比特幣持倉量近期再創新高

數據顯示，比特幣持倉量已再創歷史新高（ATH），顯示比特幣可能會出現更大的波動。

The metric, which shows the total amount of derivatives positions related to BTC that are currently open on all exchanges, hit a fresh high recently.

該指標顯示目前所有交易所未平倉的與比特幣相關的衍生性商品部位總量，最近創下新高。

When the value of this indicator goes up, it means the derivatives users are opening up fresh positions on the market. Generally, the overall leverage in the sector rises when this happens, so an increase in the Open Interest can lead to more volatility in the asset’s price.

當該指標的數值上升時，意味著衍生性商品用戶正在市場上建立新的部位。一般來說，當這種情況發生時，該行業的整體槓桿率會上升，因此未平倉量的增加可能會導致資產價格的更大波動。

On the other hand, the metric registering a decline suggests the investors either are closing positions of their own will or are getting liquidated by their platform. The cryptocurrency may become more stable following this trend, due to the reduced leverage.

另一方面，記錄下降的指標顯示投資者要麼自願平倉，要麼被平台清算。由於槓桿率降低，隨著這一趨勢，加密貨幣可能會變得更加穩定。

Now, here is a chart that shows the trend in the Bitcoin Open Interest over the last few months:

現在，下面的圖表顯示了過去幾個月比特幣未平倉合約的趨勢：

As displayed in the above graph, the Bitcoin Open Interest has been following an uptrend over the last few months, but recently, the indicator’s rise has been particularly sharp.

如上圖所示，比特幣持倉量在過去幾個月一直呈上升趨勢，但最近該指標的上漲尤其急劇。

This rapid growth in the indicator, in which it has been setting record after record, has coincided with BTC’s explosive rally to new all-time highs (ATHs). The development isn’t anything unusual, as periods of sharp price action tend to attract a lot of attention, and with such interest naturally comes speculation on exchanges.

該指標的快速增長，創下了一個又一個的紀錄，恰逢 BTC 爆炸性地上漲至新的歷史高點 (ATH)。這種發展並不罕見，因為價格劇烈波動的時期往往會吸引大量關注，而有了這種興趣自然就會出現對交易所的投機行為。

The scale of the increase that the indicator has seen, however, could be something concerning. Historically, whenever the Open Interest has risen too high, a mass liquidation event (popularly known as a squeeze) has generally followed. In such events, a swing in the price liquidates a large amount of overleveraged positions at once, kicking off a sort of feedback cycle where the liquidations amplify the price move and cause even more liquidations.

然而，該指標的成長幅度可能令人擔憂。從歷史上看，每當未平倉合約上漲過高時，通常都會發生大規模清算事件（通常稱為擠壓）。在這種情況下，價格波動會立即清算大量過度槓桿化的頭寸，從而啟動一種反饋循環，清算會放大價格變動並導致更多清算。

In theory, the volatility emerging out of a squeeze can take the cryptocurrency in either direction, but in bullish periods, an overheated derivatives market usually unravels in a correction for BTC, as long positions tend to accumulate when the price rallies.

從理論上講，擠壓產生的波動性可以使加密貨幣朝任一方向發展，但在看漲時期，過熱的衍生品市場通常會在BTC 的調整中瓦解，因為當價格上漲時，多頭頭寸往往會積累。

During the last few days, the Open Interest had seen a bit off a cooldown, but it seems speculators have returned to start the new week as the metric has just witnessed another leg up. It now remains to be seen how Bitcoin would develop in the coming days and if another squeeze would take place.

在過去的幾天裡，未平倉合約略有降溫，但投機者似乎已經回歸，開始新的一周，因為該指標剛剛再次上漲。現在，比特幣在未來幾天將如何發展以及是否會發生另一次擠壓還有待觀察。

BTC Price

比特幣價格

At the time of writing, Bitcoin is trading at around $90,500, up almost 10% over the last week.

截至撰寫本文時，比特幣交易價格約為 90,500 美元，較上週上漲近 10%。