比特幣持倉量近期大幅上升

在 X 上的一篇貼文中，CryptoQuant 荷蘭社群經理 Maartunn 討論了比特幣未平倉合約的最新趨勢。這裡的「未平倉合約」是指目前所有交易所未平倉的與加密貨幣相關的衍生性商品部位總額。

Recent data has shown a steep rise in Bitcoin Open Interest, which could have implications for the cryptocurrency's price. Here's what this trend might indicate.

最近的數據顯示比特幣未平倉合約急劇上升，這可能會對加密貨幣的價格產生影響。以下是這一趨勢可能顯示的內容。

Bitcoin Open Interest Registers A Sharp Increase

比特幣持倉量急遽增加

In a recent X post, CryptoQuant Netherlands community manager Maartunn examines the latest trend in Bitcoin Open Interest.

在最近的 X 貼文中，CryptoQuant 荷蘭社群經理 Maartunn 研究了比特幣未平倉合約的最新趨勢。

"Open Interest" refers to the total amount of derivatives positions related to Bitcoin that are currently open on all exchanges.

「未平倉合約」指目前所有交易所未平倉的與比特幣相關的衍生性商品部位總額。

When this metric increases, it indicates that investors are opening new positions in the derivatives market. This usually leads to an increase in leverage within the sector. As a result, the cryptocurrency's price may experience higher volatility.

當該指標增加時，顯示投資者正在衍生性商品市場開設新部位。這通常會導致該行業槓桿率上升。因此，加密貨幣的價格可能會出現更大的波動。

On the other hand, a decrease in the metric suggests that derivatives traders are either closing their positions voluntarily or being forcibly liquidated by their platforms. In either case, the coin tends to become more stable following such a drop, due to the decreasing leverage.

另一方面，該指標的下降表明衍生性商品交易者要么自願平倉，要么被平台強制清算。無論哪種情況，由於槓桿率下降，硬幣在下跌後往往會變得更加穩定。

Now, here's a chart that showcases the trend in Bitcoin Open Interest over the past several years:

現在，下面的圖表顯示了過去幾年比特幣持倉量的趨勢：

As evident in the above graph, Bitcoin Open Interest rose sharply earlier this year as the cryptocurrency's price witnessed its rally towards a new all-time high (ATH).

如上圖所示，隨著加密貨幣價格上漲至歷史新高（ATH），比特幣未平倉合約今年稍早大幅上漲。

During this surge, the indicator surpassed its record high set during the peak of the 2021 bull run. However, as the price went on to consolidate following the mid-March ATH, the metric also experienced a cooldown.

在這次飆升期間，該指標超過了 2021 年牛市高峰期間創下的歷史新高。然而，隨著價格在 3 月中旬 ATH 之後繼續盤整，該指標也經歷了冷卻。

With the latest recovery rally for Bitcoin, the trend has once again reversed for the Open Interest, as investors rapidly began opening new positions. The indicator's value has now exceeded the high seen earlier this year, and by a significant margin.

隨著比特幣最近的復甦反彈，未平倉合約的趨勢再次逆轉，投資者迅速開始開設新部位。該指標的數值現已大幅超過今年稍早的高點。

It appears that speculation has returned to the market in full force, and as it has often occurred historically, these extreme levels of Open Interest could once again lead to some sharp price action for the cryptocurrency, which might be in either direction.

投機似乎已全面回歸市場，正如歷史上經常發生的那樣，這些極端的未平倉量水平可能會再次導致加密貨幣出現劇烈的價格走勢，這種走勢可能是雙向的。

As mentioned earlier, the reason volatility goes up after an increase in the Open Interest is due to a rise in the leverage. When leverage increases, mass liquidations become more likely to take place in the market. It's these large amounts of liquidations that can trigger chaos in the market.

如前所述，未平倉量增加後波動性上升的原因是槓桿率上升。當槓桿增加時，市場上更有可能發生大規模清算。正是這些大量的清算可能引發市場混亂。

In a previous X post, Maartunn highlighted how the aggregated Open Interest in the cryptocurrency sector as a whole has been approaching an ATH. It seems that Bitcoin isn't the only coin that has been seeing an increased appetite for speculative activity recently.

在先前的 X 貼文中，Maartunn 強調了整個加密貨幣行業的未平倉合約總量如何接近 ATH。比特幣似乎不是最近投機活動興趣增加的唯一貨幣。

BTC Price

比特幣價格

At the moment, Bitcoin's price is around $71,000, showing an uptick of more than 4% over the past week.

目前，比特幣價格約為 71,000 美元，較過去一周上漲超過 4%。