New Research说，比特币（BTC）交流正在获得一个关键的“去杠杆化事件”，这应该塑造未来的收益。

New Research说，比特币（BTC）交流正在获得一个关键的“去杠杆化事件”，这应该塑造未来的收益。

CryptoQuant researchers are examining the implications of a “deleveraging event” which hit Bitcoin (BTC) exchanges last month.

加密的研究人员正在研究上个月打击比特币（BTC）交流的“去杠杆化事件”的含义。

In one of its “Quicktake” blog posts on March 17, onchain analytics platform CryptoQuant revealed a $10 billion capitulation on Bitcoin futures markets.

在3月17日的“ QuickTake”博客文章之一中，OnChain Analytics平台CryptoQuant透露了比特币期货市场的100亿美元投降。

Bitcoin sees ‘essential’ event for BTC price rebound

比特币看到BTC价格反弹的“基本”事件

Bitcoin derivatives traders flipped firmly risk-off after BTC/USD hit its current all-time highs in mid-January.

BTC/USD在1月中旬达到了目前的历史最高点之后，比特币衍生品交易员会牢固地冒险。

CryptoQuant, which uses data from various major crypto exchanges, calculates that aggregate open interest (OI) fell by $10 billion in just three weeks from Feb. 20 through March 4.

使用来自各种主要加密交易所的数据的CryptoQuant计算出，从2月20日到3月4日，在短短三周内，开放利息（OI）汇总了100亿美元。

“On January 17th, Bitcoin’s open interest reached an all-time high of over $33B, indicating that leverage in the market had never been this high,” contributor Darkfost writes.

撰稿人Darkfost写道：“ 1月17日，比特币的开放兴趣达到了33B美元以上的历史最高点，这表明市场上的杠杆率从未如此之高。”

The drop, he argues, “can be considered as a natural market reset, an essential phase for sustaining a bullish continuation.”

他认为，“可以被视为自然市场的重置，这是维持看涨持续的重要阶段。”

Bitcoin futures OI data for top exchanges. Source: CryptoQuant

比特币期货oi数据用于顶级交换。资料来源：加密

An accompanying chart shows the 90-day rolling change in aggregate OI, highlighting the severity of the market’s U-turn following the all-time highs.

随附的图表显示了总OI的90天滚动变化，强调了在历史高潮之后市场掉头的严重性。

“Currently, the 90-day change in Bitcoin futures open interest has dropped sharply and now sitting at -14%,” Darkfost concludes.

Darkfost总结说：“目前，比特币期货的90天变化开放兴趣急剧下降，现在占-14％。”

Crypto ‘demand crisis’ emerges

加密“需求危机”出现

Continuing, fellow CryptoQuant contributor Kriptolik eyed increasingly active derivatives markets overall since November 2024.

自2024年11月以来，持续的加密贡献者Kriptolik的总体衍生品市场越来越活跃。

Related: Peak ‘FUD’ hints at $70K floor — 5 Things to know in Bitcoin this week

相关：高峰“ FUD”提示为$ 70K的楼层 - 本周在比特币中知道的5件事

Stablecoin reserves across derivatives exchanges are increasing, he revealed this week, even surpassing spot markets. This, however, is no recipe for price upside.

他本周透露，跨衍生品交易所之间的Stablecoin储备在增加，甚至超过现货市场。但是，这不是价格上涨的秘诀。

“When we analyze the volume and circulation of stablecoins, which act as fuel in the market, we see that despite a rapid increase in total stablecoin supply since November 2024, this has not necessarily benefited the market or investors significantly,” another blog post explains.

另一位博客文章解释说：“当我们分析稳定剂的数量和流通（在市场上充当燃料）时，我们看到，尽管自2024年11月以来，稳定的稳态供应量迅速增加，但这并不一定使市场或投资者受益匪浅。”

Kriptolik described spot markets as suffering a “demand crisis.”

克里普托里克（Kriptolik）将现场市场描述为“需求危机”。

“Until this distribution normalizes, avoiding high-leverage (high-risk) trades may be the most prudent approach,” he added.

他补充说：“直到这种分配正常化为止，避免高杠杆（高风险）交易可能是最谨慎的方法。”

Exchange stablecoin reserves (screenshot). Source: CryptoQuant

Exchange stablecoin储备金（屏幕快照）。资料来源：加密

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

本文不包含投资建议或建议。每个投资和交易举动都涉及风险，读者在做出决定时应进行自己的研究。