比特币（BTC）开放兴趣下降至8月以来的最低水平

根据GlassNode的数据，比特币（BTC）开放兴趣（OI）已下降到8月以来的最低水平，目前为413,000 BTC（360亿美元）。 OI代表分配在未偿还期货合约中的总资金，有效地衡量了比特币系统中的杠杆率。

Bitcoin (BTC) open interest (OI) has fallen to its lowest level since August, currently standing at 413,000 BTC ($36 billion), according to Glassnode data.

根据GlassNode的数据，比特币（BTC）开放兴趣（OI）已下降到8月以来的最低水平，目前为413,000 BTC（360亿美元）。

Open interest (OI) represents the total funds allocated in outstanding futures contracts, which can be used to measure the amount of leverage in the bitcoin system. Since these contracts are denominated in dollars, their value fluctuates with bitcoin’s price. To provide a more stable measure, we assess open interest in bitcoin terms, eliminating price-based distortions.

开放利息（OI）代表已发行期货合约中分配的总资金，可用于衡量比特币系统中的杠杆率。由于这些合同以美元计价，因此其价值随比特币的价格波动。为了提供更稳定的措施，我们以比特币术语评估开放兴趣，从而消除了基于价格的扭曲。

Glassnode data shows that since November, bitcoin open interest has dropped from 546,000 BTC to 413,000 BTC across all exchanges. A significant portion of this decline can be attributed to the unwinding of CME open interest, particularly in the basis trade. Meanwhile, bitcoin dropped from $109,000 to $78,000 and then recovered to $90,000. This would assume that a large part of this recent run-up has been spot-driven rather than leverage-driven.

玻璃节数据显示，自11月以来，所有交易所的比特币开放兴趣已从546,000 BTC下降到413,000 BTC。这种下降的很大一部分可以归因于CME开放兴趣的放松，尤其是在基础贸易中。同时，比特币从109,000美元降至78,000美元，然后恢复到90,000美元。这将假设最近的大部分升级是集中驱动的，而不是杠杆驱动的。

Additionally, Binance—the second-largest exchange by OI—has seen its OI drop to a 12-month low of just over 100,000 BTC, indicating that leverage has been significantly reduced from a retail perspective. This decline reflects a sharp reduction in speculative activity, driven by bitcoin’s extreme price volatility over the past few months.

此外，Binance是OI的第二大交易所，它的OI降至12个月以上的12个月低点超过100,000 BTC，这表明从零售的角度来看，杠杆已大大降低。这种下降反映了投机活动的急剧下降，这是由于比特币在过去几个月中的极端价格波动所驱动的。

Furthermore, open interest as a percentage of bitcoin’s market cap has fallen below 2% for the first time since February 2024. This metric provides valuable context for the relative scale of speculation in bitcoin futures markets.

此外，自2024年2月以来，开放兴趣是比特币市值的百分比首次下跌2％。该指标为比特币期货市场的相对投机规模提供了宝贵的背景。