比特币（BTC）融资利率飙升，表明市场过热且可能即将出现调整

比特币价格本周从上周的水平开始回升，在过去 7 天的时间里连续创下历史新高。

Bitcoin price picked up this week from where it left off in the previous week, forging successive all-time highs in the past seven-day span. Over the last few days, the big question on everyone’s mind has been — when will the premier cryptocurrency surpass the $100,000 level?

比特币价格本周从上周的水平开始回升，在过去 7 天的时间里连续创下历史新高。在过去的几天里，每个人都在思考的一个大问题是——顶级加密货币何时会突破 10 万美元的水平？

While most investors are preoccupied with a short-term target, some market participants are more concerned about the long-term prospects of the world’s largest cryptocurrency. According to the latest on-chain data, it appears that the price of Bitcoin could see a shakeout sooner than expected.

虽然大多数投资者专注于短期目标，但一些市场参与者更关心全球最大加密货币的长期前景。根据最新的链上数据，比特币的价格似乎可能会比预期更早出现震荡。

Will The Rising Bullish Sentiment Sustain The Rally?

不断上升的看涨情绪会维持涨势吗？

According to market intelligence platform IntoTheBlock, the Bitcoin funding rates have witnessed a notable upswing in recent days. The relevant indicator here is the “funding rate” metric, which tracks the periodic fee exchanged between traders in the derivatives (perpetual futures) market.

根据市场情报平台 IntoTheBlock 的数据，比特币资金费率最近几天出现显着上升。这里的相关指标是“资金费率”指标，它跟踪衍生品（永续期货）市场中交易者之间交换的定期费用。

When the funding rate is high or positive, it implies that the long traders are paying traders with short positions. Typically, this direction of the periodic payment suggests a strong bullish sentiment in the market.

当资金费率较高或为正值时，这意味着多头交易者正在向空头交易者付款。通常，定期付款的这种方向表明市场上有强烈的看涨情绪。

On the other hand, a negative value of the funding rate metric means that investors with short positions are paying traders with buy positions in the derivatives market. This trend suggests that the market is shrouded by a bearish sentiment.

另一方面，资金利率指标为负值意味着持有空头头寸的投资者正在向衍生品市场买入头寸的交易者付款。这一趋势表明市场被看跌情绪所笼罩。

Data from IntoTheBlock shows that the Bitcoin funding fees for perpetual swaps have increased by more than 10% — and up to 20% on major trading platforms. However, the on-chain firm noted that this continuous funding rate growth could hint at speculative overheating, potentially resulting in market corrections.

IntoTheBlock 的数据显示，永续合约的比特币融资费用上涨了 10% 以上，在主要交易平台上上涨幅度高达 20%。然而，这家链上公司指出，资金费率的持续增长可能暗示投机过热，可能导致市场调整。

According to IntoTheBlock, one of the possible catalysts of this bullish sentiment is the United States government’s approach to crypto under Donald Trump. With the “strategic Bitcoin reserves” more of a possibility under the incoming US president, investors are banking on Bitcoin surpassing a six-figure valuation.

据 IntoTheBlock 称，这种看涨情绪的可能催化剂之一是唐纳德·特朗普领导下的美国政府对加密货币的态度。在即将上任的美国总统领导下，“战略比特币储备”的可能性更大，投资者寄希望于比特币的估值超过六位数。

As of this writing, the flagship cryptocurrency is valued at around $98,400, reflecting a 1% increase in the past 24 hours.

截至撰写本文时，旗舰加密货币的价值约为 98,400 美元，过去 24 小时内上涨了 1%。

Bitcoin Perpetual Futures Market Remains Restrained — What It Means

比特币永续期货市场仍然受到限制——这意味着什么

In a recent post on the X platform, Glassnode revealed that the Bitcoin perpetual futures market “remains restrained.” This suggests that several traders are still approaching the market with caution despite the steady price climb of BTC in recent weeks.

Glassnode 最近在 X 平台上发表的一篇文章中透露，比特币永续期货市场“仍然受到限制”。这表明，尽管近几周比特币价格稳步攀升，但一些交易员仍持谨慎态度进入市场。

Data from Glassnode shows that the Bitcoin funding rates are just above 0.01%, which falls short of the March 2024 level (~0.07%) when the BTC price reached a local top. Ultimately, this suggests that there is still room for growth in the value of the premier cryptocurrency.

Glassnode 的数据显示，比特币融资利率略高于 0.01%，低于 2024 年 3 月 BTC 价格达到局部顶部时的水平（约 0.07%）。最终，这表明主要加密货币的价值仍有增长空间。