尽管价格集会，但比特币（BTC）短期下注，设定了波动率

在过去一周中，比特币市场又一次反弹，因为价格涨幅超过12％，达到了95,600美元的当地峰值。

The Bitcoin price saw another rebound in the past week as it bounced to hit a local peak of $95,600. Among other interesting developments, blockchain analytics company Glassnode highlighted some observations in the Bitcoin derivative markets.

比特币价格在过去一周中又有了又一次的反弹，因为它弹起了95,600美元的当地峰值。除其他有趣的发展外，区块链分析公司GlassNode强调了比特币衍生品市场的一些观察结果。

Bitcoin Short Bets Increase Despite Price Rally

尽管价格集会，但比特币短赌注增加

Open Interest (OI) in Bitcoin perpetual futures contracts saw an increment to 218,000 BTC, showcasing a 15.6% surge since early March, Glassnode stated in a recent X post on April 25. In accordance with market activity, this rise in OI coincides with increased leverage, presenting the potential for market volatility through liquidations or stop-outs.

GlassNode在4月25日最近的X帖子中指出，比特币永久期货合约中的开放兴趣（OI）的增量增长到218,000 BTC，显示出15.6％的速度。根据市场活动，OI的增长与杠杆率增加，从而增加了通过液化或停车或停车或停车出现市场波动的潜力。

Generally, a rise in Open Interest amid a price rally is expected to signal long-term market confidence. But this time, the narrative appears different. Despite Bitcoin’s bullish strides in the past week, short market positions appear to be dominating the perpetual futures markets. This concerning development is indicated by a decline in the average funding rate, which has now slipped into negative territory to sit around -0.023%.

通常，在价格集会预计将表明长期市场信心的情况下，开放兴趣的上升。但是这次，叙述似乎不同。尽管比特币在过去一周中取得了看法，但短期市场的职位似乎主导着永久的期货市场。关于发展的这种发展表明，平均融资率下降，现在已经滑入负面的领土，位于-0.023％左右。

The perpetual funding rate is a periodic payment between long and short traders aimed at keeping the contract price in line with the underlying spot price. A negative funding rate indicates short traders pay long traders as Bitcoin’s perpetual contract price is trading below the spot price. This is caused by a higher number of short positions as traders are largely bearish about Bitcoin, even despite recent gains.

永久筹资率是旨在使合同价格与基本现货价格保持一致的长交易者之间的定期付款。负资金率表明，由于比特币的永久合同价格低于现货价格，短交易者付了长交易者。这是由于交易者在比特币上的几乎看跌，即使最近收益，这是由于较高的短职位所致。

Furthermore, the 7-day moving average (7DMA) of long-side funding premiums has dropped to $88,000 per hour, reinforcing this short-dominant sentiment. This downtrend indicates a waning demand for long positions, as traders exhibit a short bias.

此外，长期资金保费的7天移动平均值（7DMA）降至每小时88,000美元，增强了这种短暂的情绪。这种下降趋势表明对长位置的需求逐渐减弱，因为交易员表现出短暂的偏见。

However, Glassnode presents a bullish note stating that the present combination of rising leverage and short positions paves the way for a potential short squeeze, where an unexpected upward price move forces short-sellers to close their positions, thereby driving prices even higher.

但是，GlassNode提出了一个看涨的音符，指出目前的杠杆作用和短职位的组合为潜在的短暂挤压铺平了道路，在这种情况下，出乎意料的向上价格使卖空者迫使卖空者关闭其头寸，从而使价格更高。

Bitcoin Price Overview

比特币价格概述

At the time of writing, Bitcoin trades at $94,629 following a 1.01% retracement from its local peak price on April 25. Despite creeping developments in the perpetual futures market, the BTC market remains highly bullish, indicated by gains of 1.02%, 11.12%, and 8.32% in the last one, seven, and thirty days, respectively. With a market cap of $1.88 trillion, the premier cryptocurrency ranks as the largest digital asset and fifth-largest asset in the world.

在写作时，比特币在4月25日的本地峰值回收率1.01％以后，比特币的交易价格为94,629美元。尽管永久期货市场的发展正在蔓延，但BTC市场仍然高度看涨，以1.02％的增长为1.02％，11.12％，11.12％，在过去的7.32％中，差不多是7.32％，在7.32％中，差异为7.32％。总理加密货币的市值为1.88万亿美元，是世界上最大的数字资产和第五大资产。