比特币期货已成为将传统金融与数字资产联系起来的关键参与者

比特币期货已成为将传统金融与数字资产联系起来的关键参与者，而且这种转变非常惊人。而区块链世界

The introduction of Bitcoin futures has been a pivotal moment in linking traditional finance with the burgeoning world of digital assets. While the narrative of blockchain often centers around decentralization, the maturation of Bitcoin futures is a tale of institutions engaging with a new asset class in a massively scaled manner.

比特币期货的引入是将传统财务与新兴的数字资产世界联系起来的关键时刻。尽管区块链的叙述通常以权力下放为中心，但比特币期货的成熟是一个机构以大规模扩大的方式与新资产类别互动的故事。

The second half of 2025 has seen a striking convergence of forces. Some regulated exchanges began offering 24/7 trading of both Bitcoin and Ethereum futures, a testament to the increasing demand for liquidity and access within compliant structures.

2025年下半年的力量引人注目。一些受监管的交易所开始提供比特币和以太坊期货的24/7交易，这证明了对流动性和兼容结构内的不断增长的需求。

The involvement of major financial players has also been critical. As we discussed in previous articles, traditional institutions are showing a keen interest in digital asset derivatives. The 24-hour access to BTC futures on regulated platforms is a sign of this shift.

主要财务参与者的参与也至关重要。正如我们在以前的文章中所讨论的那样，传统机构对数字资产衍生产品产生了浓厚的兴趣。在受监管平台上访问BTC期货的24小时访问是这种转变的迹象。

This evolution is forcing large investors to adjust their risk management strategies and exposure in interesting ways. We’ve seen a strong inflow of institutional capital into digital assets in early 2025, catalyzed by the availability of futures, ETFs, and, crucially, regulatory frameworks.

这种发展迫使大型投资者以有趣的方式调整其风险管理策略和曝光率。我们已经在2025年初看到了大量的机构资本流入数字资产，这是由于期货，ETF和至关重要的监管框架所促进的。

The first quarter saw a massive influx of capital into Bitcoin ETFs as major financial firms integrated digital assets into their portfolios. This participation from large institutional investors, who typically employ sophisticated futures trading strategies, will be crucial in determining how the market develops in the coming year.

由于主要金融公司将数字资产纳入其投资组合，因此第一季度将资本大量涌入了比特币ETF。通常采用复杂的期货交易策略的大型机构投资者的参与对于确定来年市场的发展至关重要。

The fact that investors are placing a large percentage of their asset allocations into digital assets by 2025 is a sign of the confidence in cryptocurrencies as a distinct asset class, offering the potential for greater return and better portfolio diversification.

到2025年，投资者将大部分资产分配给数字资产这一事实表明，对加密货币作为一种独特的资产类别有信心，为更大的回报和更好的投资组合多元化提供了潜力。

Bitcoin futures provide traders with exposure to the price movements of Bitcoin without requiring them to hold the underlying asset, enabling the construction of complex trading strategies.

比特币期货可为交易者提供对比特币价格变动的影响，而无需他们持有基础资产，从而实现了复杂的交易策略的构建。

Those who trade Bitcoin futures are not limited to simply taking long or short positions on the cryptocurrency; rather, they engage in sophisticated tactics typically employed by institutions and experienced traders to create complex portfolio structures and manage risk effectively.

那些交易比特币期货的人不仅限于在加密货币上长期或短期职位。相反，他们参与了机构和经验丰富的商人通常采用的复杂策略，以创建复杂的投资组合结构并有效地管理风险。

Their strategies usually involve maintaining multiple positions across different markets and time frames. For example, a trader might buy a spot position on Bitcoin while simultaneously selling a futures contract, effectively hedging against potential price drops.

他们的策略通常涉及在不同市场和时间范围内保持多个职位。例如，交易者可能会在比特币上购买现货地位，同时出售期货合约，从而有效地抵抗潜在价格下跌。

These strategies allow participants to lock in prices or hedge directional risk effectively, especially in a market that experiences significant volatility. Today, mastering these tools is fundamental to succeeding in the market.

