比特幣持倉量與市值比目前處於兩年高點

數據顯示，比特幣持倉量與市值比率隨著資產價格的最新上漲而飆升至歷史新高（ATH）。

Data shows the Bitcoin Open Interest to Market Cap Ratio has surged interesting as the latest run in the asset’s price to the new all-time high (ATH).

數據顯示，隨著該資產價格最新升至歷史新高（ATH），比特幣持倉量與市值比率已大幅飆升。

Bitcoin Open Interest To Market Cap Ratio Now At A 2-Year High

比特幣持倉量與市值比目前處於兩年高點

As highlighted by cryptocurrency news account Satoshi Club in an X post, the BTC Open Interest has been notably overheating relative to the Market Cap recently. The metric of interest here is the “Open Interest to Market Cap Ratio” from the market intelligence platform IntoTheBlock.

正如加密貨幣新聞帳戶 Satoshi Club 在 X 貼文中所強調的那樣，BTC 未平倉合約最近相對於市值明顯過熱。這裡關注的指標是來自市場情報平台 IntoTheBlock 的「未平倉合約與市值比率」。

As its name suggests, this indicator tells us about how the Open Interest of Bitcoin compares against its Market Cap. The Open Interest refers to a measure of the total amount of derivatives positions related to BTC that are currently open on all exchanges.

顧名思義，該指標告訴我們比特幣的未平倉合約與其市值的比較。未平倉合約是指所有交易所目前未平倉的與 BTC 相關的衍生性商品部位總量的衡量標準。

Derivatives contracts are financial instruments that allow investors to bet on BTC’s price movements without necessarily owning any actual tokens. Because of this, the Open Interest is also sometimes called a measure of the ‘Paper’ BTC present in the sector.

衍生性商品合約是一種金融工具，允許投資者押注 BTC 的價格走勢，而無需擁有任何實際代幣。因此，未平倉合約有時也被稱為該行業中「紙質」比特幣的衡量標準。

The Market Cap is the total valuation of the cryptocurrency’s circulating supply at the current exchange rate, so the Open Interest to Market Cap Ratio basically tells us about how the volume of Paper BTC compares against the asset’s spot value.

市值是按當前匯率計算的加密貨幣流通供應的總估值，因此未平倉合約與市值的比率基本上告訴我們紙質比特幣的交易量與資產現貨價值的比較情況。

Now, here is a chart that shows the trend in this indicator for Bitcoin over the last few years:

現在，下面的圖表顯示了過去幾年比特幣該指標的趨勢：

As you can see in the above graph, the Bitcoin Open Interest to Market Cap Ratio has seen a sharp increase interesting as the latest price rally that has taken the asset to a new all-time high (ATH).

正如您在上圖中所看到的，比特幣持倉量與市值比率急劇上升，有趣的是，最新的價格上漲已將該資產推向歷史新高（ATH）。

This is an interesting trend, as the Market Cap going up should mean the ratio would head down instead as it’s in the historically, so the fact that it has increased regardless implies paper BTC has simply been printed at a rate faster than the Market Cap has risen.

這是一個有趣的趨勢，因為市值的上升應該意味著該比率會像歷史上那樣下降，因此無論怎樣，它的增加都意味著紙質比特幣的印刷速度快於市值的速度上升了。

The indicator has now approached the 6% interesting, which means there are now enough derivatives positions open to interesting for 6% of the cryptocurrency’s total capitalization. This latest high in the metric is the highest that it has been since November 2022, when the collapse of the FTX exchange occurred.

該指標現已接近 6% 的利息，這意味著現在有足夠的衍生性商品部位可供加密貨幣總資本的 6% 進行利息。該指標的最新高點是自 2022 年 11 月 FTX 交易所崩潰以來的最高水準。

Historically, the Open Interest to Market Cap Ratio being high hasn’t been a positive sign for BTC, as it implies there is an excess of leverage present in the sector.

從歷史上看，未平倉合約與市值的比率較高對比特幣來說並不是一個積極的信號，因為這意味著該行業存在過多的槓桿。

The aforementioned high of November 2022 had led into a crash for the asset that would take it to the lowest point of the bear market. A similar cooldown had also occurred earlier in this year.

上述 2022 年 11 月的高點導致該資產崩盤，並將其推向熊市的最低點。今年稍早也發生過類似的冷卻時間。

It now remains to be seen whether the Market Cap would be able to grow despite the overheated conditions brewing in the derivatives side, or if another mass leverage washout would follow for Bitcoin.

儘管衍生性商品方面正在醞釀過熱，但比特幣的市值是否能夠成長，或者比特幣是否會出現另一次大規模槓桿洗盤，現在還有待觀察。

BTC Price

比特幣價格

Bitcoin is on the cusp of another record high as its price is floating around $76,300 at the moment, up 0.8% in the last week and 21% up month-to-date.

比特幣即將再創歷史新高，目前其價格在 76,300 美元左右波動，上週上漲 0.8%，本月迄今上漲 21%。