在融資利率上漲的情況下對沖基金瞄準比特幣期貨利潤

對沖基金在期貨市場上對比特幣進行了大量押注，累積了超過 80,000 個比特幣的創紀錄空頭部位。這些部位可能源自於尋求從現貨和期貨市場之間的價差中獲利的基差交易，以及刺激做空的融資利率升高。

Hedge Funds Bet Against Bitcoin in Futures Market, Aiming to Exploit Elevated Funding Rates

對沖基金在期貨市場做空比特幣，旨在利用融資利率上升

Hedge funds are placing large short bets against Bitcoin in the futures markets, signaling a potential profit-seeking strategy based on inflated funding rates. This move comes as the cryptocurrency market remains in a sideways trading pattern.

對沖基金在期貨市場上對比特幣進行了大量空頭押注，這顯示了一種基於虛高融資利率的潛在逐利策略。此舉發生之際，加密貨幣市場仍處於橫盤交易模式。

According to data from zerohedge, these funds have amassed record short positions in Bitcoin futures. Given that each CME Bitcoin futures contract represents 5 BTC, these institutions are reportedly shorting more than 80,000 BTC, amounting to a notional value of approximately $5.4 billion at current prices.

根據 Zerohedge 的數據，這些基金已經累積了創紀錄的比特幣期貨空頭部位。鑑於每份 CME 比特幣期貨合約代表 5 BTC，據報道，這些機構正在做空超過 80,000 BTC，按當前價格計算，名義價值約為 54 億美元。

Basis Trading as a Potential Motivation

基差交易作為潛在動機

One possible explanation for this extreme positioning is basis trading, a strategy that seeks to profit from the price difference between spot and futures contracts. By simultaneously purchasing spot Bitcoin and opening an equal-sized short futures position, traders can capture the differential when prices converge at expiry. Currently, June futures are trading at a 3% premium to spot prices.

這種極端定位的一個可能解釋是基差交易，這是一種尋求從現貨和期貨合約之間的價差中獲利的策略。透過同時購買現貨比特幣並開設同等規模的空頭期貨頭寸，交易者可以在到期時價格趨同時捕獲差價。目前，6 月期貨交易價格較現貨價格溢價 3%。

Elevated Funding Rates Sweeten the Deal

提高融資利率使交易更順利

Elevated perpetual funding rates add to the allure of this strategy, as traders receive payments to hold their short positions. This source of yield is also being exploited by Ethena's controversial new "synthetic dollar."

永續資金利率的上升增加了這項策略的吸引力，因為交易者會收到持有空頭部位的付款。這項收益來源也被 Ethena 備受爭議的新型「合成美元」所利用。

Market Rebound After Week's Losses

市場在一週下跌後反彈

Despite the bearish bets, the crypto markets have staged a recovery from the week's losses. Bitcoin has rallied 3% in the past 24 hours, trading around $68,000. Ether has also posted a modest gain of 1%, reaching $3,375.

儘管存在看跌押注，但加密貨幣市場已從本週的損失中恢復過來。比特幣在過去 24 小時內上漲了 3%，交易價格約為 68,000 美元。以太幣也小幅上漲 1%，達到 3,375 美元。

Top Performers in the Altcoin Market

山寨幣市場表現最佳的公司

Among the top 100 digital assets by market capitalization, Ethereum Layer 2 network Mantle and DeFi lending veteran MakerDAO have emerged as the best performers today. Mantle has surged 12%, while MakerDAO has gained 7%. MKR, MakerDAO's governance token, has crossed the $4,000 threshold for the first time since May 2021, boosting its valuation to nearly $4 billion.

在按市值計算的前 100 名數位資產中，以太坊 Layer 2 網路 Mantle 和 DeFi 借貸老牌 MakerDAO 成為當今表現最好的。 Mantle 飆升 12%，而 MakerDAO 則上漲 7%。 MakerDAO 的治理代幣 MKR 自 2021 年 5 月以來首次突破 4,000 美元大關，使其估值升至近 40 億美元。

Cross-Chain Protocol Token Faces Selling Pressure

跨鏈協議代幣面臨拋售壓力

In contrast to the rally in some altcoins, Wormhole's cross-chain interoperability protocol token (W) has declined by 23% today. This drop is likely attributed to selling pressure from recipients of the recent airdrop.

與一些山寨幣的上漲形成鮮明對比的是，Wormhole 的跨鏈互通協議代幣 (W) 今天下跌了 23%。這一下降可能歸因於最近空投接受者的拋售壓力。

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