自BTC的歷史最高水平以來，比特幣開放興趣下降了35％，這表明市場動態變化

自從資產歷史最高水平以來，隨著下降壓力的持續，比特幣在期貨市場上的開放興趣下跌了35％。

Bitcoin (BTC) open interest in the futures market has slumped 35% since the asset’s all-time high (ATH), as the crypto faces difficulties reclaiming the $90,000 psychological level.

自從資產的歷史最高水平（ATH）以來，比特幣（BTC）在期貨市場上的開放興趣下跌了35％，因為加密貨幣面臨賠償90,000美元的心理水平的困難。

For context, Bitcoin has struggled to sustain gains after reaching an all-time high (ATH) of over $109,000 in January.

就上下文而言，比特幣在一月份達到歷史最高109,000美元以上的歷史高（ATH）之後一直在努力維持收益。

Despite the new all-time high, BTC has faced difficulties reclaiming the $90,000 psychological level, remaining stuck below it for nearly two weeks.

儘管歷史新高，BTC仍面臨著90,000美元的心理水平的困難，持續了將近兩個星期。

This downturn has sparked discussion over whether the current bull market has ended or if a new rally could push BTC to fresh highs.

這種低迷引發了人們對當前牛市是否已經結束的討論，或者新的集會是否可以將BTC推向新的高點。

Amid this uncertainty, recent data from Glassnode sheds light on major shifts in market conditions.

在這種不確定性之中，玻璃節的最新數據闡明了市場條件的重大變化。

One notable development is a sharp decline in Bitcoin open interest, which has fallen from $57 billion at Bitcoin’s ATH to $37 billion. This decline represents a staggering 35% drop.

一個值得注意的發展是比特幣開放興趣的急劇下降，該利息已從比特幣ATH的570億美元下降到370億美元。這種下降代表了驚人的35％。

This metric measures the total value of outstanding derivative contracts, suggesting a massive reduction in speculative trading and hedging activity.

該度量標準衡量未償還衍生合同的總價值，這表明投機交易和對沖活動大量減少。

What Does Bitcoin Open Interest Say About BTC?

比特幣開放興趣對BTC有何評價？

According to Glassnode, this crash in Bitcoin open interest is part of a broader liquidity on-chain.

根據GlassNode的說法，這次比特幣開放興趣的崩潰是鏈上流動性更廣泛的一部分。

This signals a strong risk-off sentiment among investors.

這標誌著投資者的強烈風險情緒。

Additionally, the unwinding of the cash-and-carry trade, which traders use to capitalize on the price differential between spot and futures markets, suggests a weakening long-side bias.

此外，交易者用來利用現金和期貨市場之間的價格差異的現金和交易貿易的放鬆表明，長期偏見會降低。

This is part of a broader shift in positioning, as evidenced by ETF outflows and CME futures closures, which are placing additional selling pressure on Bitcoin’s spot market.

這是ETF流出和CME期貨關閉所證明的位置更廣泛轉變的一部分，這在比特幣的現貨市場上施加了額外的銷售壓力。

However, it’s important to note that ETFs typically have lower liquidity compared to futures, which could amplify short-term volatility in the market.

但是，重要的是要注意，與期貨相比，ETF通常具有較低的流動性，這可能會擴大市場短期波動。

Another key on-chain metric highlighted by Glassnode is Hot Supply. This metric, which tracks BTC coins held for one week or less, has slid from 5.9% of circulating supply to just 2.8%. This marks a reduction of over 50% in the past three months.

玻璃節突出顯示的另一個關鍵的鏈公制是熱供應。該指標跟踪持有的BTC硬幣一周或更短的時間，從循環供應的5.9％滑到僅2.8％。這標誌著過去三個月中的50％以上。

The decline in Hot Supply signals that fewer newly acquired coins are being traded, ultimately decreasing the supply of liquid Bitcoin.

熱供應信號的下降表明，新收購的硬幣正在交易，最終減少了液體比特幣的供應。

Complementary to this trend, exchange inflows have also decreased significantly from 58,600 BTC per day to 26,900 BTC, showcasing a 54% reduction.

補充這種趨勢，交換流入也從每天的58,600 BTC顯著下降到26,900 BTC，顯示出54％的降低。

While lower inflows indicate less sell-side pressure, the decreased volume suggests weaker demand, as fewer coins are being moved to exchanges for trading activity.

雖然流入較低表示賣方壓力較小，但量減少表明需求較弱，因為將硬幣較少轉移到交易活動以進行交易活動。

Bitcoin’s Price Today, March 21

今天3月21日比特幣的價格

Currently, Bitcoin is trading at $85,225, attempting to maintain stability above the $85,000 support level.

目前，比特幣的交易價格為85,225美元，試圖將穩定性保持在85,000美元的支持水平以上。

A market commentator known as “Unknown Trader” points out that Bitcoin closed above $85,000, an important level needed to sustain upward momentum.

一位名為“未知交易者”的市場評論員指出，比特幣關閉了85,000美元以上，這是維持向上勢頭所需的重要水平。

The crypto analyst, who is followed by over 66,000 on X, also notes that the price closed above the daily 200-day moving average, which is historically a bullish signal.

這位加密分析師隨後在X上超過66,000，還指出，價格上漲了200天的每日移動平均水平，這在歷史上是看漲的信號。

According to the trader, Bitcoin is now retesting the $85,000 level. If it holds, he expects an upward move toward the $90,500-$92,441 resistance area.

根據交易員的數據，比特幣現在正在重新測試$ 85,000的水平。如果它成立，他預計將朝著90,500- $ 92,441的電阻區域上升。

However, once BTC reaches this level, the trader anticipates a rejection and a subsequent retest of the $85,000 area.

但是，一旦BTC達到這一水平，交易者預計將拒絕並隨後重新測試85,000美元的面積。

Meanwhile, CryptoQuant analyst Woominkyu highlights a potential accumulation phase by U.S. institutional investors.

同時，加密分析師Woominkyu強調了美國機構投資者的潛在積累階段。

The analyst notes that the 30-day EMA of the Coinbase Premium Index is attempting to cross above the 100-day EMA.

分析師指出，Coinbase Premium指數的30天EMA試圖超過100天EMA。

Similar crossovers in the past have typically been followed by surges in price, suggesting that whales and institutional players may be engaging in significant buying activity, which is pushing up the Coinbase Premium Index.

過去類似的跨界車通常會發生飆升，這表明鯨魚和機構參與者可能正在從事重大的購買活動，這推動了Coinbase Premium指數。

As explained by Woominkyu, a rising Coinbase Premium Index signifies stronger institutional buying pressure, as they prefer trading on Coinbase Pro due to its high liquidity and ability to handle large trades without impacting the market price.

正如Woominkyu所解釋的那樣，上升的Coinbase Premium指數表示更強大的機構購買壓力，因為他們更喜歡在Coinbase Pro上進行交易，因為它的流動性很高，並且能夠處理大型交易而不會影響市場價格。

If this trend persists, it could drive further upside in Bitcoin’s price, potentially extending the ongoing bull market rather than signaling its end.

如果這種趨勢持續存在，它可能會以比特幣的價格進一步上升，從而擴大了正在進行的牛市，而不是發出終結。