比特币（BTC）市场进入主要去杠杆化周期

分析平台加密量表表明，比特币（BTC）市场正在经历一个主要的去杠杆化周期。

The Bitcoin (BTC) market is going through a major deleveraging cycle, according to analytical platform CryptoQuant.

根据分析平台隐式平台的数据，比特币（BTC）市场正在经历一个主要的去杠杆化周期。

The open interest of the market hit a new high of over $33 billion on the 17th of January and leverage levels rose to unforeseen heights. However, new political risks, especially related to the actions of the former U.S. President Donald Trump, led to concerns and prompted numerous business failures.

1月17日，市场的开放兴趣达到了超过330亿美元的新高点，利用水平上升至无法预见的高度。但是，新的政治风险，尤其是与前美国总统唐纳德·特朗普的行动有关的新政治风险，引起了人们的关注，并引起了许多业务失败。

As a result, more than ten billion dollars of open interest is now gone in just two months. The biggest fall was seen between February 20th and March 4th and it led to wiping out another $10 billion of leveraged investments. Market insiders believe that this is normal industrial cycle which is quite rational in the market. Reversals of this sort are crucial in setting the foundations to look forward to for stronger upwards move.

结果，现在仅两个月内就消失了超过1000亿美元的开放利息。最大的跌倒是在2月20日至3月4日之间的，这导致了另外100亿美元的杠杆投资。市场内部人士认为，这是正常的工业周期，在市场上非常合理。这种逆转对于设定希望提高向上移动的基础至关重要。

This chart highlights such reset phases by identifying moments when the 90-day open interest change turns negative. Historically, each past deleveraging like this has provided good short-to medium-term opportunities.

该图表通过确定90天的开放兴趣变化变化负面的时刻来突出显示这种重置阶段。从历史上看，像这样的过去的每一次去百货都为短期的中期机会提供了良好的机会。

In this regard, CryptoQuant highlighted this particular market reset by analyzing the 90-day change in open interest. Contemporarily, Bitcoin futures have opened with change of -14%, which experts refer to as the most drastic rate in quite a while. It has raised some concerns among the investors, yet it has also been viewed as the evidence that market speculation is finally being brought to its sane level.

在这方面，CryptoQuant通过分析开放兴趣的90天变化来强调了这个特殊的市场重置。从同时发生的情况下，比特币期货的开放时间为-14％，专家在相当一段时间内将其称为最急剧的速度。它在投资者中引起了一些担忧，但也被视为证据表明市场猜测最终被带到了理智水平。

According to analysts, the current deleveraging phase may well prove to be an optimal opportunity for short to medium term returns. Despite the fluctuation in the Bitcoin prices, people who invest in long-term believe in the product. With leverage decreased, BTC market will not sharply oscillate in the future as it has been doing lately. In the short-term perspective, it is support and resistance levels that are significant to traders for reviewing the bitcoin’s future course of movement.

根据分析师的说法，当前的去杠杆化阶段很可能被证明是短期到中期回报的最佳机会。尽管比特币价格波动，但长期投资于产品的人。随着杠杆率的降低，BTC市场将来不会像最近一样振荡。从短期的角度来看，它的支持和抵抗水平对交易者来说是重要的，可以审查比特币的未来运动过程。

Analysing the current market in the context of the factors that affect it, one get the idea that it has both challenges and opportunities. Even though it may still be uncertain exactly what a short-term deleveraging entails for Bitcoin, it is commonly regarded as being necessary for the long-term sustainable development of Bitcoin. Currently the value of Bitcoin is important to predict whether it will experience a breakout or a breakdown, and traders are paying attention to it.

在影响它的因素的背景下分析当前市场，人们认为它既有挑战又有机遇。即使可能仍然不确定比特币的短期去杠杆化需要什么，但通常认为这对于比特币的长期可持续发展是必不可少的。目前，比特币的价值对于预测它是否会出现突破或分解，而交易者正在关注它。