r交易所日益凸顯輸出：標題：2024年加密貨幣市場的核心驅動力

2024年，加密貨幣市場經歷復甦與結構轉型，總市值突破3.8兆美元

of major exchanges have gradually stabilized. Among them, Binance ranks first with a Trustpilot score of 4.2, indicating a good overall user reputation. OKX follows closely with a score of 3.9, also maintaining a positive user reputation. In contrast, Bybit's Trustpilot score is 2.6, indicating a lower overall user satisfaction rating. This divergence in reputation is closely related to each platform's user service capabilities, handling of user complaints, and overall platform governance. A higher score signifies greater user satisfaction and trust in the platform.

各大交易所逐漸穩定。其中，幣安以Trustpilot得分4.2排名第一，整體用戶口碑良好。 OKX 緊隨其後，得分為 3.9，也保持著良好的用戶聲譽。相比之下，Bybit 的 Trustpilot 得分為 2.6，顯示用戶整體滿意度較低。這種聲譽的差異與各平台的使用者服務能力、使用者投訴的處理以及整體平台治理密切相關。分數越高代表使用者對平台的滿意度和信任度越高。

Security Transparency Performance

安全 透明 性能

Major exchanges have made continuous efforts to enhance their asset transparency and security measures, aiming to build a safer and more trustworthy trading environment for users. Among them, OKX takes the lead with a DefiLlama net capital inflow of $4.602 billion, an asset clean ratio of 99.5%, and a total asset scale of $28.86 billion. These data indicate that the platform has maintained a high level of capital safety throughout 2🧃4, with a net capital inflow that ranks among the highest in the industry. Moreover, the platform's assets are largely unencumbered or unborrowed, reflecting a strong ability to withstand risks and maintain platform liquidity.

各大交易所不斷努力提升資產透明度和安全措施，旨在為用戶打造更安全、更值得信賴的交易環境。其中，OKX以DefiLlama資本淨流入46.02億美元、資產乾淨率99.5%、總資產規模288.6億美元領先。這些數據表明，整個2🧃4平台資金安全水準維持在較高水平，資金淨流入位居產業前列。而且，平台資產基本上是無抵押、無借用，體現了較強的抵禦風險和維持平台流動性的能力。

After a year of market turbulence and adjustment, the cryptocurrency market has entered a new phase of development. In 2024, the total market capitalization of cryptocurrencies exceeded $3.8 trillion, a year-on-year increase of 110%. Among them, the price of BTC broke the $100,000 mark this year, setting a new historical high. This is not only an important milestone in the development of the crypto market but also a year of the comprehensive rise of the derivatives market.

經過一年的市場動盪和調整，加密貨幣市場進入了新的發展階段。 2024年，加密貨幣總市值突破3.8兆美元，年增110%。其中，BTC價格今年突破10萬美元大關，創下歷史新高。這不僅是加密貨幣市場發展的重要里程碑，也是衍生性商品市場全面崛起的一年。

Multiple favorable factors in the industry contributed to this "milestone" data. In January, the SEC approved the listing of 11 Bitcoin spot ETFs, including products from asset management giants like BlackRock and Fidelity Investments. In July of the same year, the approval of Ethereum spot ETFs further enriched investors' choices and injected more liquidity into the market. At the same time, Tesla CEO Elon Musk's public support at the "Bitcoin 2024 Conference" further boosted market confidence. He referred to Bitcoin as "the gold of the digital age" and reiterated his long-term belief in DeFi. This statement further solidified the position of crypto assets as a mainstream investment category.

產業多重利好因素促成了這個「里程碑」數據。一月份，SEC 批准了 11 隻比特幣現貨 ETF 上市，其中包括貝萊德 (BlackRock) 和富達投資 (Fidelity Investments) 等資產管理巨頭的產品。同年7月，以太坊現貨ETF獲批，進一步豐富了投資人的選擇，為市場注入了更多流動性。同時，特斯拉CEO伊隆馬斯克在「比特幣2024大會」上的公開支持進一步提振了市場信心。他將比特幣稱為“數位時代的黃金”，並重申了他對 DeFi 的長期信念。這個表態進一步鞏固了加密資產作為主流投資類別的地位。

