New Research說，比特幣（BTC）交流正在獲得一個關鍵的“去槓桿化事件”，這應該塑造未來的收益。

New Research說，比特幣（BTC）交流正在獲得一個關鍵的“去槓桿化事件”，這應該塑造未來的收益。

CryptoQuant researchers are examining the implications of a “deleveraging event” which hit Bitcoin (BTC) exchanges last month.

加密的研究人員正在研究上個月打擊比特幣（BTC）交流的“去槓桿化事件”的含義。

In one of its “Quicktake” blog posts on March 17, onchain analytics platform CryptoQuant revealed a $10 billion capitulation on Bitcoin futures markets.

在3月17日的“ QuickTake”博客文章之一中，OnChain Analytics平台CryptoQuant透露了比特幣期貨市場的100億美元投降。

Bitcoin sees ‘essential’ event for BTC price rebound

比特幣看到BTC價格反彈的“基本”事件

Bitcoin derivatives traders flipped firmly risk-off after BTC/USD hit its current all-time highs in mid-January.

BTC/USD在1月中旬達到了目前的歷史最高點之後，比特幣衍生品交易員會牢固地冒險。

CryptoQuant, which uses data from various major crypto exchanges, calculates that aggregate open interest (OI) fell by $10 billion in just three weeks from Feb. 20 through March 4.

使用來自各種主要加密交易所的數據的CryptoQuant計算出，從2月20日到3月4日，在短短三週內，開放利息（OI）匯總了100億美元。

“On January 17th, Bitcoin’s open interest reached an all-time high of over $33B, indicating that leverage in the market had never been this high,” contributor Darkfost writes.

撰稿人Darkfost寫道：“ 1月17日，比特幣的開放興趣達到了33B美元以上的歷史最高點，這表明市場上的槓桿率從未如此之高。”

The drop, he argues, “can be considered as a natural market reset, an essential phase for sustaining a bullish continuation.”

他認為，“可以被視為自然市場的重置，這是維持看漲持續的重要階段。”

Bitcoin futures OI data for top exchanges. Source: CryptoQuant

比特幣期貨oi數據用於頂級交換。資料來源：加密

An accompanying chart shows the 90-day rolling change in aggregate OI, highlighting the severity of the market’s U-turn following the all-time highs.

隨附的圖表顯示了總OI的90天滾動變化，強調了在歷史高潮之後市場掉頭的嚴重性。

“Currently, the 90-day change in Bitcoin futures open interest has dropped sharply and now sitting at -14%,” Darkfost concludes.

Darkfost總結說：“目前，比特幣期貨的90天變化開放興趣急劇下降，現在佔-14％。”

Crypto ‘demand crisis’ emerges

加密“需求危機”出現

Continuing, fellow CryptoQuant contributor Kriptolik eyed increasingly active derivatives markets overall since November 2024.

自2024年11月以來，持續的加密貢獻者Kriptolik的總體衍生品市場越來越活躍。

Related: Peak ‘FUD’ hints at $70K floor — 5 Things to know in Bitcoin this week

相關：高峰“ FUD”提示為$ 70K的樓層 - 本週在比特幣中知道的5件事

Stablecoin reserves across derivatives exchanges are increasing, he revealed this week, even surpassing spot markets. This, however, is no recipe for price upside.

他本週透露，跨衍生品交易所之間的Stablecoin儲備在增加，甚至超過現貨市場。但是，這不是價格上漲的秘訣。

“When we analyze the volume and circulation of stablecoins, which act as fuel in the market, we see that despite a rapid increase in total stablecoin supply since November 2024, this has not necessarily benefited the market or investors significantly,” another blog post explains.

另一位博客文章解釋說：“當我們分析穩定劑的數量和流通（在市場上充當燃料）時，我們看到，儘管自2024年11月以來，穩定的穩態供應量迅速增加，但這並不一定使市場或投資者受益匪淺。”

Kriptolik described spot markets as suffering a “demand crisis.”

克里普托里克（Kriptolik）將現場市場描述為“需求危機”。

“Until this distribution normalizes, avoiding high-leverage (high-risk) trades may be the most prudent approach,” he added.

他補充說：“直到這種分配正常化為止，避免高槓桿（高風險）交易可能是最謹慎的方法。”

Exchange stablecoin reserves (screenshot). Source: CryptoQuant

Exchange stablecoin儲備金（屏幕快照）。資料來源：加密

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

本文不包含投資建議或建議。每個投資和交易舉動都涉及風險，讀者在做出決定時應進行自己的研究。