比特幣（BTC）融資利率飆升，顯示市場過熱且可能即將出現調整

比特幣價格本週從上週的水平開始回升，在過去 7 天的時間裡連續創下歷史新高。

Bitcoin price picked up this week from where it left off in the previous week, forging successive all-time highs in the past seven-day span. Over the last few days, the big question on everyone’s mind has been — when will the premier cryptocurrency surpass the $100,000 level?

比特幣價格本週從上週的水平開始回升，在過去 7 天的時間裡連續創下歷史新高。在過去的幾天裡，每個人都在思考的一個大問題是——頂級加密貨幣何時會突破 10 萬美元的水平？

While most investors are preoccupied with a short-term target, some market participants are more concerned about the long-term prospects of the world’s largest cryptocurrency. According to the latest on-chain data, it appears that the price of Bitcoin could see a shakeout sooner than expected.

雖然大多數投資者專注於短期目標，但一些市場參與者更關心全球最大加密貨幣的長期前景。根據最新的鏈上數據，比特幣的價格似乎可能會比預期更早出現震盪。

Will The Rising Bullish Sentiment Sustain The Rally?

不斷上升的看漲情緒會維持漲勢嗎？

According to market intelligence platform IntoTheBlock, the Bitcoin funding rates have witnessed a notable upswing in recent days. The relevant indicator here is the “funding rate” metric, which tracks the periodic fee exchanged between traders in the derivatives (perpetual futures) market.

根據市場情報平台 IntoTheBlock 的數據，比特幣資金費率最近幾天出現顯著上升。這裡的相關指標是「資金費率」指標，它追蹤衍生性商品（永續期貨）市場中交易者之間交換的定期費用。

When the funding rate is high or positive, it implies that the long traders are paying traders with short positions. Typically, this direction of the periodic payment suggests a strong bullish sentiment in the market.

當資金費率較高或為正值時，這表示多頭交易者正在向空頭交易者付款。通常，定期付款的這種方向表明市場上有強烈的看漲情緒。

On the other hand, a negative value of the funding rate metric means that investors with short positions are paying traders with buy positions in the derivatives market. This trend suggests that the market is shrouded by a bearish sentiment.

另一方面，資金利率指標為負值意味著持有空頭部位的投資者正在向衍生性商品市場買入部位​​的交易者付款。這一趨勢顯示市場被看跌情緒所籠罩。

Data from IntoTheBlock shows that the Bitcoin funding fees for perpetual swaps have increased by more than 10% — and up to 20% on major trading platforms. However, the on-chain firm noted that this continuous funding rate growth could hint at speculative overheating, potentially resulting in market corrections.

IntoTheBlock 的數據顯示，永續合約的比特幣融資費用上漲了 10% 以上，在主要交易平台上上漲幅度高達 20%。然而，這家鏈上公司指出，資金費率的持續成長可能暗示投機過熱，可能導致市場調整。

According to IntoTheBlock, one of the possible catalysts of this bullish sentiment is the United States government’s approach to crypto under Donald Trump. With the “strategic Bitcoin reserves” more of a possibility under the incoming US president, investors are banking on Bitcoin surpassing a six-figure valuation.

據 IntoTheBlock 稱，這種看漲情緒的可能催化劑之一是唐納德·川普領導下的美國政府對加密貨幣的態度。在即將上任的美國總統領導下，「戰略比特幣儲備」的可能性更大，投資者寄望比特幣的估值超過六位數。

As of this writing, the flagship cryptocurrency is valued at around $98,400, reflecting a 1% increase in the past 24 hours.

截至本文撰寫時，旗艦加密貨幣的價值約為 98,400 美元，過去 24 小時內上漲了 1%。

Bitcoin Perpetual Futures Market Remains Restrained — What It Means

比特幣永續期貨市場仍然受到限制——這意味著什麼

In a recent post on the X platform, Glassnode revealed that the Bitcoin perpetual futures market “remains restrained.” This suggests that several traders are still approaching the market with caution despite the steady price climb of BTC in recent weeks.

Glassnode 最近在 X 平台上發表的一篇文章中透露，比特幣永續期貨市場「仍然受到限制」。這表明，儘管比特幣價格在近幾週穩步攀升，但一些交易員仍持謹慎態度進入市場。

Data from Glassnode shows that the Bitcoin funding rates are just above 0.01%, which falls short of the March 2024 level (~0.07%) when the BTC price reached a local top. Ultimately, this suggests that there is still room for growth in the value of the premier cryptocurrency.

Glassnode 的數據顯示，比特幣融資利率略高於 0.01%，低於 2024 年 3 月 BTC 價格達到局部頂部時的水平（約 0.07%）。最終，這表明主要加密貨幣的價值仍有成長空間。