隨著芝商所達到歷史性里程碑，比特幣期貨交易達到前所未有的水平

全球最大、最具影響力的金融交易所之一——芝加哥商品交易所（CME），比特幣期貨交易量達到創紀錄的 131.5 億美元，達到了歷史性的里程碑。

The Chicago Mercantile Exchange (CME), a leading global financial exchange, has achieved a historic milestone with a record-breaking $13.15 billion in Bitcoin futures trading volume. This surge, driven by Bitcoin futures priced at $76,141, highlights the increasing institutional demand for exposure to Bitcoin in the financial markets, especially following Donald Trump's re-election.

全球領先的金融交易所芝加哥商品交易所（CME）實現了歷史性里程碑，比特幣期貨交易量達到創紀錄的 131.5 億美元。此次價格上漲是由價格為 76,141 美元的比特幣期貨推動的，凸顯了金融市場上機構對比特幣敞口的需求不斷增加，特別是在唐納德·川普連任之後。

Bitcoin Futures Trading Hits Unprecedented Levels

比特幣期貨交易達到前所未有的水平

比特幣期貨交易達到前所未有的水平

The CME's Bitcoin futures market has played a pivotal role in driving institutional adoption of cryptocurrencies. In 2024, CME's average daily trading volume for Bitcoin futures has surged to an impressive $4.56 billion, reflecting growing investor confidence in digital assets. This growth marks a notable increase in interest from institutional investors, especially when compared to the aftermath of the FTX collapse in November 2022, which saw heightened attention on regulated Bitcoin products.

芝商所的比特幣期貨市場在推動機構採用加密貨幣方面發揮了關鍵作用。 2024 年，CME 比特幣期貨日均交易量已飆升至令人印象深刻的 45.6 億美元，反映出投資者對數位資產的信心不斷增強。這一增長標誌著機構投資者的興趣顯著增加，特別是與 2022 年 11 月 FTX 崩盤之後相比，當時人們對受監管的比特幣產品的關注度更高。

Bitcoin futures are contracts that allow investors to speculate on the future price of Bitcoin without actually owning the underlying asset. The contract's value is derived from the price of Bitcoin, and traders can either buy or sell based on their predictions of Bitcoin's future price movements. Futures trading has become increasingly important for both hedging and price discovery in the broader crypto ecosystem. The spike in volume, particularly the $13.15 billion trading day, shows a significant shift toward institutional participation.

比特幣期貨是允許投資者在不實際擁有標的資產的情況下推測比特幣未來價格的合約。該合約的價值源自比特幣的價格，交易者可以根據對比特幣未來價格走勢的預測進行買入或賣出。期貨交易對於更廣泛的加密生態系統中的對沖和價格發現變得越來越重要。交易量的激增，特別是交易日交易量達到 131.5 億美元，顯示機構參與發生了重大轉變。

Institutional Investors Leading the Charge

機構投資人引領潮流

機構投資人引領潮流

One of the key factors behind CME's record-breaking trading volume is the rising interest from institutional investors. According to Vetle Lunde, head of research at K33 Research, the spread between Bitcoin's spot prices and futures contracts has seen a dramatic increase. On a single day, the difference grew from over 7% to more than 15%, signaling that large-scale investors are betting heavily on Bitcoin's future price movement.

芝商所交易量破紀錄的關鍵因素之一是機構投資人興趣的上升。 K33 Research 研究主管 Vetle Lunde 表示，比特幣現貨價格和期貨合約之間的價差急劇擴大。單日差距從超過 7% 擴大到超過 15%，顯示大額投資者正在大力押注比特幣未來的價格走勢。

This trend indicates that institutional players are increasingly using CME's Bitcoin futures contracts to gain exposure to Bitcoin without the need to directly buy and store the cryptocurrency. With the institutional class now more involved in crypto, there is a marked shift toward regulated financial products, which offer both transparency and liquidity. As these institutions enter the market, their participation adds legitimacy to the cryptocurrency space and brings greater stability to the volatile market.

這一趨勢表明，機構參與者越來越多地使用芝商所的比特幣期貨合約來獲得比特幣敞口，而無需直接購買和儲存加密貨幣。隨著機構階層現在更多地參與加密貨幣，人們明顯轉向受監管的金融產品，這些產品既提供透明度又提供流動性。隨著這些機構進入市場，他們的參與增加了加密貨幣領域的合法性，並為動盪的市場帶來了更大的穩定性。

In particular, CME's Bitcoin futures provide a regulated platform that appeals to traditional investors who are wary of the risks associated with unregulated exchanges and direct cryptocurrency ownership. Futures contracts offer an opportunity to hedge positions or speculate without the complexities of securing private keys or managing wallet infrastructure, making them an attractive option for large institutions.

特別是，芝商所的比特幣期貨提供了一個受監管的平台，吸引了對不受監管的交易所和直接加密貨幣所有權相關風險保持警惕的傳統投資者。期貨合約提供了對沖頭寸或投機的機會，而無需保護私鑰或管理錢包基礎設施的複雜性，這使其成為大型機構的有吸引力的選擇。

Regulatory Environment and Trump's Impact

監管環境和川普的影響

監管環境和川普的影響

Another important factor in this growth is the shift in regulatory expectations following Donald Trump's re-election. Many market analysts believe that Trump's pro-business stance, particularly his promise to ease cryptocurrency regulations, has created a more favorable climate for Bitcoin and other digital assets. In the post-election period, Bitcoin's price has surged past $75,000, fueling optimism among investors who anticipate a less restrictive regulatory environment.

這一增長的另一個重要因素是唐納德·川普連任後監管預期的轉變。許多市場分析師認為，川普的親商業立場，特別是他承諾放鬆加密貨幣監管，為比特幣和其他數位資產創造了更有利的環境。在選舉後時期，比特幣的價格飆升至 75,000 美元以上，這激發了投資者的樂觀情緒，他們預計監管環境的限制將減少。

Experts, such as Michael Safai, co-founder of Dexterity Capital, believe that this regulatory flexibility will not only attract more institutional investors but also create a broader market environment where Bitcoin can flourish. The promise of minimal government intervention and regulatory clarity under Trump's administration is particularly appealing to cryptocurrency investors who have historically faced regulatory uncertainty.

Dexterity Capital聯合創辦人Michael Safai等專家認為，這種監管彈性不僅會吸引更多機構投資者，還會為比特幣蓬勃發展創造更廣闊的市場環境。川普政府承諾的最小政府乾預和監管明確性對於歷來面臨監管不確定性的加密貨幣投資者特別有吸引力。

Bitcoin Price Projections and the Road Ahead

比特幣價格預測與未來之路

比特幣價格預測與未來之路

As Bitcoin continues to soar to new all-time highs, predictions for its future price remain optimistic. Many market observers are now anticipating Bitcoin prices could exceed $80,000 in the near term. The growth in Bitcoin futures trading volume is a clear indication that investors are positioning themselves for future gains. Additionally, as the market matures, CME's dominance in Bitcoin futures is likely to continue, further establishing its role in the price discovery process.

隨著比特幣繼續飆升至歷史新高，對其未來價格的預測仍然樂觀。許多市場觀察家現在預計比特幣價格在短期內可能會超過 8 萬美元。比特幣期貨交易量的成長清楚地表明投資者正在為未來的收益做好準備。此外，隨著市場的成熟，芝商所在比特幣期貨中的主導地位可能會持續下去，進一步確立其在價格發現過程中的作用。