Driven by macroeconomic benefits, the derivatives market became another important growth engine for the crypto industry in output 2024. According to Coinglass data, the global crypto derivatives market trading volume surged in 2024, with the total open interest reaching a historical high, indicating investors' high interest in leveraged products and market price fluctuations. Major exchanges demonstrated unique competitiveness in both derivatives and spot markets, including Binance, OKX, Bitget, and Bybit. These platforms not only drove the growth of trading volume but also provided valuable observational samples for the global crypto market. As an industry-leading contract data analysis platform, Coinglass will deeply analyze how major exchanges gain advantages in the global landscape based on data from the derivatives market, spot trading volume, asset transparency, and trading fees, providing forward-looking insights and reflections for investors and the industry regarding the core driving forces of the crypto market in 2024.output

在宏觀經濟利好的推動下，衍生性商品市場成為2024年加密產業產出的另一個重要成長引擎。對槓桿產品和市場價格波動的高度興趣。幣安、OKX、Bitget、Bybit等主要交易所在衍生性商品和現貨市場都展現出獨特的競爭力。這些平台不僅帶動了交易量的成長，也為全球加密貨幣市場提供了寶貴的觀察樣本。作為業界領先的合約數據分析平台，Coinglass將根據衍生性商品市場、現貨交易量、資產透明度、交易費用等數據，深度分析各大交易所如何在全球格局中佔據優勢，為交易者提供前瞻性的洞察和思考。

In 2024, the cryptocurrency derivatives market experienced historic growth, becoming an important component of the cryptocurrency market. The global crypto derivatives market set new records, with average daily trading volumes exceeding $100 billion and monthly trading volumes surpassing $3 trillion, far exceeding spot market trading volumes. This significant growth reflects an increasing demand for leveraged products among investors, especially during periods of high market volatility. As the market matures and regulatory frameworks improve, more institutional investors—such as hedge funds and asset management companies—are entering the derivatives market, further driving its development. Additionally, retail investor participation is also rapidly increasing, as user-friendly trading platforms lower the entry barriers, and the high leverage characteristics of derivatives attract a large number of retail users seeking short-term gains.

2024年，加密貨幣衍生性商品市場出現歷史性成長，成為加密貨幣市場的重要組成部分。全球加密貨幣衍生性商品市場創下新紀錄，日均交易量超過1,000億美元，月交易量超過3兆美元，遠超過現貨市場交易量。這一顯著成長反映出投資者對槓桿產品的需求不斷增加，特別是在市場劇烈波動期間。隨著市場的成熟和監管框架的完善，越來越多的對沖基金、資產管理公司等機構投資者進入衍生性商品市場，進一步推動衍生性商品市場的發展。此外，散戶的參與度也迅速提高，交易平台的人性化降低了進入門檻，加上衍生性商品的高槓桿特性吸引了大量尋求短期收益的散戶用戶。

By the end of 2024, the total open interest in BTC contracts in the global crypto derivatives market exceeded $60 billion, indicating a sustained demand for risk management tools and leveraged products. The impact of derivatives trading on the market cannot be ignored. First, it significantly enhances market liquidity, allowing traders to leverage smaller amounts of capital to control larger market sizes, reducing the impact of large trades on spot prices, thus making market operations more efficient. Second, the derivatives market plays an important role in price discovery, especially during periods of market volatility, where the prices of futures and perpetual contracts often guide the price trends of the spot market. Furthermore, derivatives provide institutional investors with hedging tools, reducing the volatility of asset portfolios and attracting more long-term capital inflows. Ultimately, the trading behavior in the derivatives market promotes the

截至2024年底，全球加密貨幣衍生性商品市場的BTC合約未平倉合約總額超過600億美元，顯示對風險管理工具和槓桿產品的持續需求。衍生性商品交易對市場的影響不容忽視。首先，它顯著增強了市場流動性，讓交易者可以利用更少的資金來控制更大的市場規模，減少大額交易對現貨價格的影響，從而使市場運作更加高效。其次，衍生性商品市場在價格發現中發揮重要作用，尤其是在市場波動時期，期貨和永續合約的價格往往引導現貨市場的價格走勢。此外，衍生性商品為機構投資者提供了對沖工具，降低了資產組合的波動性，吸引了更多長期資本流入。最終，衍生性商品市場的交易行為促進了