比特币（BTC）期货开放兴趣下降了35％，信号减少了投机和对冲活动

由于比特币的历史最高水平（ATH），期货开放兴趣下降了35％，从570亿美元减少到370亿美元。这种收缩是猜测和对冲活动减少的说明信号，这表明市场参与者之间的风险更大。

In the realm of Bitcoin markets, significant changes in futures open interest have recently come to light, offering valuable insights into the prevailing market sentiment. As of recent data from Glassnode, Futures open interest has dropped from $57 billion to $37 billion since Bitcoin's all-time high (ATH), signaling a reduction in speculation and hedging activity.

在比特币市场的领域中，最近揭露了期货开放兴趣的重大变化，为现行市场情绪提供了宝贵的见解。截至GlassNode的最新数据，自比特币历史最高高（ATH）以来，期货开放兴趣已从570亿美元下降到370亿美元，这表明猜测和对冲活动的减少。

This contraction, amounting to 35%, highlights a broader risk-off sentiment among market participants, who are pulling back from aggressive positioning. To elaborate, Futures open interest refers to the total number of outstanding futures contracts in the market, representing the level of engagement and speculative activity. A decrease in open interest typically indicates that fewer market participants are willing to take on risk, which can signal a cooling of bullish sentiment and a shift towards caution.

这种收缩占35％的收缩，突出了市场参与者的更广泛的风险情绪，他们正在从积极的位置中退缩。为了详细说明，期货开放利息是指市场上未偿还期货合约的总数，代表了参与度和投机活动的水平。开放兴趣的减少通常表明，更少的市场参与者愿意承担风险，这可能表明看涨的情绪和谨慎的转变。

The substantial drop from $57 billion to $37 billion reflects a weakening of the eagerness to bet on Bitcoin's price movements, shifting the focus away from taking large positions in futures contracts. This can be attributed to a variety of factors, including concerns over market volatility and the broader macroeconomic environment, leading investors to adopt a more cautious stance.

从570亿美元下降到370亿美元的大幅下降，反映出对押注比特币价格变动的渴望减弱，这使重点从期货合约中占据了很大的职位。这可以归因于多种因素，包括对市场波动和更广泛的宏观经济环境的担忧，导致投资者采取更加谨慎的立场。

This reduced liquidity and speculation may not only dampen price action but also point to an overall shift in investor sentiment. In times of heightened uncertainty, many traders and institutional investors adopt a risk-off approach, steering away from assets that are perceived to be more volatile, shifting towards less risky assets and strategies.

这种减少的流动性和投机性不仅可能削弱价格行动，而且还表明投资者情绪的总体转变。在不确定性加剧的时候，许多贸易商和机构投资者采用了一种风险方法，转向被认为更加波动的资产，转向风险较小的资产和策略。

Cash-and-carry Unwinding, ETF Outflows Impact Volatility

现金和携带的放松，ETF流出会影响波动

One key factor contributing to this shift is the unwinding of the cash-and-carry trade. The cash-and-carry trade involves buying an asset in the spot market while simultaneously selling futures contracts to lock in a profit, a strategy often used for hedging. This trade has been a popular method for investors to capitalize on the premium in Bitcoin futures markets. However, as the long-side bias weakens and traders become less interested in taking on leveraged positions, many are closing their cash-and-carry trades.

促成这一转变的一个关键因素是休假现金和货运贸易。现金交易涉及在现货市场上购买资产，同时出售期货合约以锁定利润，这是一种经常用于对冲的策略。这项贸易一直是投资者利用比特币期货市场的保费的一种流行方法。但是，随着长时间偏见减弱，交易者对担任杠杆头寸的兴趣越来越不感兴趣，许多人正在关闭其现金交易。

As this trade unwinds, it adds selling pressure to the Bitcoin spot market, contributing to downward price movement. This is compounded by ETF outflows, which have been steadily increasing. ETFs are typically more liquid than spot markets but less liquid than futures contracts. Therefore, when ETFs experience outflows, they can amplify short-term volatility in the Bitcoin market. The outflows are a sign of reduced demand for Bitcoin through these vehicles, which, in the current market climate, may factor into the bearish sentiment and contribute to lower prices.

随着该贸易的放松，它为比特币现货市场增加了销售压力，从而导致价格下降。 ETF流出稳步增加的ETF流出使它更加复杂。 ETF通常比现货市场更液体，但液体比期货合约少。因此，当ETF体验流出时，它们可以扩大比特币市场中的短期波动。流出是通过这些车辆减少对比特币需求减少的标志，在当前的市场气候下，这可能会导致看跌的情绪并促进降低价格。

Finally, as futures markets close and ETF outflows continue, Bitcoin's spot market faces additional selling pressure. With lower liquidity in the futures markets and the unwinding of positions, spot prices are more vulnerable to sharp fluctuations. The combination of a decline in futures open interest and ETF outflows creates a dynamic where short-term volatility may increase, as the market struggles to absorb the selling pressure.

最后，随着期货市场的关闭和ETF流出的继续，比特币的现货市场面临额外的销售压力。由于期货市场的流动性降低，而且位置的放松，现货价格更容易受到急剧波动的影响。期货开放兴趣和ETF流出的结合创造了一种动态，在这种动态中，由于市场努力吸收销售压力，因此短期波动可能会增加。

The reduced liquidity in these alternative investment vehicles, such as ETFs, can amplify price swings. As spot markets react to these changes, Bitcoin's price could face heightened volatility, especially in the absence of significant buying support. Investors should be prepared for a period of uncertainty, where short-term price movements could be exaggerated by the shift in market positioning.

这些替代投资工具（例如ETF）的流动性降低可以扩大价格波动。随着现场市场对这些变化的反应，比特币的价格可能面临着波动的提高，尤其是在没有大量购买支持的情况下。投资者应为不确定性时期做好准备，在这种情况下，市场定位的转变可能会夸大短期价格变动。