比特币期货开放兴趣本周占据了新高点，随着更多的资金涌入市场

严格的编辑政策，侧重于准确性，相关性和公正性

A recent report by CoinDesk sheds light on the surprising positivity in the Bitcoin market despite the looming threat of a potential price decline. As May 23 comes to a close, nearly $2.76 billion of Bitcoin contracts are set to expire today.

Coindesk最近的一份报告阐明了比特币市场的令人惊讶的积极性，尽管迫在眉睫的价格下降了威胁。随着5月23日结束，今天将有近27.6亿美元的比特币合同今天到期。

According to Deribit data, the put/call ratio stands at 1.2, indicating slightly more bets on a price drop than on a rise. The so-called max pain level is estimated to be around $103,000, at which point the largest number of options would expire worthless.

根据Deribit数据，PUT/呼叫比率为1.2，表明价格下降的赌注略高于上升。所谓的最大疼痛水平估计约为103,000美元，这时最多的期权将到期。

If the price were to approach this level, it could trigger squeezes or sudden moves as traders adjust their positions.

如果价格要接近此水平，它可能会触发挤压或突然的动作，因为交易者调整其头寸。

Bitcoin price stability is also being supported by inflows into spot Bitcoin ETFs, which have reportedly attracted over $2.5 billion in May alone. These inflows represent real coins being moved into a regulated setting, highlighting a sustained interest from institutional investors.

比特币的价格稳定也得到了投入现货比特币ETF的支持，据报道，仅在5月，这些ETF就吸引了超过25亿美元。这些流入代表了真正的硬币被转移到受监管的环境中，强调了机构投资者的持续兴趣。

Institutions are not just engaging in paper trades or futures contracts; they are buying actual Bitcoin, adding a layer of demand that wasn’t present in past rallies.

机构不仅从事纸质交易或期货合约；他们正在购买实际的比特币，增加了过去集会中不存在的需求层。

However, a potential setback could arise if the market experiences a small pullback. With a significant portion of futures and options contracts expiring out of the money, a minor price decrease could spark a chain reaction of liquidations, leading to a rapid decline in Bitcoin's value.

但是，如果市场经历了小小的回调，可能会出现潜在的挫折。随着大部分的期货和期权合约从货币到期，较小的价格降低可能会引发清算的链条反应，从而导致比特币价值迅速下降。

The report concludes that the stability of the market depends on whether ETF demand can continue to counterbalance the risks from crowded futures and options markets.

该报告得出的结论是，市场的稳定性取决于ETF需求是否可以继续抵消拥挤的期货和期权市场的风险。

If the narrative shifts towards a broader adoption of Bitcoin as an asset class by institutions, we may witness a continuation of the rally despite the potential for a small pullback.

如果叙述朝着比特币作为一种资产类别的广泛采用，尽管有可能引起小额回调，但我们可能会目睹集会的延续。

However, if the focus remains on the expiring futures and options contracts, then a small setback could trigger a cascade of liquidations, ultimately leading to a return to lower price levels.

但是，如果重点仍然放在到期的期货和期权合同上，那么小挫折可能会引发一系列清算，最终导致恢复较低的价格水平。