比特幣回升：交易員利用融資利率實現強勁反彈

隨著比特幣價格在選擇權到期前反彈，交易者透過建立多頭部位來利用負融資利率。這種飆升導致了地緣政治緊張局勢和即將到來的比特幣減半事件中的復甦。儘管存在拋售壓力的預期，但多頭頭寸的濃厚興趣和空頭頭寸的平倉顯著推動了價格反彈。

Bitcoin's Stellar Resurgence: Traders Seize Negative Funding Rates for a Robust Recovery

比特幣的強勁復甦：交易員抓住負融資利率實現強勁復甦

In a remarkable turn of events, Bitcoin (BTC), the world's leading cryptocurrency, underwent a momentary dip below $60,000 earlier today, only to rebound with vigor hours later. At press time, Bitcoin is trading 5% higher at approximately $65,000. This swift recovery has been fueled by a confluence of factors, including adept trading strategies and anticipation surrounding Bitcoin's upcoming halving event.

事態發生了引人注目的轉變，全球領先的加密貨幣比特幣 (BTC) 今天早些時候一度跌破 60,000 美元，但數小時後又強勁反彈。截至發稿時，比特幣交易價格上漲 5%，至約 65,000 美元。這種迅速復甦是由多種因素推動的，包括熟練的交易策略和對即將到來的比特幣減半事件的預期。

Options Expiry and Negative Funding Rates Create Opportunities

期權到期和負資金利率創造機會

Coinciding with the fourth Bitcoin halving event, today witnessed the expiration of over 21,845 BTC options, representing a notional value of $1.35 billion and a put-call ratio of $0.63. Market data from the Deribit exchange revealed a max pain point of $65,000, while many traders placed bets at a strike price of $60,000, indicating their belief in Bitcoin's continued selling pressure.

適逢第四次比特幣減半事件，今天有超過 21,845 個 BTC 選擇權到期，名義價值為 13.5 億美元，看跌期權與看漲期權比率為 0.63 美元。 Deribit 交易所的市場數據顯示，最大痛點為 65,000 美元，而許多交易者以 60,000 美元的執行價格下注，表明他們相信比特幣將持續面臨拋售壓力。

However, a decline in implied volatility across all major durations, primarily driven by a sharp drop in call option prices, suggested a shift in sentiment. Additionally, the halving expectations have not provided significant support to BTC's upward trajectory.

然而，主要由看漲期權價格大幅下跌推動，所有主要期限的隱含波動率均下降，表明市場情緒發生了轉變。此外，減半預期並沒有為比特幣的上漲軌跡提供重大支撐。

Despite these factors, as Bitcoin's price rebounded prior to options expiry, traders astutely capitalized on negative funding rates to initiate long positions, propelling the cryptocurrency's recovery. On-chain analyst IT Tech highlighted numerous instances of "short squeezes" occurring as Bitcoin surged over 4% to reach $65,000.

儘管有這些因素，隨著比特幣價格在選擇權到期前反彈，交易員精明地利用負資金利率建立多頭頭寸，推動加密貨幣的復甦。鏈上分析師 IT Tech 強調了當比特幣飆升超過 4% 達到 65,000 美元時發生的許多「空頭擠壓」實例。

Renowned analyst Skew observed a trend of liquidations among short positions and growing interest in long positions. Skew attributed the rebound to aggregate CVDs (cumulative value deltas) and Delta Spot, with significant volumes in perpetual contracts resulting from the unwinding of short positions.

著名分析師 Skew 觀察到空頭部位的清算趨勢以及多頭部位的興趣不斷增長。 Skew 將反彈歸因於總 CVD（累積價值 Delta）和 Delta Spot，由於空頭部位平倉，永續合約交易量顯著增加。

Halving Event and Price Expectations

減半事件和價格預期

The upcoming Bitcoin halving event, expected in 2024, will result in a significant supply shock, reducing the daily BTC production by 50%, from 900 to 450 coins. While the halving implementation is a major milestone, it may not immediately lead to a price rally. Bitcoin miners might liquidate their holdings to offset the loss of revenue from the halving, maintaining some selling pressure on Bitcoin.

預計 2024 年即將到來的比特幣減半將導致嚴重的供應衝擊，使 BTC 日產量減少 50%，從 900 個代幣減少到 450 個代幣。雖然減半的實施是一個重要的里程碑，但它可能不會立即導致價格上漲。比特幣礦商可能會清算其持有的資產，以抵消減半帶來的收入損失，從而維持比特幣的一定拋售壓力。

Historical trends suggest that Bitcoin tends to reach its peak in its Bull Market 518-546 days after the halving. If this pattern holds true, the next Bitcoin all-time high could potentially occur sometime between September and October 2025.

歷史趨勢表明，比特幣往往會在減半後 518-546 天的牛市中達到頂峰。如果這種模式成立，那麼比特幣的下一個歷史新高可能會出現在 2025 年 9 月至 10 月之間的某個時間。

Despite reaching its all-time high in March, Bitcoin is currently experiencing a pre-halving retracement. However, historical data indicates that Bitcoin's price is likely to gain in the 12 months following the halving event.

儘管比特幣在三月創下歷史新高，但目前正在經歷減半前的回調。然而，歷史數據表明，比特幣的價格可能會在減半事件後的 12 個月內上漲。

In conclusion, Bitcoin's recent recovery has demonstrated the resilience and adaptability of the cryptocurrency market. Traders have skillfully utilized negative funding rates to initiate long positions, while the upcoming halving event continues to generate anticipation and speculation. While Bitcoin's price may fluctuate in the short term, historical trends and fundamental factors suggest a promising long-term outlook for the world's leading digital asset.

綜上所述，比特幣近期的復甦證明了加密貨幣市場的彈性和適應性。交易員巧妙地利用負資金利率建立多頭頭寸，而即將到來的減半事件繼續引發預期和猜測。雖然比特幣的價格可能會在短期內波動，但歷史趨勢和基本面因素表明，世界領先的數位資產的長期前景充滿希望。