尽管比特币价格在30天内上涨了24％，但Bitfinex Margin Longs仍下降了18％

在过去的30天中，比特币（BTC）的价格上涨了23.7％，但Bitfinex的交易员在此期间将其杠杆率降低了18,000多个BTC。

Key takeaways:

关键要点：

Bitfinex margin longs fell 18%, despite Bitcoin price rising 24% in 30 days.

尽管比特币价格在30天内上涨了24％，但Bitfinex利润率下降了18％。

$6.8 billion in long positions far outweight the current $25 million in shorts.

68亿美元的长位置远远超过目前的2500万美元短裤。

Bitcoin options positioning and spot BTC inflows point to confidence from institutional investors.

比特币选项定位和BTC流入水分表明机构投资者的信心。

Bitcoin (BTC) price climbed 23.7% over the past 30 days, yet traders on Bitfinex have cut their leveraged long positions by more than 18,000 BTC during this time. This wave of profit-taking in margin markets has led to speculation that professional traders may not be fully confident in the current $104,000 price level.

在过去的30天中，比特币（BTC）的价格上涨了23.7％，但Bitfinex的交易员在此期间将其杠杆率降低了18,000多个BTC。利润市场中的利润浪潮导致人们猜测，专业交易者可能对当前104,000美元的价格水平没有充分的信心。

Bitfinex margin longs dropped from 80,387 BTC to 65,889 BTC between April 16 and May 16. This shift marks a reversal from the strong bullish margin demand seen between mid-February and mid-March, a period when Bitcoin’s price fell from $97,600 to $82,500. The current decrease in margin longs is likely a sign of healthy profit-taking rather than a turn toward bearish momentum.

Bitfinex利润率从4月16日至5月16日之间的80,387 BTC下降到65,889 BTC。这种转变标志着2月中旬至3月中旬之间强劲的看涨利润需求的逆转，这一时期从比特币的价格从97,600美元下降至82,500美元。目前，利润率的减少可能是健康获利的迹象，而不是转向看跌动力。

The reasoning behind this move is not entirely clear, since Bitcoin’s jump above $100,000 occurred on May 8, about three weeks after the margin longs peaked. Still, it would be wrong to suggest that Bitfinex whales have adopted a bearish outlook. Their margin longs now total $6.8 billion, while margin shorts stand at just $25 million, showing a major gap between bullish and bearish positions.

这一举动背后的推理并不完全清楚，因为比特币的跳高超过100,000美元发生在5月8日，在保证金长期达到顶峰之后约三周。尽管如此，建议Bitfinex鲸鱼采用看跌前景是错误的。他们的利润率现在总计68亿美元，而保证金短裤仅为2500万美元，显示了看涨和看跌职位之间的重大差距。

This difference is mainly due to Bitfinex’s low 0.7% annual interest rate for margin trading. By contrast, those using leverage for 90-day Bitcoin futures are paying a 6.3% annualized premium, creating arbitrage opportunities for traders to open Bitcoin longs on margin and simultaneously sell an equivalent position in BTC futures. Margin traders also tend to have longer time frames and higher risk tolerance than average investors, so their position changes are less affected by short-term price moves.

这种差异主要是由于Bitfinex的利润率交易年利率低0.7％。相比之下，那些使用杠杆率为90天的比特币期货的人每年支付6.3％的年度溢价，为交易者创造了套利的机会，使贸易商开放比特币，并同时在BTC期货中出售同等的职位。保证金交易者还倾向于比普通投资者具有更长的时间范围和更高的风险承受能力，因此他们的位置变化受到短期价格转移的影响较小。

Whales unfazed by $105,000 resistance as BTC ETFs drive optimism

随着BTC ETF的乐观态度，鲸鱼不受$ 105,000的阻力。

To rule out factors limited to margin markets, it is useful to look at Bitcoin options. If traders expect a correction, demand for put (sell) options rises, pushing the 25% delta skew above 6%. In bullish periods, this metric usually drops below -6%.

为了排除仅限利润市场的因素，查看比特币选项很有用。如果交易者期望进行更正，对（卖出）期权的需求会增加，将25％的三角洲偏差提高到6％以上。在看涨时期，该指标通常下降到-6％以下。

The current -6% options delta skew shows confidence in Bitcoin’s price, even though data over the past two weeks has ranged from neutral to slightly bullish. This indicates that whales and market makers are not especially concerned about repeated failures to break above the $105,000 barrier.

目前的-6％选项Delta偏斜显示了对比特币价格的信心，尽管过去两周的数据范围从中性到略微看涨。这表明鲸鱼和做市商并不特别担心反复的失败以超过105,000美元的障碍。

Some of the increased optimism, despite lower demand for leveraged bullish positions, comes from the $2.4 billion net inflows into US spot Bitcoin exchange-traded funds (ETFs) between May 1 and 15. Therefore, the drop in Bitcoin margin longs does not necessarily mean institutional traders are becoming bearish, especially when considering the BTC options markets.

尽管对杠杆看涨位置的需求较低，但乐观的一些增加来自5月1日至15日之间的24亿美元净流入美国现货比特币交易所交易基金（ETF）。

Although this data does not yet factor in any changes during the past two weeks, the fact that there are $6.8 billion in leveraged margin longs at Bitfinex alone shows professional traders remain highly optimistic about the price outlook.

尽管这些数据在过去两周内尚未考虑任何变化，但仅比特菲尼克斯（Bitfinex）的杠杆保证金渴望有68亿美元的事实表明，专业交易者对价格外观仍然非常乐观。