儘管比特幣價格在30天內上漲了24％，但Bitfinex Margin Longs仍下降了18％

在過去的30天中，比特幣（BTC）的價格上漲了23.7％，但Bitfinex的交易員在此期間將其槓桿率降低了18,000多個BTC。

Key takeaways:

關鍵要點：

Bitfinex margin longs fell 18%, despite Bitcoin price rising 24% in 30 days.

儘管比特幣價格在30天內上漲了24％，但Bitfinex利潤率下降了18％。

$6.8 billion in long positions far outweight the current $25 million in shorts.

68億美元的長位置遠遠超過目前的2500萬美元短褲。

Bitcoin options positioning and spot BTC inflows point to confidence from institutional investors.

比特幣選項定位和BTC流入水分錶明機構投資者的信心。

Bitcoin (BTC) price climbed 23.7% over the past 30 days, yet traders on Bitfinex have cut their leveraged long positions by more than 18,000 BTC during this time. This wave of profit-taking in margin markets has led to speculation that professional traders may not be fully confident in the current $104,000 price level.

在過去的30天中，比特幣（BTC）的價格上漲了23.7％，但Bitfinex的交易員在此期間將其槓桿率降低了18,000多個BTC。利潤市場中的利潤浪潮導致人們猜測，專業交易者可能對當前104,000美元的價格水平沒有充分的信心。

Bitfinex margin longs dropped from 80,387 BTC to 65,889 BTC between April 16 and May 16. This shift marks a reversal from the strong bullish margin demand seen between mid-February and mid-March, a period when Bitcoin’s price fell from $97,600 to $82,500. The current decrease in margin longs is likely a sign of healthy profit-taking rather than a turn toward bearish momentum.

Bitfinex利潤率從4月16日至5月16日之間的80,387 BTC下降到65,889 BTC。這種轉變標誌著2月中旬至3月中旬之間強勁的看漲利潤需求的逆轉，這一時期從比特幣的價格從97,600美元下降至82,500美元。目前，利潤率的減少可能是健康獲利的跡象，而不是轉向看跌動力。

The reasoning behind this move is not entirely clear, since Bitcoin’s jump above $100,000 occurred on May 8, about three weeks after the margin longs peaked. Still, it would be wrong to suggest that Bitfinex whales have adopted a bearish outlook. Their margin longs now total $6.8 billion, while margin shorts stand at just $25 million, showing a major gap between bullish and bearish positions.

這一舉動背後的推理並不完全清楚，因為比特幣的跳高超過100,000美元發生在5月8日，在保證金長期達到頂峰之後約三週。儘管如此，建議Bitfinex鯨魚採用看跌前景是錯誤的。他們的利潤率現在總計68億美元，而保證金短褲僅為2500萬美元，顯示了看漲和看跌職位之間的重大差距。

This difference is mainly due to Bitfinex’s low 0.7% annual interest rate for margin trading. By contrast, those using leverage for 90-day Bitcoin futures are paying a 6.3% annualized premium, creating arbitrage opportunities for traders to open Bitcoin longs on margin and simultaneously sell an equivalent position in BTC futures. Margin traders also tend to have longer time frames and higher risk tolerance than average investors, so their position changes are less affected by short-term price moves.

這種差異主要是由於Bitfinex的利潤率交易年利率低0.7％。相比之下，那些使用槓桿率為90天的比特幣期貨的人每年支付6.3％的年度溢價，為交易者創造了套利的機會，使貿易商開放比特幣，並同時在BTC期貨中出售同等的職位。保證金交易者還傾向於比普通投資者俱有更長的時間範圍和更高的風險承受能力，因此他們的位置變化受到短期價格轉移的影響較小。

Whales unfazed by $105,000 resistance as BTC ETFs drive optimism

隨著BTC ETF的樂觀態度，鯨魚不受$ 105,000的阻力。

To rule out factors limited to margin markets, it is useful to look at Bitcoin options. If traders expect a correction, demand for put (sell) options rises, pushing the 25% delta skew above 6%. In bullish periods, this metric usually drops below -6%.

為了排除僅限利潤市場的因素，查看比特幣選項很有用。如果交易者預計更正，對（賣出）期權的需求會增加，將25％的三角洲偏差提高到6％以上。在看漲時期，該指標通常下降到-6％以下。

The current -6% options delta skew shows confidence in Bitcoin’s price, even though data over the past two weeks has ranged from neutral to slightly bullish. This indicates that whales and market makers are not especially concerned about repeated failures to break above the $105,000 barrier.

目前的-6％選項Delta偏斜顯示了對比特幣價格的信心，儘管過去兩週的數據范圍從中性到略微看漲。這表明鯨魚和做市商並不特別擔心反复的失敗以超過105,000美元的障礙。

Some of the increased optimism, despite lower demand for leveraged bullish positions, comes from the $2.4 billion net inflows into US spot Bitcoin exchange-traded funds (ETFs) between May 1 and 15. Therefore, the drop in Bitcoin margin longs does not necessarily mean institutional traders are becoming bearish, especially when considering the BTC options markets.

儘管對槓桿看漲位置的需求較低，但樂觀的一些增加來自5月1日至15日之間的24億美元淨流入美國現貨比特幣交易所交易基金（ETF）。

Although this data does not yet factor in any changes during the past two weeks, the fact that there are $6.8 billion in leveraged margin longs at Bitfinex alone shows professional traders remain highly optimistic about the price outlook.

儘管這些數據在過去兩週內尚未考慮任何變化，但僅比特菲尼克斯（Bitfinex）的槓桿保證金渴望有68億美元的事實表明，專業交易者對價格外觀仍然非常樂觀。