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比特币 BTC/USD 市场的期货交易显着上升,未平仓合约达到 329 亿美元的历史新高 (ATH)
The Bitcoin (CRYPTO: BTC) market has witnessed a substantial increase in futures trading, with open interest hitting an all-time high (ATH) of $32.9 billion, indicating rising leverage and institutional participation.
比特币(CRYPTO:BTC)市场的期货交易量大幅增加,未平仓合约创下 329 亿美元的历史新高(ATH),表明杠杆率和机构参与度不断上升。
According to Glassnode's weekly report, a significant portion of this surge is being driven by a cash-and-carry strategy, where traders capture yield by holding spot positions while shorting futures contracts.
根据 Glassnode 的每周报告,这一激增的很大一部分是由现金持有策略推动的,在该策略中,交易者通过持有现货头寸同时做空期货合约来获取收益。
The cash-and-carry trade, which has become popular among institutional investors, is currently yielding around 9.6%, nearly double the rate offered by short-term U.S. Treasuries.
现金套利交易在机构投资者中颇受欢迎,目前收益率约为 9.6%,几乎是短期美国国债收益率的两倍。
This strategy has played a key role in boosting futures open interest, as institutional traders seek exposure through regulated instruments, such as CME futures contracts, which saw open interest reach $11.3 billion — another ATH.
这一策略在提高期货未平仓合约方面发挥了关键作用,因为机构交易者通过受监管的工具(例如 CME 期货合约)寻求敞口,未平仓合约达到 113 亿美元——又一个最高纪录。
Also Read: Stablecoins Will Grow Because They Can Reduce International Wires To ‘Minutes Or Seconds,’ Industry Experts States
另请阅读:行业专家表示,稳定币将会增长,因为它们可以将国际电汇时间缩短至“分钟或秒”
"This product has provided the new wave of institutional investors with an instrument for regulated derivative exposure," the report notes.
报告指出:“该产品为新一波机构投资者提供了受监管衍生品投资的工具。”
The increase in CME futures open interest, coupled with ETF net flows, suggests that institutions are pairing long-spot ETF positions with short CME futures to capture yields through the basis trade.
CME 期货未平仓合约的增加,加上 ETF 净流量,表明机构正在将多头现货 ETF 头寸与空头 CME 期货配对,以通过基差交易获取收益。
While open interest is at a record high, volumes across futures markets have remained relatively subdued at $35 billion per day, especially when compared to the elevated volumes seen when Bitcoin peaked at $73,000 in March 2024.
尽管未平仓合约创下历史新高,但期货市场的交易量仍相对较低,为每天 350 亿美元,特别是与比特币 2024 年 3 月达到 73,000 美元峰值时的交易量相比。
This suggests that much of the current activity is driven by single trade basis strategies and arbitrage positions rather than directional trades.
这表明当前的大部分活动是由单一交易基础策略和套利头寸驱动的,而不是定向交易。
As institutional involvement continues to grow, these trends will be further discussed at Benzinga's Future of Digital Assets event on Nov. 19, where industry leaders will analyze how strategies like cash-and-carry are shaping the future of Bitcoin and digital asset investments.
随着机构参与度的不断增长,这些趋势将在 11 月 19 日举行的 Benzinga 数字资产未来活动上得到进一步讨论,行业领袖将分析现购自运等策略如何塑造比特币和数字资产投资的未来。
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