比特币 (BTC) 价格突破 72,000 美元，达到 2022 年 6 月以来的最高价格

根据 Brave New Coin 的比特币流动性指数，比特币 (BTC) 于 2024 年 10 月 29 日突破 72,000 美元，达到 6 月以来的最高价格。

On October 29, Bitcoin price breached the $72,000 mark, hitting its highest level since June, as indicated by the Brave New Coin’s Bitcoin Liquid Index. This price surge coincides with a record increase in Bitcoin (BTC) futures open interest (OI) in U.S. dollar terms, reflecting heightened interest from traders and investors in the leading cryptocurrency, setting the stage for a potential bullish rally.

Brave New Coin 的比特币流动性指数显示，10 月 29 日，比特币价格突破 72,000 美元大关，创下 6 月以来的最高水平。此次价格飙升恰逢以美元计算的比特币（BTC）期货未平仓合约（OI）创纪录增长，反映出交易员和投资者对领先加密货币的兴趣增加，为潜在的看涨反弹奠定了基础。

According to data from the Chicago Mercantile Exchange (CME), on Tuesday, BTC futures recorded a remarkable single-day surge in OI since June 3, with an addition of over 20,000 BTC, valued at roughly $2.5 billion at current prices. The total OI approached 600,000 BTC, amounting to around $42.6 billion. Open interest tracks outstanding derivative contracts like futures or options that remain unsettled. When OI rises in conjunction with increasing prices, it usually signifies fresh capital entering the market, bolstering a bullish outlook.

芝加哥商品交易所（CME）数据显示，周二，BTC 期货自 6 月 3 日以来单日 OI 大幅飙升，新增超过 20,000 枚 BTC，按当前价格计算价值约为 25 亿美元。 OI 总量接近 600,000 BTC，价值约 426 亿美元。未平仓合约追踪未结算的衍生品合约，例如尚未结算的期货或期权。当持仓量随着价格上涨而上升时，通常意味着新资本进入市场，支撑看涨前景。

However, high OI can amplify volatility, especially as contracts approach expiration, as traders may engage in rapid adjustments, rollovers, or closing positions, influencing price movements. Data from Kaiko highlights that while the futures marketgarners strong attention, funding rates for these positions remain below March highs, suggesting that demand may still be entering cautiously despite the increasing OI.

然而，高持仓量可能会放大波动性，尤其是在合约临近到期时，因为交易者可能会进行快速调整、展期或平仓，从而影响价格走势。 Kaiko 的数据突显出，尽管期货市场受到强烈关注，但这些头寸的融资利率仍低于 3 月份的高点，这表明尽管 OI 不断增加，但需求可能仍会谨慎进入。

Funding rates in perpetual futures markets, which are periodic payments made to balance contract prices with asset spot prices, shifted significantly recently. According to data from Coinglass, there was a surge in funding rates on Monday, reaching up to 15%, marking one of the highest points in recent months. Rising funding rates indicate a strong preference for bullish long trades, which could be reflecting a positive outlook for Bitcoin’s short-term trajectory.

永续期货市场的融资利率最近发生了显着变化，永续期货市场是为平衡合约价格与资产现货价格而定期支付的资金利率。 Coinglass 的数据显示，周一资金费率飙升，达到 15%，创下近几个月来的最高点之一。融资利率上升表明人们对看涨多头交易的强烈偏好，这可能反映出比特币短期轨迹的积极前景。

Singapore-based QCP Capital shared a bullish view on Bitcoin, projecting continued price increases. In a recent Telegram broadcast, QCP Capital noted that optimism around a potential Trump win could drive up both stocks and Bitcoin, which would be setting up BTC for more gains in the mid-term, highlighting the strong confidence institutional investors have in Bitcoin's future.

总部位于新加坡的 QCP Capital 也看好比特币，预计价格将持续上涨。在最近的 Telegram 广播中，QCP Capital 指出，围绕特朗普潜在获胜的乐观情绪可能会推高股市和比特币，这将使 BTC 在中期获得更多收益，凸显机构投资者对比特币未来的强烈信心。

Moreover, contracts on the CME recorded a 9% spike in open interest within 24 hours, reaching 171,700 BTC, with a value exceeding $12.22 billion. This rise further solidifies CME's leading position in future open interest, contributing 30% of the total market. Despite occasional shifts, CME consistently maintains its top role in Bitcoin futures trading.

