比特币（BTC）期货和期权市场本周破碎的记录，因为开放兴趣向前所未有的水平激增

比特币期货的总开放息息率达到了807.3亿美元，代表723,990 BTC的活跃合同

Bitcoin futures and options markets have blitzed through records this week, with open interest surging to unprecedented levels as traders amplify bullish bets—including speculative calls for prices to hit $300,000.

比特币期货和期权市场在本周的记录中受到了轰动，随着交易者扩大看涨的赌注，包括投机性要求价格达到300,000美元，其开放兴趣引起了前所未有的水平。

The total open interest in bitcoin futures reached an all-time high of $80.73 billion, according to coinglass.com’s derivatives data. This equates to 723,990 BTC in active futures contracts, a seven-fold increase from the start of the year.

根据Coinglass.com的衍生品数据，比特币期货的总开放利息达到了807.3亿美元。这相当于活跃期货合约中的723,990 BTC，比年初增加了7倍。

Futures allow investors to bet on bitcoin’s future price without buying the asset, with gains or losses settled in cash. The surge signals heightened speculation and institutional participation, particularly on regulated platforms like the Chicago Mercantile Exchange (CME).

期货允许投资者在不购买资产的情况下押注比特币的未来价格，并以现金赚钱或亏损。电涌信号提高了猜测和机构参与，尤其是在诸如芝加哥商业交易所（CME）之类的受监管平台上。

CME's futures open interest now stands at $18.28 billion, accounting for 22.64% of the total. By contrast, retail-heavy exchanges such as Binance and Bitget saw double-digit growth in open interest over the past 24 hours, highlighting global demand across the board.

CME的期货开放利息现在为182.8亿美元，占总数的22.64％。相比之下，在过去的24小时内，零售繁重的交易所（Binance和Bitget）的开放兴趣增长了两位数的增长，突出了全球需求。

Meanwhile, bitcoin options—contracts granting the right to buy or sell at a set price by a specific date—reached $42.5 billion in notional open interest on Deribit, a leading crypto derivatives platform.

同时，比特币期权（合同授予以定期价格在特定日期之前买卖的权利），在领先的加密衍生物平台Deribit上获得了425亿美元的名义开放利息。

The put/call ratio of 0.61 reveals a clear bullish tilt, with traders overwhelmingly favoring calls (bullish bets). The most active strike prices are clustered between $100,000 and $120,000 for June and July expiries, coinciding with expectations for a near-term rally.

0.61的看涨/呼叫比率显示出明显的看涨倾向，商人压倒性地赞成呼叫（看涨赌注）。 6月和7月到期的最活跃的罢工价格在100,000美元至120,000美元之间，这与对近期集会的期望相吻合。

However, what stands out are the emerging open interest for $300,000 call options. While these contracts represent a minority compared to lower strike prices, their presence is noteworthy given the required bitcoin price surge—over 350% from current levels.

但是，引人注目的是新兴的开放兴趣，价格为300,000美元。尽管这些合同与较低的罢工价格相比是少数族裔，但鉴于所需的比特币价格上涨，它们的存在值得注意，比目前的水平高350％。

Such "out-of-the-money" calls are typically low-cost, high-risk wagers, and their popularity suggests some traders are envisaging extreme upside scenarios. This could be driven by macroeconomic shifts, regulatory developments, or a combination of factors.

这样的“无价”电话通常是低成本的高风险赌注，它们的受欢迎程度表明，有些交易者正在设想极端的上升方案。这可能是由宏观经济转变，监管发展或多种因素驱动的。

The futures rally aligns with growing institutional engagement, with CME's bitcoin open interest increasing 2.8% in 24 hours. In contrast, retail-focused platforms like Binance and Whitebit posted sharper gains, up 5.19% and 7.63%, respectively.

期货集会与不断增长的机构参与保持一致，CME的比特币开放兴趣在24小时内增加了2.8％。相比之下，诸如Binance和Whitebit等零售零售平台分别提高了5.19％和7.63％。

Often, elevated open interest can precede volatility, as large leveraged positions can amplify price swings. In the options markets, June 2025 expiries are heavily concentrated, with over 65,000 contracts open. This batch of long-dated calls on BTC signals traders are positioning for sustained upward momentum.

通常，升高的开放兴趣可以在波动之前，因为较大的杠杆位置可以扩大价格波动。在期权市场中，2025年6月的到期大量集中，有超过65,000份合同。 BTC信号交易者的这批长期呼吁正在定位持续的向上势头。

While $300,000 strikes remain speculative, their presence showcases the market's appetite for asymmetric bets—a hallmark of the current risk-on sentiment.

尽管$ 300,000的罢工仍然投机，但他们的存在展示了市场对不对称赌注的胃口，这是当前风险观点的标志。

Bitcoin's derivatives boom parallels its spot price resurgence, with both markets reflecting optimism about its medium-term trajectory. However, the scale of leveraged activity might warrant caution, as unwinding large positions could exacerbate price declines. For now, the data paints a picture of a market bracing for volatility—and banking on historic gains.

比特币的衍生工具繁荣与现货价格的复兴相同，两个市场都反映了对其中期轨迹的乐观情绪。但是，杠杆活动的规模可能需要谨慎，因为放松的大型职位可能会加剧价格下降。目前，数据描绘了一个市场饰有波动性的图片，并依靠历史收益来依靠。