比特币期货开放式利息创纪录的7.2亿美元，这表明在机构投资者中使用了杠杆作用的增加。

本文探讨了比特币（BTC）期货开放兴趣的记录，提出了有关看跌头寸是否处于危险中的问题。

The aggregate open interest in Bitcoin (BTC) futures soared to a record high of $72 billion on May 20, converging with the cryptocurrency's persistent attempts to breach the $107,000 level.

5月20日，比特币（BTC）期货的总开放兴趣飙升至720亿美元的创纪录高度，与加密货币的持续尝试融合了违反107,000美元水平的持续尝试。

Despite repeated failures to break above the $107,000 mark since May 18, the sheer volume of leveraged positions could propel Bitcoin to a new all-time high.

尽管自5月18日以来反复出现的失败率超过了107,000美元的大关，但杠杆率的巨大量可能会使比特币达到新的历史最高水平。

Bitcoin futures open interest

比特币期货开放兴趣

The total open interest in BTC futures rose to $72 billion on May 20, showcasing a 8% increase from $66.6 billion just a week earlier.

5月20日，BTC期货的总开放利息增至720亿美元，从一周前的666亿美元增长了8％。

This institutional demand is being channeled largely through the Chicago Mercantile Exchange (CME), where open interest in BTC futures reached $16.9 billion.

这一机构需求主要通过芝加哥商业交易所（CME）传达，在那里，对BTC期货的开放兴趣达到169亿美元。

Coming in second is Binance, which holds $12 billion in open interest, while smaller exchanges like FTX and Huobi contribute to the remaining open interest in BTC futures.

仅次于Binance，该公司持有120亿美元的开放利息，而FTX和Huobi等较小的交易所为BTC期货的剩余开放利息做出了贡献。

$1.2 billion in shorts at risk of liquidation

12亿美元的短裤，有清算风险

According to CoinGlass estimates, the largest concentration of bearish BTC futures liquidations is clustered between $107,000 and $108,000.

根据Coinglass的估计，看跌BTC期货清算的最大浓度集群在107,000美元至108,000美元之间。

The liquidations at those price levels add up to approximately $1.2 billion.

这些价格水平的清算总计约为12亿美元。

The price of BTC dropped to as low as $106,600 on May 19 before rebounding to $107,300 at the time of writing.

5月19日，BTC的价格下跌至5月19日至106,600美元，然后在撰写本文时篮板至107,300美元。

It remains unclear what could spark a breakout above $108,000 to force those leveraged shorts to unwind, but there is growing optimism tied to rising concerns over United States fiscal debt.

目前尚不清楚什么可能引发108,000美元以上的突破，以迫使那些杠杆短裤放松身心，但是随着对美国财政债务的不断担忧的不断增长而越来越乐观。

Uncertainty remains about how the government plans to achieve economic growth while reducing spending, especially in light of ongoing disagreement between Democratic and Republican lawmakers.

关于政府计划如何在减少支出的同时计划实现经济增长的不确定性，尤其是鉴于民主党和共和党立法者之间的持续分歧。

More importantly, yields on the 20-year US Treasury remain close to 5%, up from 4.82% two weeks earlier.

更重要的是，美国20年的美国财政部的收益率接近5％，高于两周前的4.82％。

Weak demand for long-term government debt may compel the US Federal Reserve to step in as the buyer of last resort to maintain market stability, reversing a 26-month trend. This approach puts downward pressure on the US dollar and drives investors to seek alternative hedging strategies, including Bitcoin.

对长期政府债务的需求疲软可能会迫使美国美联储成为Last Resort的买方，以维持市场稳定，从而扭转了26个月的趋势。这种方法给美元施加了向下压力，并促使投资者寻求包括比特币在内的替代套期保值策略。

Gold dominates, but Bitcoin absorbs flow amid reserve reallocations

黄金占主导

Gold remains the dominant alternative asset, but its 24% year-to-date gains in 2025 and $22 trillion market capitalization make it less attractive to many investors.

黄金仍然是主要的替代资产，但其在2025年毕业24％，市值为22万亿美元，使其对许多投资者的吸引力降低。

For context, the entire S&P 500 index is valued at $53 trillion, while US bank deposits and Treasury bills (M1) amount to $18.6 trillion. In contrast, Bitcoin currently represents a $2.1 trillion asset class, roughly equivalent in size to silver.

在上下文中，整个标准普尔500指数的价值为53万亿美元，而美国银行存款和国库账单（M1）为18.6万亿美元。相比之下，比特币目前代表了2.1万亿美元的资产类别，大小相当于银。

Meanwhile, some regions, notably the US, have begun laying the groundwork to shift portions of their gold reserves into Bitcoin—an action that could easily propel BTC to a new all-time high.

同时，某些地区，特别是美国，已经开始为将其黄金储量的部分转移到比特币中，这一行动很容易将BTC推向新的历史最高水平。

A modest 5% reallocation from gold into Bitcoin by those nations would translate into a $105 billion inflow, equivalent to 1 million BTC at a price of $105,000.

这些国家从黄金到比特币的5％重新分配将转化为1050亿美元的流入，相当于100万BTC，价格为105,000美元。

For perspective, Strategy, the US-listed firm led by Michael Saylor, currently holds 576,230 BTC.

从角度来看，战略是由迈克尔·塞勒（Michael Saylor）领导的美国上市公司，目前拥有576,230 BTC。

There is little doubt that institutional buying remains the primary catalyst for Bitcoin to break above the $108,000 level. Such a move would trigger the liquidation of heavily leveraged bearish positions, likely accelerating the push to a new all-time high. However, persistent macroeconomic uncertainty continues to weigh on overall investor sentiment.

毫无疑问，机构购买仍然是比特币超过108,000美元水平的主要催化剂。这样的举动会触发严重杠杆的看跌位置的清算，这可能会加速推动新的历史最高水平。但是，持续的宏观经济不确定性继续对整体投资者情绪加重。