由于空头受到挤压，比特币持仓量大幅下降

数据显示，随着BTC突破6万美元大关，比特币的持仓量大幅下降，表明已经发生了大规模清算。

Bitcoin’s open interest has taken a nosedive as the coin has crossed the $60,000 level, suggesting that large liquidations have taken place.

随着比特币突破 60,000 美元的水平，比特币的未平仓合约急剧下降，这表明已经发生了大规模清算。

Bitcoin Open Interest Has Crashed Down As Shorts Have Seen Squeeze

由于空头受到挤压，比特币持仓量大幅下降

In a recent post on X, CryptoQuant Head of Research Julio Moreno discussed the latest trend that has developed in the Bitcoin Open Interest. The “Open Interest” here refers to an indicator that keeps track of the total number of derivatives positions related to BTC currently open on all exchanges.

在最近关于 X 的一篇文章中，CryptoQuant 研究主管 Julio Moreno 讨论了比特币持仓量的最新趋势。这里的“持仓量”是指跟踪所有交易所目前未平仓的与BTC相关的衍生品头寸总数的指标。

When the value of this metric goes up, it means the investors are opening up new positions in the market right now. As the total leverage in the sector usually increases when new positions pop up, this trend can lead to more volatility in the asset’s price.

当该指标的值上升时，意味着投资者现在正在市场上开设新头寸。由于当新头寸出现时，该行业的总杠杆率通常会增加，因此这种趋势可能会导致资产价格出现更大的波动。

On the other hand, the indicator registering a decline implies either the holders are closing up positions of their own volition or getting liquidated by their platform. Generally, the price becomes more stable following such a trend due to the decreased leverage.

另一方面，指标下跌意味着持有人要么自愿平仓，要么被平台清算。一般来说，由于杠杆率下降，价格在这种趋势下会变得更加稳定。

Now, here is a chart that shows the trend in the Bitcoin Open Interest over the past week or so:

现在，下面的图表显示了过去一周左右比特币未平仓合约的趋势：

In the graph, the Bitcoin Open Interest is the BTC-denominated one, rather than the USD one, as is normally the case. The advantage of it being denominated in  BTC is that its value doesn’t get skewed by changes in the coin’s price.

在图中，比特币未平仓合约是以 BTC 计价的，而不是通常情况下以美元计价的。以比特币计价的优点是其价值不会因比特币价格的变化而扭曲。

The chart shows that the indicator had observed a sharp plunge a few days ago as the asset had gone through a crash. This crash caused a large amount of long liquidation, thus resulting in the decline of the metric.

该图表显示，由于该资产经历了崩盘，该指标几天前急剧暴跌。此次崩盘导致大量多头爆仓，从而导致指标下跌​​。

During the past 24 hours, the reverse appears to have occurred, as a sharp rally has instead induced a high amount of short liquidations in the market. Naturally, the Open Interest has seen another plummet, thanks to this.

在过去 24 小时内，情况似乎发生了逆转，大幅上涨反而引发了市场大量空头清算。自然，未平仓合约因此再次暴跌。

Data from CoinGlass provides the exact numbers involved in the latest Bitcoin short squeeze.

来自 CoinGlass 的数据提供了最新的比特币空头挤压所涉及的确切数字。

As visible above, Bitcoin-related contracts have seen liquidations amounting to more than $94 million over the past day, almost double what the second-placed Ethereum (ETH) has seen (just under $53 million).

如上图所示，过去一天，比特币相关合约的清算金额超过 9400 万美元，几乎是排名第二的以太坊 (ETH) 清算金额（略低于 5300 万美元）的两倍。

The entire cryptocurrency derivatives sector has suffered liquidations of $212 million inside this window. Shorts have made up for most of this flush with $137 million in liquidations.

在此窗口期内，整个加密货币衍生品行业遭受了 2.12 亿美元的清算。空头已经通过 1.37 亿美元的清算弥补了大部分冲仓。

Given the massive scale of the short squeeze, it’s likely that the sharp Bitcoin price move-up was in part fed by this cascade of liquidations.

鉴于空头挤压的规模巨大，比特币价格的大幅上涨可能部分是由这一系列的清算推动的。

BTC Price

比特币价格

At the time of writing, Bitcoin is floating around $60,300, down around 8% over the last seven days.

截至撰写本文时，比特币价格约为 60,300 美元，在过去 7 天里下跌了 8% 左右。