比特幣（BTC）市場進入主要去槓桿化週期

分析平台加密量表表明，比特幣（BTC）市場正在經歷一個主要的去槓桿化週期。

The Bitcoin (BTC) market is going through a major deleveraging cycle, according to analytical platform CryptoQuant.

根據分析平台隱式平台的數據，比特幣（BTC）市場正在經歷一個主要的去槓桿化週期。

The open interest of the market hit a new high of over $33 billion on the 17th of January and leverage levels rose to unforeseen heights. However, new political risks, especially related to the actions of the former U.S. President Donald Trump, led to concerns and prompted numerous business failures.

1月17日，市場的開放興趣達到了超過330億美元的新高點，利用水平上升至無法預見的高度。但是，新的政治風險，尤其是與前美國總統唐納德·特朗普的行動有關的新政治風險，引起了人們的關注，並引起了許多業務失敗。

As a result, more than ten billion dollars of open interest is now gone in just two months. The biggest fall was seen between February 20th and March 4th and it led to wiping out another $10 billion of leveraged investments. Market insiders believe that this is normal industrial cycle which is quite rational in the market. Reversals of this sort are crucial in setting the foundations to look forward to for stronger upwards move.

結果，現在僅兩個月內就消失了超過1000億美元的開放利息。最大的跌倒是在2月20日至3月4日之間的，這導致了另外100億美元的槓桿投資。市場內部人士認為，這是正常的工業周期，在市場上非常合理。這種逆轉對於設定希望提高向上移動的基礎至關重要。

This chart highlights such reset phases by identifying moments when the 90-day open interest change turns negative. Historically, each past deleveraging like this has provided good short-to medium-term opportunities.

該圖表通過確定90天的開放興趣變化變化負面的時刻來突出顯示這種重置階段。從歷史上看，像這樣的過去的每一次去百貨都為短期的中期機會提供了良好的機會。

In this regard, CryptoQuant highlighted this particular market reset by analyzing the 90-day change in open interest. Contemporarily, Bitcoin futures have opened with change of -14%, which experts refer to as the most drastic rate in quite a while. It has raised some concerns among the investors, yet it has also been viewed as the evidence that market speculation is finally being brought to its sane level.

在這方面，CryptoQuant通過分析開放興趣的90天變化來強調了這個特殊的市場重置。從同時發生的情況下，比特幣期貨的開放時間為-14％，專家在相當一段時間內將其稱為最急劇的速度。它在投資者中引起了一些擔憂，但也被視為證據表明市場猜測最終被帶到了理智水平。

According to analysts, the current deleveraging phase may well prove to be an optimal opportunity for short to medium term returns. Despite the fluctuation in the Bitcoin prices, people who invest in long-term believe in the product. With leverage decreased, BTC market will not sharply oscillate in the future as it has been doing lately. In the short-term perspective, it is support and resistance levels that are significant to traders for reviewing the bitcoin’s future course of movement.

根據分析師的說法，當前的去槓桿化階段很可能被證明是短期到中期回報的最佳機會。儘管比特幣價格波動，但長期投資於產品的人。隨著槓桿率的降低，BTC市場將來不會像最近一樣振盪。從短期的角度來看，它的支持和抵抗水平對交易者來說是重要的，可以審查比特幣的未來運動過程。

Analysing the current market in the context of the factors that affect it, one get the idea that it has both challenges and opportunities. Even though it may still be uncertain exactly what a short-term deleveraging entails for Bitcoin, it is commonly regarded as being necessary for the long-term sustainable development of Bitcoin. Currently the value of Bitcoin is important to predict whether it will experience a breakout or a breakdown, and traders are paying attention to it.

在影響它的因素的背景下分析當前市場，人們認為它既有挑戰又有機遇。即使可能仍然不確定比特幣的短期去槓桿化需要什麼，但通常認為這對於比特幣的長期可持續發展是必不可少的。目前，比特幣的價值對於預測它是否會出現突破或分解，而交易者正在關注它。