此外，CME 合约未平仓量在 24 小时内飙升 9%，达到 171,700 BTC，价值超过 122.2 亿美元。这一上升进一步巩固了芝商所在未来未平仓合约方面的领先地位，占市场总量的30%。尽管偶尔发生变化，芝商所始终保持其在比特币期货交易中的主导地位。

According to Glassnode data, in mid-October, Bitcoin was trading around $67,000, with CME’s open interest hitting all-time highs in both notional open interest ($12.4 billion) and Bitcoin-denominated futures contracts (179,930 BTC). This period also marked a shift in the dynamics of Bitcoin trading, driven by strong inflows from U.S.-listed spot ETFs.

Glassnode 数据显示，10 月中旬，比特币交易价格约为 67,000 美元，其中 CME 名义未平仓合约（124 亿美元）和比特币计价期货合约（179,930 BTC）均创下历史新高。这一时期也标志着比特币交易动态的转变，这是由美国上市现货 ETF 的强劲资金流入推动的。

Since October 16, Bitcoin-denominated futures contracts on CME have decreased by over 6%, which sharply contrasts with ETF inflows. Over this period, ETFs have seen a net inflow of $2.7 billion. Notably, BlackRock's iShares Bitcoin Trust (IBIT) led this charge, with $2.2 billion in net inflows and a new record of holding over 400,000 Bitcoin in the ETF.

自10月16日以来，CME以比特币计价的期货合约已下跌超过6%，这与ETF流入形成鲜明对比。在此期间，ETF 净流入 27 亿美元。值得注意的是，贝莱德的 iShares 比特币信托 (IBIT) 在这一方面处于领先地位，净流入 22 亿美元，并创下在 ETF 中持有超过 40 万枚比特币的新纪录。

This shift in strategy aligns with the progression from institutional basis trades at the beginning of the year to more bullish, long-directional plays, reflecting growing confidence in Bitcoin’s upward trajectory.

这种策略的转变与年初的机构基差交易向更加看涨的多头方向的发展相一致，反映出人们对比特币上涨轨迹的信心不断增强。

Earlier in the year, basis trading, or cash-and-carry arbitrage, was a common strategy. This involved taking a long position on the ETF and a short position on CME futures to exploit price differences between the spot and futures markets. This strategy kept Bitcoin trading in a sideways range, as not all ETF inflows were directionally long, ultimately resulting in a net-neutral strategy.

今年早些时候，基差交易或现金套利是一种常见的策略。这涉及在 ETF 上建立多头头寸并在 CME 期货上建立空头头寸，以利用现货和期货市场之间的价格差异。这一策略使比特币交易保持在横盘区间，因为并非所有 ETF 流入都是定向做多，最终导致了净中性策略。

Analysts are highlighting a divergence between rising ETF inflows and CME open interest growth. Checkmate, an analysis firm, points out the steady ETF inflows, which contrast with the modest increases in CME open interest. According to Checkmate, Grayscale Bitcoin Trust (GBTC) outflows remain minimal, suggesting genuine ETF inflows without significant cash-and-carry trades.

分析师强调 ETF 流入量上升与 CME 未平仓合约增长之间存在差异。分析公司 Checkmate 指出 ETF 资金流入稳定，这与 CME 未平仓合约的小幅增长形成鲜明对比。据 Checkmate 称，灰度比特币信托 (GBTC) 的流出量仍然很小，这表明 ETF 真正流入，而没有大量的现金套利交易。

Emory University's endowment is also joining the crypto bandwagon, with a recent investment in the Grayscale Bitcoin Mini Trust (BTC), reflecting a strategic long position, similar to the Wisconsin Pension Fund's approach. While Emory's $15 million investment may seem small for an institutional player, it marks a shift towards direct bullish exposure in Bitcoin.

埃默里大学捐赠基金也加入了加密货币浪潮，最近对灰度比特币迷你信托（BTC）进行了投资，反映出战略性多头头寸，类似于威斯康星州养老基金的做法。虽然埃默里大学 1500 万美元的投资对于机构参与者来说似乎很小，但它标志着向直接看涨比特币的转变。

However, not all experts share this optimism. Andre Dragosch, Bitwise's head of research, offers a different perspective, noting rising

然而，并非所有专家都持这种乐观态度。 Bitwise 的研究主管 Andre Dragosch 提出了不同的观点，他指出，