比特币持仓量与市值之比目前处于两年高位

数据显示，比特币持仓量与市值比率随着资产价格的最新上涨而飙升至历史新高（ATH）。

Data shows the Bitcoin Open Interest to Market Cap Ratio has surged interesting as the latest run in the asset’s price to the new all-time high (ATH).

数据显示，随着该资产价格最新升至历史新高（ATH），比特币持仓量与市值比率已大幅飙升。

Bitcoin Open Interest To Market Cap Ratio Now At A 2-Year High

比特币持仓量与市值之比目前处于两年高位

As highlighted by cryptocurrency news account Satoshi Club in an X post, the BTC Open Interest has been notably overheating relative to the Market Cap recently. The metric of interest here is the “Open Interest to Market Cap Ratio” from the market intelligence platform IntoTheBlock.

正如加密货币新闻帐户 Satoshi Club 在 X 帖子中强调的那样，BTC 未平仓合约最近相对于市值明显过热。这里关注的指标是来自市场情报平台 IntoTheBlock 的“未平仓合约与市值比率”。

As its name suggests, this indicator tells us about how the Open Interest of Bitcoin compares against its Market Cap. The Open Interest refers to a measure of the total amount of derivatives positions related to BTC that are currently open on all exchanges.

顾名思义，该指标告诉我们比特币的未平仓合约与其市值的比较。未平仓合约是指所有交易所当前未平仓的与 BTC 相关的衍生品头寸总量的衡量标准。

Derivatives contracts are financial instruments that allow investors to bet on BTC’s price movements without necessarily owning any actual tokens. Because of this, the Open Interest is also sometimes called a measure of the ‘Paper’ BTC present in the sector.

衍生品合约是一种金融工具，允许投资者押注 BTC 的价格走势，而无需拥有任何实际代币。因此，未平仓合约有时也被称为该行业中“纸质”比特币的衡量标准。

The Market Cap is the total valuation of the cryptocurrency’s circulating supply at the current exchange rate, so the Open Interest to Market Cap Ratio basically tells us about how the volume of Paper BTC compares against the asset’s spot value.

市值是按当前汇率计算的加密货币流通供应的总估值，因此未平仓合约与市值的比率基本上告诉我们纸质比特币的交易量与资产现货价值的比较情况。

Now, here is a chart that shows the trend in this indicator for Bitcoin over the last few years:

现在，下面的图表显示了过去几年比特币该指标的趋势：

As you can see in the above graph, the Bitcoin Open Interest to Market Cap Ratio has seen a sharp increase interesting as the latest price rally that has taken the asset to a new all-time high (ATH).

正如您在上图中所看到的，比特币持仓量与市值比率急剧上升，有趣的是，最新的价格上涨已将该资产推向历史新高（ATH）。

This is an interesting trend, as the Market Cap going up should mean the ratio would head down instead as it’s in the historically, so the fact that it has increased regardless implies paper BTC has simply been printed at a rate faster than the Market Cap has risen.

这是一个有趣的趋势，因为市值的上升应该意味着该比率会像历史上那样下降，因此无论怎样，它的增加都意味着纸质比特币的印刷速度快于市值的速度上升了。

The indicator has now approached the 6% interesting, which means there are now enough derivatives positions open to interesting for 6% of the cryptocurrency’s total capitalization. This latest high in the metric is the highest that it has been since November 2022, when the collapse of the FTX exchange occurred.

该指标现已接近 6% 的利息，这意味着现在有足够的衍生品头寸可供加密货币总资本的 6% 进行利息。该指标的最新高点是自 2022 年 11 月 FTX 交易所崩溃以来的最高水平。

Historically, the Open Interest to Market Cap Ratio being high hasn’t been a positive sign for BTC, as it implies there is an excess of leverage present in the sector.

从历史上看，未平仓合约与市值的比率较高对比特币来说并不是一个积极的信号，因为这意味着该行业存在过多的杠杆。

The aforementioned high of November 2022 had led into a crash for the asset that would take it to the lowest point of the bear market. A similar cooldown had also occurred earlier in this year.

上述 2022 年 11 月的高点导致该资产崩盘，并将其推向熊市的最低点。今年早些时候也发生过类似的冷却时间。

It now remains to be seen whether the Market Cap would be able to grow despite the overheated conditions brewing in the derivatives side, or if another mass leverage washout would follow for Bitcoin.

尽管衍生品方面正在酝酿过热，但比特币的市值是否能够增长，或者比特币是否会出现另一次大规模杠杆洗盘，现在还有待观察。

BTC Price

比特币价格

Bitcoin is on the cusp of another record high as its price is floating around $76,300 at the moment, up 0.8% in the last week and 21% up month-to-date.

比特币即将再创历史新高，目前其价格在 76,300 美元左右波动，上周上涨 0.8%，本月迄今上涨 21%。