这些策略使参与者可以有效地锁定价格或对冲方向风险，尤其是在经历大量波动性的市场中。如今，掌握这些工具对于在市场上取得成功至关重要。

One core strategy traders use is basis trading in Bitcoin futures. This approach attempts to capitalize on the price differential between the futures contract and the spot market, known as the basis. The basis can be either positive, in contango, or negative, in backwardation.

一种核心战略交易者使用的是比特币期货的基础交易。这种方法试图利用期货合约与现货市场（称为基础）之间的价格差异。基础可以在contango中为正，也可以是负面的。

Traders engaging in basis trades typically buy Bitcoin in the spot market while simultaneously selling a related futures contract. As the futures contract's price converges with the spot price around the time of expiration, the trader aims to profit from the initial price discrepancy.

从事基础交易的交易者通常在现货市场上购买比特币，同时出售相关的期货合约。随着期货合同的价格在到期期间左右的现货价格汇聚在一起，交易者的目标是从初始价格差异中获利。

This is a principled market-neutral strategy, best executed profitably at scale with the sort of capital and knowledge of market structure that institutional participants possess in 2025.

这是一种有原则的市场中立战略，最能以机构参与者在2025年拥有的市场结构的资本和知识来赚钱。

The data generated by Bitcoin futures markets is also valuable, with key metrics including trading volume, open interest, and funding rates being closely monitored by analysts to assess market sentiment and predict possible price moves.

比特币期货市场产生的数据也很有价值，其中包括交易量，开放利息和资金率在内的关键指标受到分析师的密切监控，以评估市场情绪并预测可能的价格转移。

High trade volumes are usually correlated with sustained price trends, indicating strong market conviction behind the move. Open interest, the total number of active futures contracts, typically increases with increased price trends and capital flowing into the market or decreases with price trends exhausting themselves and capital exiting the market.

高贸易量通常与持续的价格趋势相关，表明这一举动的强烈市场信念。开放兴趣，积极期货合约的总数，通常会随着价格趋势的增加和资本流入市场的增加而增加，或者随着价格趋势耗尽自己和资本退出市场而降低。

Finally, funding rates for perpetual futures provide an indication of where the market's collective interest lies. If the funding rate is really high, then many traders are paying cash to keep their long positions.

最后，永久期货的资金率提供了市场集体利益所在的位置。如果资金率确实很高，那么许多交易者正在付钱以保持其长期头寸。

The persistent buying pressure from institutional investors over the last year has been a strong factor in the 2025 bull market. But if the market is pivoting to a bearish trend, we might expect to see more traders short the market and collect the funding payments.

去年，从机构投资者那里的持续购买压力一直是2025年牛市的重要因素。但是，如果市场正在转向看跌趋势，我们可能希望看到更多的交易者在市场上缩短市场并收取融资付款。

For the futures market, open interest provides a measure of the depth of the market and is defined as the total number of outstanding active contracts at any given time. Major increases in open interest usually accompany major price movements and indicate that the trend is being backed by fresh capital.

对于期货市场，开放兴趣提供了衡量市场深度的衡量标准，并将其定义为任何给定时间的未偿活跃合同总数。主要价格变动通常伴随着开放兴趣的重大增加，并表明趋势得到了新资本的支持。

Conversely, a decrease in open interest during a price move might indicate liquidation or the closing of positions and could be a sign that a trend is slowing. Using the standard CME Group data, we can see that the open interest for both Bitcoin and Micro Bitcoin futures is fairly high, even in Q1 2025.

相反，价格转移期间开放兴趣的下降可能表明清算或职位关闭，可能表明趋势正在放缓。使用标准CME组数据，我们可以看到，即使在第1季度2025年，比特币和微比特币期货的开放兴趣也相当高。

This shows just how much money is tied up in these contracts and how institutions are managing their Bitcoin investments through derivatives.

这表明这些合同中有多少钱以及如何通过衍生工具管理其比特币投资。

As we all know, Bitcoin is famous for its price volatility. To manage this inherent characteristic of the market, futures contracts provide traders with valuable tools and strategies.

众所周知，比特币以其价格波动而闻名。为了管理市场的固有特征，期货合约为交易者提供了有价值的工具和策略。

Hedging strategies using futures can protect investors from the loss of trading profits due to adverse price swings in their spot holdings

使用期货的对冲策略可以保护投资者免受因现货持有量不利的价格波动而导致的交易利润损失