随着未平仓合约（OI）持续上升，比特币（BTC）可能有“更多下跌空间”

根据加密货币分析，由于近期价格走势中未平仓合约（OI）持续上升，比特币（BTC）可能仍有“更大的下跌空间”

Crypto analysis platform CoinGlass has observed that Bitcoin ( BTC ) prices may still have “more room to fall” as open interest has continued to rise amid recent price action.

加密货币分析平台 CoinGlass 观察到，由于近期价格走势中未平仓合约持续上升，比特币 (BTC) 价格可能仍有“更大的下跌空间”。

In an Aug. 16 X post, CoinGlass noted that it was “a bit unusual” that open interest has not reacted to BTC prices.

CoinGlass 在 8 月 16 日的帖子中指出，未平仓合约对 BTC 价格没有反应“有点不寻常”。

The platform reported that the total OI on Bitcoin futures reached $29 billion on Aug. 16 and has been rising all week, while spot BTC prices have declined by 5% in the two days prior.

该平台报告称，8 月 16 日，比特币期货的 OI 总额达到 290 亿美元，并且整周都在上涨，而现货 BTC 价格在前两天下跌了 5%。

Open interest refers to the total number of Bitcoin futures contracts that have yet to be settled or expire.

未平仓合约是指尚未结算或到期的比特币期货合约总数。

“An increase in open interest means that both long and short positions are increasing,” the firm said.

该公司表示：“未平仓合约的增加意味着多头和空头头寸都在增加。”

Rising OI indicates more leverage in the market, which can amplify movements in either direction. This occurred on Aug. 5 as leverage was flushed out, causing BTC to drop by 20% in less than a day.

OI 上升表明市场杠杆增加，这可能会放大任一方向的波动。这种情况发生在 8 月 5 日，杠杆被清空，导致 BTC 在不到一天的时间里下跌了 20%。

CoinGlass data also indicates that funding rates were negative. Negative funding rates in crypto derivatives markets occur when the price of the contract is trading below the spot price of the underlying asset.

CoinGlass 数据还表明资金利率为负。当合约价格低于标的资产的现货价格时，加密货币衍生品市场就会出现负融资利率。

This scenario could discourage traders from holding long positions, as they must pay to maintain these positions and incentivize more short positions.

这种情况可能会阻止交易者持有多头头寸，因为他们必须付费才能维持这些头寸并激励更多的空头头寸。

The end of the week also brings a crypto options expiry event, with Aug. 16 seeing around 24,000 BTC contracts expire with a notional value of $1.4 billion, according to Deribit.

根据 Deribit 的数据，本周末还带来了加密货币期权到期事件，8 月 16 日，大约有 24,000 个 BTC 合约到期，名义价值为 14 亿美元。

However, these events typically have a limited impact on spot markets, and large leverage buildups have a greater influence when they get flushed.

然而，这些事件通常对现货市场的影响有限，而大规模的杠杆积累在被冲垮时会产生更大的影响。

Bitcoin prices have decreased by 3% over the past 12 hours to trade just above the $58,000 level during early trading on Friday, Aug. 16.

8 月 16 日周五早盘交易中，比特币价格在过去 12 小时内下跌了 3%，略高于 58,000 美元。