比特幣（BTC）開放興趣下降至8月以來的最低水平

根據GlassNode的數據，比特幣（BTC）開放興趣（OI）已下降到8月以來的最低水平，目前為413,000 BTC（360億美元）。 OI代表分配在未償還期貨合約中的總資金，有效地衡量了比特幣系統中的槓桿率。

Bitcoin (BTC) open interest (OI) has fallen to its lowest level since August, currently standing at 413,000 BTC ($36 billion), according to Glassnode data.

根據GlassNode的數據，比特幣（BTC）開放興趣（OI）已下降到8月以來的最低水平，目前為413,000 BTC（360億美元）。

Open interest (OI) represents the total funds allocated in outstanding futures contracts, which can be used to measure the amount of leverage in the bitcoin system. Since these contracts are denominated in dollars, their value fluctuates with bitcoin’s price. To provide a more stable measure, we assess open interest in bitcoin terms, eliminating price-based distortions.

開放利息（OI）代表已發行期貨合約中分配的總資金，可用於衡量比特幣系統中的槓桿率。由於這些合同以美元計價，因此其價值隨比特幣的價格波動。為了提供更穩定的措施，我們以比特幣術語評估開放興趣，從而消除了基於價格的扭曲。

Glassnode data shows that since November, bitcoin open interest has dropped from 546,000 BTC to 413,000 BTC across all exchanges. A significant portion of this decline can be attributed to the unwinding of CME open interest, particularly in the basis trade. Meanwhile, bitcoin dropped from $109,000 to $78,000 and then recovered to $90,000. This would assume that a large part of this recent run-up has been spot-driven rather than leverage-driven.

玻璃節數據顯示，自11月以來，所有交易所的比特幣開放興趣已從546,000 BTC下降到413,000 BTC。這種下降的很大一部分可以歸因於CME開放興趣的放鬆，尤其是在基礎貿易中。同時，比特幣從109,000美元降至78,000美元，然後恢復到90,000美元。這將假設最近的大部分升級是集中驅動的，而不是槓桿驅動的。

Additionally, Binance—the second-largest exchange by OI—has seen its OI drop to a 12-month low of just over 100,000 BTC, indicating that leverage has been significantly reduced from a retail perspective. This decline reflects a sharp reduction in speculative activity, driven by bitcoin’s extreme price volatility over the past few months.

此外，Binance是OI的第二大交易所，它的OI降至12個月以上的12個月低點超過100,000 BTC，這表明從零售的角度來看，槓桿已大大降低。這種下降反映了投機活動的急劇下降，這是由於比特幣在過去幾個月中的極端價格波動所驅動的。

Furthermore, open interest as a percentage of bitcoin’s market cap has fallen below 2% for the first time since February 2024. This metric provides valuable context for the relative scale of speculation in bitcoin futures markets.

此外，自2024年2月以來，開放興趣是比特幣市值的百分比首次下跌2％。該指標為比特幣期貨市場的相對投機規模提供了寶貴的背景。