的商人通常採用的複雜策略，以創建複雜的投資組合結構並有效地管理風險。

Their strategies usually involve maintaining multiple positions across different markets and time frames. For example, a trader might buy a spot position on Bitcoin while simultaneously selling a futures contract, effectively hedging against potential price drops.

他們的策略通常涉及在不同市場和時間範圍內保持多個職位。例如，交易者可能會在比特幣上購買現貨地位，同時出售期貨合約，從而有效地抵抗潛在價格下跌。

These strategies allow participants to lock in prices or hedge directional risk effectively, especially in a market that experiences significant volatility. Today, mastering these tools is fundamental to succeeding in the market.

這些策略使參與者可以有效地鎖定價格或對沖方向風險，尤其是在經歷大量波動性的市場中。如今，掌握這些工具對於在市場上取得成功至關重要。

One core strategy traders use is basis trading in Bitcoin futures. This approach attempts to capitalize on the price differential between the futures contract and the spot market, known as the basis. The basis can be either positive, in contango, or negative, in backwardation.

一種核心戰略交易者使用的是比特幣期貨的基礎交易。這種方法試圖利用期貨合約與現貨市場（稱為基礎）之間的價格差異。基礎可以在contango中為正，也可以是負面的。

Traders engaging in basis trades typically buy Bitcoin in the spot market while simultaneously selling a related futures contract. As the futures contract's price converges with the spot price around the time of expiration, the trader aims to profit from the initial price discrepancy.

從事基礎交易的交易者通常在現貨市場上購買比特幣，同時出售相關的期貨合約。隨著期貨合同的價格在到期期間左右的現貨價格匯聚在一起，交易者的目標是從初始價格差異中獲利。

This is a principled market-neutral strategy, best executed profitably at scale with the sort of capital and knowledge of market structure that institutional participants possess in 2025.

這是一種有原則的市場中立戰略，最能以機構參與者在2025年擁有的市場結構的資本和知識來賺錢。

The data generated by Bitcoin futures markets is also valuable, with key metrics including trading volume, open interest, and funding rates being closely monitored by analysts to assess market sentiment and predict possible price moves.

比特幣期貨市場產生的數據也很有價值，其中包括交易量，開放利息和資金率在內的關鍵指標受到分析師的密切監控，以評估市場情緒並預測可能的價格轉移。

High trade volumes are usually correlated with sustained price trends, indicating strong market conviction behind the move. Open interest, the total number of active futures contracts, typically increases with increased price trends and capital flowing into the market or decreases with price trends exhausting themselves and capital exiting the market.

高貿易量通常與持續的價格趨勢相關，表明這一舉動的強烈市場信念。開放興趣，積極期貨合約的總數，通常會隨著價格趨勢的增加和資本流入市場的增加而增加，或者隨著價格趨勢耗儘自己和資本退出市場而降低。

Finally, funding rates for perpetual futures provide an indication of where the market's collective interest lies. If the funding rate is really high, then many traders are paying cash to keep their long positions.

最後，永久期貨的資金率提供了市場集體利益所在的位置。如果資金率確實很高，那麼許多交易者正在付錢以保持其長期頭寸。

The persistent buying pressure from institutional investors over the last year has been a strong factor in the 2025 bull market. But if the market is pivoting to a bearish trend, we might expect to see more traders short the market and collect the funding payments.

去年，從機構投資者那裡的持續購買壓力一直是2025年牛市的重要因素。但是，如果市場正在轉向看跌趨勢，我們可能希望看到更多的交易者在市場上縮短市場並收取融資付款。

For the futures market, open interest provides a measure of the depth of the market and is defined as the total number of outstanding active contracts at any given time. Major increases in open interest usually accompany major price movements and indicate that the trend is being backed by fresh capital.

對於期貨市場，開放興趣提供了衡量市場深度的衡量標準，並將其定義為任何給定時間的未償活躍合同總數。主要價格變動通常伴隨著開放興趣的重大增加，並表明趨勢得到了新資本的支持。

Conversely, a decrease in open interest during a price move might indicate liquidation or the closing of positions and could be a sign that a trend is slowing. Using the standard CME Group data, we can see that the open interest for both Bitcoin and Micro Bitcoin futures is fairly high, even in Q1 2025.

相反，價格轉移期間開放興趣的下降可能表明清算或職位關閉，可能表明趨勢正在放緩。使用標準CME組數據，我們可以看到，即使在第1季度2025年，比特幣和微比特幣期貨的開放興趣也相當高。

This shows just how much money is tied up in these contracts and how institutions are managing their Bitcoin investments through derivatives.

這表明這些合同中有多少錢以及如何通過衍生工具管理其比特幣投資。

As we all know, Bitcoin is famous for its price volatility. To manage this inherent characteristic of the market, futures contracts provide traders with valuable tools and strategies.

眾所周知，比特幣以其價格波動而聞名。為了管理市場的固有特徵，期貨合約為交易者提供了有價值的工具和策略。

Hedging strategies using futures can protect investors from the loss of trading profits due to adverse price swings in their spot holdings

使用期貨的對沖策略可以保護投資者免受因現貨持有量不利的價格波動而導致的交易利潤損失