随着需求激增，比特币 (BTC) 未平仓合约达到 $19.8B 新 ATH

根据认证分析师 EgyhashX 分享的 CryptoQuant 数据，比特币的未平仓头寸在 10 月 15 日创下历史新高，达到 198 亿美元。

Open interest in Bitcoin (CRYPTO: BTC) reached a new all-time high of $19.8 billion on October 15, according to data from CryptoQuant shared by certified analyst EgyhashX.

根据认证分析师 EgyhashX 分享的 CryptoQuant 数据，比特币（CRYPTO：BTC）的未平仓头寸在 10 月 15 日创下历史新高，达到 198 亿美元。

This marks a significant increase in the total value of outstanding futures contracts on the asset, indicating a strong demand for Bitcoin in the derivatives market.

这标志着该资产未平仓期货合约总价值大幅增加，表明衍生品市场对比特币的强劲需求。

According to EgyhashX, this trend signals bullish sentiment among investors, with funding rates also reaching their highest positive level since August, suggesting that the majority of the open interest was in long positions.

EgyhashX 表示，这一趋势预示着投资者的看涨情绪，资金利率也达到 8 月份以来的最高正水平，表明大部分未平仓合约处于多头头寸。

“This upward trend in the derivatives market indicates a growing influx of liquidity and increased attention in the cryptocurrency space. The rise in funding rates further points to a bullish sentiment among traders,” he said.

“衍生品市场的这种上升趋势表明流动性不断涌入，以及加密货币领域的关注度不断增加。融资利率的上升进一步表明交易员的看涨情绪，”他表示。

What Is Open Interest? Open interest describes the number of active futures contracts on an asset at a particular time. An increase in open interest usually indicates the inflow of funds into the asset.

什么是未平仓合约？未平仓合约描述了特定时间资产的活跃期货合约数量。未平仓合约的增加通常表明资金流入该资产。

While the increased open interest is generally considered a good sign for BTC price action, some observers have expressed concerns that the high leverage poses a volatility risk, as price changes could trigger large-scale liquidation.

虽然未平仓合约增加通常被认为是比特币价格走势的好兆头，但一些观察人士担心高杠杆会带来波动风险，因为价格变化可能引发大规模清算。

However, this fear may be杞人忧天, considering that a large portion of the open interest is attributed to institutional investors and cash-margined contracts.

然而，考虑到很大一部分未平仓合约都归属于机构投资者和现金保证金合约，这种担忧可能是杞人忧天。

According to data from Glassnode, most Bitcoin futures contracts are in cash margins rather than crypto margins. A cash-margined contract refers to futures contracts with open interest margined in USD or stablecoins pegged to the US dollars, as opposed to futures contracts with crypto margins.

根据 Glassnode 的数据，大多数比特币期货合约都是现金保证金，而不是加密货币保证金。现金保证金合约是指以美元或与美元挂钩的稳定币为保证金的期货合约，而不是以加密货币保证金的期货合约。

Open interest in cash-margined futures reached an all-time high of $25.5 billion on Monday, with the CME futures accounting for 40% of all the cash-margined contracts.

周一，现金保证金期货的未平仓头寸达到 255 亿美元的历史新高，其中 CME 期货占所有现金保证金合约的 40%。

In comparison, the crypto-margined contracts account for around 18.2% of the total open interest.

相比之下，加密保证金合约约占未平仓合约总额的 18.2% 左右。

With CME leading the cash-margined contracts, institutional investors appear to be relying heavily on Bitcoin futures for their strategic plays, in the same way they have been using the Bitcoin spot exchange-traded funds (ETFs).

由于芝商所在现金保证金合约中处于领先地位，机构投资者似乎严重依赖比特币期货来进行战略投资，就像他们一直在使用比特币现货交易所交易基金（ETF）一样。

Since the launch of the spot ETFs, Bitcoin ETFs have received almost $20 billion in net flow.

自推出现货 ETF 以来，比特币 ETF 已获得近 200 亿美元的净流量。

Meanwhile, data from Coinglass shows that Bitcoin’s future open interest now stands at 574,680 BTC ($38.04 billion), with the Chicago Mercantile Exchange (CME) alone accounting for $11.07 billion of the open contracts.

与此同时，Coinglass 的数据显示，比特币未来的未平仓合约目前为 574,680 BTC（380.4 亿美元），其中仅芝加哥商业交易所（CME）就占了 110.7 亿美元的未平仓合约。

This is followed by Binance with $8.01 billion and ByBit with $5.61 billion.

其次是 Binance（80.1 亿美元）和 ByBit（56.1 亿美元）。

Crypto analyst Arslan Ali observed that institutional interest is a major factor in this, adding that retail interest also played a prominent role in fueling this rally.

加密货币分析师阿尔斯兰·阿里（Arslan Ali）观察到，机构兴趣是其中的一个主要因素，并补充说散户兴趣在推动这一涨势方面也发挥了重要作用。

Bitcoin Hits $67k as Demand Remains Strong Several other metrics also show that investors are increasing their demand for Bitcoin, which is the main factor fueling its performance.

需求依然强劲，比特币触及 6.7 万美元其他几个指标也显示投资者对比特币的需求正在增加，这是推动其表现的主要因素。

Cryptoquant data shows that BTC demand is growing at the fastest monthly pace since April 2024.

Cryptoquant 数据显示，BTC 需求正以 2024 年 4 月以来最快的月度增长速度增长。

Additionally, Bitcoin recorded a net purchase of $1.1 billion on Monday, a sign that despite some investors taking profits, more people are buying.

此外，周一比特币净买入额为 11 亿美元，这表明尽管一些投资者获利了结，但仍有更多人在买入。

Unsurprisingly, Bitcoin has continued to soar, highlighting the bullish momentum fueling its performance.

不出所料，比特币继续飙升，凸显了推动其表现的看涨势头。

The flagship asset recently hit $67,000, its highest price since July 29, before retracing to $66,800. This marks a massive gain, given it was trading at $59,000 only five days ago.

该旗舰资产最近触及 67,000 美元，为 7 月 29 日以来的最高价格，随后回落至 66,800 美元。鉴于五天前该股的交易价格为 59,000 美元，这标志着巨大的涨幅。