比特幣達到創紀錄的開放興趣水平

由於其價格調情以107,000美元的價格調情，因此可能會大量清算短職位的大規模清算可能會使BTC達到新的歷史最高水平。

Cryptocurrency market today seems marked by a surge in open interest on bitcoin futures contracts. It has now reached a record level of 72 billion dollars. This represents an 8% increase in just one week.

今天的加密貨幣市場似乎是對比特幣期貨合約開放興趣的激增。現在，它達到了720億美元的創紀錄水平。這僅在僅一周內增長8％。

For many crypto experts, this figure showcases the strong institutional participation in the light of the latest price rise. However, this high leveraged exposure carries significant risk for bitcoin. 1.2 billion dollars in short positions concentrated between $107,000 and $108,000 risk being liquidated if a breakout occurs.

對於許多加密專家而言，根據最新價格上漲，這一數字展示了強大的機構參與。但是，這種高槓桿暴露對比特幣帶來了重大風險。如果發生突破，則有12億美元的短股份集中在107,000美元至108,000美元之間。

These forced liquidations could propel bitcoin towards a new all-time high (ATH), given the buying pressure that would accompany this scenario. Moreover, this scenario would likely amplify the bullish momentum on the market.

考慮到這種情況會帶來購買壓力，這些強制清算可能會推動比特幣朝著新的歷史最高（ATH）推動。此外，這種情況可能會擴大市場上看漲的勢頭。

Bitcoin: US Debt and Institutional Flows

比特幣：美國債務和機構流動

The macroeconomic situation heavily weighs on the financial market. This mainly refers to the US budget debt which creates persistent uncertainty. Adding to this is the rise in 20-year Treasury bond yields. This context indeed pushes investors to seek alternative hedging strategies, with bitcoin leading the list.

宏觀經濟狀況嚴重在金融市場上。這主要是指美國預算債務，這會導致持續的不確定性。加上這是20年期債券收益率的上升。這種情況確實促使投資者尋求替代性套期保值策略，而比特幣則領先。

In parallel, notable movements are observed with the possible reallocation of part of the digital gold reserves towards BTC. A modest rotation of 5% of US gold reserves would equate to an inflow of 105 billion dollars. This represents about one million BTC at $105,000.

同時，通過將一部分數字黃金儲量向BTC進行重新分配，觀察到了顯著的運動。 5％的美國黃金儲量的適度輪換將等同於100億美元的流入。這約為105,000美元的BTC約100萬。

This dynamic illustrates BTC’s growing role in diversifying institutional portfolios, as evidenced by the levels of open interest on the futures markets.

這種動態說明了BTC在多樣化的機構投資組合中的越來越多的作用，這證明了期貨市場的開放興趣水平。

As bitcoin approaches $108,000, a record open interest could create a dynamic conducive to a new ATH. However, volatility always requires caution. To be continued…

隨著比特幣接近108,000美元，創紀錄的開放興趣可能會為新的ATH創造一個動態利益。但是，波動總是需要謹慎。待續…

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