比特幣期貨市場經歷重大重置，開放興趣下降了14％

比特幣期貨市場最近幾周經歷了重大的重置，而交易量開始反彈，開放興趣急劇下降。

Bitcoin futures saw a major reset in recent weeks as open interest dropped sharply while trading volumes began to recover. This shift in market dynamics comes after BTC reached all-time highs in mid-January.

比特幣期貨在最近幾週重置，因為交易量開始恢復時，開放興趣急劇下降。在1月中旬，BTC達到歷史最高點之後，市場動態的這種轉變。

Bitcoin futures saw $10 billion wiped off open interest in just three weeks, according to CryptoQuant. This portion of market depth fell from February 20 to March 4.

據CryptoQuant稱，比特幣期貨在短短三週內就消失了100億美元。從2月20日到3月4日，市場深度的這一部分下降。

The portion of 90-day change in open interest fell by 14% to multiple lows not seen since November 2024. This portion of market breadth fell sharply after rising quickly during January’s market highs.

自2024年11月以來，開放利息的90天變化的一部分下降了14％，從未見過的多個低點。在一月份的市場高點上很快上升後，這部分市場廣度急劇下降。

The period of rapid deleveraging follows Bitcoin futures open interest reaching a record high of over $33 billion on January 17. This peak coincided with Bitcoin’s price hitting its current all-time high, suggesting the market had become heavily leveraged.

1月17日，比特幣期貨的開放興趣達到了創紀錄的330億美元以上的創紀錄的速度，這一峰值與比特幣的價格達到了目前的歷史最高水平相吻合，這表明市場已經大大利用了這一高峰。

Chart of Bitcoin futures volume on major exchanges. Credit: Glassnode

主要交易所比特幣期貨量的圖表。學分：玻璃節

Bitcoin futures saw a 32% increase in recent weeks as trading activity picked up.

隨著交易活動的增加，比特幣期貨在最近幾週增加了32％。

This portion of market liquidity rose from late February to mid-March, according to Glassnode data. At present, Bitcoin futures trading volume is $57 billion.

根據GlassNode的數據，這部分市場流動性從2月下旬到3月中旬上升。目前，比特幣期貨交易量為570億美元。

This marks a rebound from the lows seen in February, which followed December’s peak at $74 billion. Despite this recovery, current volumes remain relatively low.

這標誌著2月份的低點反彈，此後12月的峰值為740億美元。儘管恢復了這種恢復，但目前的量仍然相對較低。

Binance dominates the futures trading landscape with over $18 billion in volume. Other major exchanges like Bitget, OKX, and Bybit also hold large shares of the market with $10.23 billion, $8.37 billion, and $7.18 billion respectively.

Binance以超過180億美元的數量佔據了期貨交易格局。其他主要交易所（例如Bitget，OKX和Bybit）也以102.3億美元，83.7億美元和71.8億美元的價格持有大型市場股票。

The long/short ratio on Bitcoin derivatives is currently neutral to slightly bearish at 0.988 overall. Breaking this down by exchange reveals more bullish sentiment on platforms like Binance and OKX, which show ratios of 2.16 and 2.43 respectively.

比特幣衍生物的長/短比目前是中性的，總比率為0.988。通過Exchange打破這一點，可以在Binance和OKX等平台上表現出更多看漲的情感，分別顯示為2.16和2.43。

This mixed sentiment suggests traders remain divided about Bitcoin’s short-term price direction. The current balance between bullish and bearish positions could lead to price volatility in either direction.

這種混合情緒表明，交易者對比特幣的短期價格方向保持了分歧。目前看漲和看跌位置之間的平衡可能會導致在任一方向上的價格波動。

ETH and SOL Derivatives Market

ETH和SOL衍生品市場

While Bitcoin futures have seen increased activity, Ethereum and Solana derivatives markets tell a different story. Ethereum’s futures volume stands at $28 billion, remaining almost unchanged in recent weeks.

儘管比特幣期貨的活動增加了，但以太坊和索拉納衍生物市場講述了一個不同的故事。以太坊的期貨數量為280億美元，最近幾週幾乎保持不變。

This flat performance for Ethereum derivatives comes despite similar downward price action across major cryptocurrencies. It suggests traders may be more hesitant about Ethereum’s near-term prospects compared to Bitcoin.

儘管主要的加密貨幣之間的下降價格行動相似，但以太坊衍生品的這種平穩性能。這表明，與比特幣相比，交易者可能對以太坊的近期前景更加猶豫。

Solana has experienced even less futures market interest. Its futures volume currently sits at $8.7 billion, marking a 29% decrease from its year-to-date high of $12.2 billion.

Solana經歷了更少的期貨市場興趣。目前，其期貨銷量為87億美元，比其年僅122億美元的年齡降低了29％。

The decline in Solana futures activity coincides with negative sentiment caused by several high-profile meme coin failures on the network. This has dampened trader enthusiasm for taking leveraged positions in the asset.

Solana期貨活動的下降與網絡上幾個備受矚目的模因硬幣失敗引起的負面情緒相吻合。這使交易者在資產中擔任槓桿頭寸的熱情抑制了熱情。

Stablecoin reserves across derivatives exchanges are increasing according to CryptoQuant. These reserves have even surpassed those on spot markets, suggesting more capital is being positioned for derivatives trading.

根據加密量，跨衍生物交換的穩定儲備正在增加。這些儲量甚至超過了現貨市場上的儲量，這表明正在為衍生品交易定位更多的資本。

Despite this increase in stablecoin supply since November 2024, analysts note this has not translated into market benefits. One CryptoQuant contributor described spot markets as suffering a “demand crisis.”

儘管自2024年11月以來，分析師供應量增加了，但分析師指出，這並未轉化為市場收益。一位加密貢獻者將現場市場描述為“需求危機”。

Historical data suggests the recent deleveraging may create favorable conditions for Bitcoin. Past events with similar characteristics have provided “good opportunities for the short to medium term,” according to analysis from CryptoQuant.

歷史數據表明，最近的去槓桿化可能會給比特幣創造有利的條件。 CryptoQuant的分析顯示，過去具有相似特徵的事件為“短期到中期的機會”提供了“良好的機會”。