比特幣期貨持倉量破紀錄，引發市場狂潮

中心化交易所的比特幣期貨未平倉合約已達到創紀錄的 380 億美元，顯示交易活動增加，交易者情緒增加。自 2024 年 1 月以來，未平倉合約增加了一倍多，同時比特幣價格飆升至 70,000 美元。以太坊期貨也經歷了顯著成長，在價格上漲至 3,500 美元的推動下，未平倉合約增加至 138 億美元。比特幣現貨交易所交易基金（ETF）的推出進一步提振了市場情緒，資金流入超過120億美元。儘管破產公司清算等挑戰對 GBTC 產生了影響，但整體前景仍然樂觀，市場動態預計將趨於穩定。

Bitcoin Futures Open Interest Surges to Record High, Signaling Booming Market Activity

比特幣期貨持倉量飆升至歷史新高，顯示市場活動蓬勃發展

The open interest in Bitcoin futures traded on centralized exchanges has achieved a historic peak, reaching an unprecedented $38 billion on Friday, as per data from CoinGlass. This milestone signifies a substantial surge in trading activities revolving around the flagship cryptocurrency.

根據 CoinGlass 的數據，中心化交易所交易的比特幣期貨未平倉部位已達到歷史最高點，週五達到前所未有的 380 億美元。這一里程碑標誌著圍繞旗艦加密貨幣的交易活動大幅增加。

Bitcoin Futures Open Interest Growth Surges in 2024

2024 年比特幣期貨未平倉量大幅成長

Since the commencement of 2024, the daily Bitcoin futures open interest has witnessed a pronounced upswing, more than doubling from its value of approximately $17.2 billion on January 1st this year. This growth has paralleled a notable increase in Bitcoin's price, which has climbed to $70,000, representing a year-to-date increase of 66%. The record-high open interest reflects heightened trader and investor sentiment driving increased activity in the Bitcoin market.

自 2024 年開始以來，每日比特幣期貨未平倉合約大幅上升，較今年 1 月 1 日約 172 億美元的價值增加了一倍多。這一增長與比特幣價格的顯著上漲同步，比特幣價格已攀升至 7 萬美元，今年迄今上漲了 66%。創紀錄的未平倉合約反映出交易者和投資者情緒高漲，推動了比特幣市場活動的增加。

Open interest serves as a quantifiable measure of the total outstanding value of Bitcoin futures contracts, providing an indication of market vitality. In March, the monthly volume surpassed $2.3 trillion across various exchanges, the highest since May 2021. Such figures indicate an escalating level of enthusiasm and involvement in Bitcoin futures trading.

未平倉合約是比特幣期貨合約總未償價值的量化指標，可反映市場活力。 3 月份，各交易所的月交易量超過 2.3 兆美元，為 2021 年 5 月以來的最高水準。這些數字顯示人們對比特幣期貨交易的熱情和參與程度不斷上升。

Ether Futures Also See Significant Gains Amid Rally

以太坊期貨在反彈中也大幅上漲

Trailing closely behind Bitcoin, Ether futures have also experienced considerable growth. Their total open interest has reached an impressive $13.8 billion, marking an increase of almost 90% since the start of this year. Simultaneously, the price of Ether has climbed to $3,500, representing a year-to-date gain of over 53%.

緊接著比特幣之後，以太坊期貨也經歷了可觀的成長。他們的未平倉合約總額已達到令人印象深刻的 138 億美元，自今年年初以來增長了近 90%。同時，以太幣的價格已攀升至 3,500 美元，年初至今漲幅超過 53%。

Positive Market Sentiment Bolstered by Bitcoin Spot ETFs

比特幣現貨 ETF 提振了積極的市場情緒

The launch of Bitcoin spot exchange-traded funds (ETFs) by industry behemoths like BlackRock has further fueled the positive market sentiment. These spot BTC ETFs have attracted over $12 billion in inflows, exerting a favorable impact on market dynamics.

貝萊德等行業巨頭推出的比特幣現貨交易所交易基金（ETF）進一步推動了積極的市場情緒。這些現貨BTC ETF吸引了超過120億美元的資金流入，對市場動態產生了有利影響。

Challenges in the Market

市場挑戰

Despite the overall bullish outlook, there are some challenges in the market. For instance, Grayscale's spot BTC ETF, GBTC, has experienced substantial outflows, highlighting liquidity constraints faced by stressed entities such as Gemini and Genesis. These outflows, partly attributed to liquidations by bankrupt firms, emphasize the complexities of the market.

儘管整體前景看好，但市場仍存在一些挑戰。例如，Grayscale 的現貨 BTC ETF GBTC 經歷了大量資金外流，凸顯了 Gemini 和 Genesis 等壓力較大的實體所面臨的流動性限制。這些資金外流部分歸因於破產公司的清算，凸顯了市場的複雜性。

Outlook Remains Positive Despite Challenges

儘管面臨挑戰，前景仍然樂觀

Notwithstanding these challenges, the outlook remains optimistic, with traditional finance firms observing a temporary pause in activities over the long weekend, which could potentially stabilize the outflows from GBTC. The market is expected to continue its recovery as confidence and liquidity return.

儘管有這些挑戰，前景仍然樂觀，傳統金融公司觀察到長週末活動暫時暫停，這可能會穩定 GBTC 的資金流出。隨著信心和流動性的恢復，市場預計將繼續復甦。

Conclusion

結論

The persistent growth in Bitcoin futures open interest and the rise of Ether futures reflect a vibrant and expanding Bitcoin market. The launch of spot BTC ETFs has further boosted sentiment, attracting new investors and providing more accessible ways to gain exposure to cryptocurrencies. While challenges exist, the long-term outlook for Bitcoin and the wider cryptocurrency market remains positive, with ongoing developments and institutional adoption driving its growth and adoption.

比特幣期貨持倉量的持續成長和以太坊期貨的崛起反映了比特幣市場的活躍和不斷擴大。現貨 BTC ETF 的推出進一步提振了市場情緒，吸引了新投資者，並提供了更容易獲得加密貨幣投資的方式。儘管存在挑戰，但比特幣和更廣泛的加密貨幣市場的長期前景仍然樂觀，持續的發展和機構採用推動了其成長和採用。