比特币期货市场经历重大重置，开放兴趣下降了14％

比特币期货市场最近几周经历了重大的重置，而交易量开始反弹，开放兴趣急剧下降。

Bitcoin futures saw a major reset in recent weeks as open interest dropped sharply while trading volumes began to recover. This shift in market dynamics comes after BTC reached all-time highs in mid-January.

比特币期货在最近几周重置，因为交易量开始恢复时，开放兴趣急剧下降。在1月中旬，BTC达到历史最高点之后，市场动态的这种转变。

Bitcoin futures saw $10 billion wiped off open interest in just three weeks, according to CryptoQuant. This portion of market depth fell from February 20 to March 4.

据CryptoQuant称，比特币期货在短短三周内就消失了100亿美元。从2月20日到3月4日，市场深度的这一部分下降。

The portion of 90-day change in open interest fell by 14% to multiple lows not seen since November 2024. This portion of market breadth fell sharply after rising quickly during January’s market highs.

自2024年11月以来，开放利息的90天变化的一部分下降了14％，从未见过的多个低点。在一月份的市场高点上很快上升后，这部分市场广度急剧下降。

The period of rapid deleveraging follows Bitcoin futures open interest reaching a record high of over $33 billion on January 17. This peak coincided with Bitcoin’s price hitting its current all-time high, suggesting the market had become heavily leveraged.

1月17日，比特币期货的开放兴趣达到了创纪录的330亿美元以上的创纪录的速度，这一峰值与比特币的价格达到了目前的历史最高水平相吻合，这表明市场已经大大利用了这一高峰。

Chart of Bitcoin futures volume on major exchanges. Credit: Glassnode

主要交易所比特币期货量的图表。学分：玻璃节

Bitcoin futures saw a 32% increase in recent weeks as trading activity picked up.

随着交易活动的增加，比特币期货在最近几周增加了32％。

This portion of market liquidity rose from late February to mid-March, according to Glassnode data. At present, Bitcoin futures trading volume is $57 billion.

根据GlassNode的数据，这部分市场流动性从2月下旬到3月中旬上升。目前，比特币期货交易量为570亿美元。

This marks a rebound from the lows seen in February, which followed December’s peak at $74 billion. Despite this recovery, current volumes remain relatively low.

这标志着2月份的低点反弹，此后12月的峰值为740亿美元。尽管恢复了这种恢复，但目前的量仍然相对较低。

Binance dominates the futures trading landscape with over $18 billion in volume. Other major exchanges like Bitget, OKX, and Bybit also hold large shares of the market with $10.23 billion, $8.37 billion, and $7.18 billion respectively.

Binance以超过180亿美元的数量占据了期货交易格局。其他主要交易所（例如Bitget，OKX和Bybit）也以102.3亿美元，83.7亿美元和71.8亿美元的价格持有大型市场股票。

The long/short ratio on Bitcoin derivatives is currently neutral to slightly bearish at 0.988 overall. Breaking this down by exchange reveals more bullish sentiment on platforms like Binance and OKX, which show ratios of 2.16 and 2.43 respectively.

比特币衍生物的长/短比目前是中性的，总比率为0.988。通过Exchange打破这一点，可以在Binance和OKX等平台上表现出更多看涨的情感，分别显示为2.16和2.43。

This mixed sentiment suggests traders remain divided about Bitcoin’s short-term price direction. The current balance between bullish and bearish positions could lead to price volatility in either direction.

这种混合情绪表明，交易者对比特币的短期价格方向保持了分歧。目前看涨和看跌位置之间的平衡可能会导致在任一方向上的价格波动。

ETH and SOL Derivatives Market

ETH和SOL衍生品市场

While Bitcoin futures have seen increased activity, Ethereum and Solana derivatives markets tell a different story. Ethereum’s futures volume stands at $28 billion, remaining almost unchanged in recent weeks.

尽管比特币期货的活动增加了，但以太坊和索拉纳衍生物市场讲述了一个不同的故事。以太坊的期货数量为280亿美元，最近几周几乎保持不变。

This flat performance for Ethereum derivatives comes despite similar downward price action across major cryptocurrencies. It suggests traders may be more hesitant about Ethereum’s near-term prospects compared to Bitcoin.

尽管主要的加密货币之间的下降价格行动相似，但以太坊衍生品的这种平稳性能。这表明，与比特币相比，交易者可能对以太坊的近期前景更加犹豫。

Solana has experienced even less futures market interest. Its futures volume currently sits at $8.7 billion, marking a 29% decrease from its year-to-date high of $12.2 billion.

Solana经历了更少的期货市场兴趣。目前，其期货销量为87亿美元，比其年仅122亿美元的年龄降低了29％。

The decline in Solana futures activity coincides with negative sentiment caused by several high-profile meme coin failures on the network. This has dampened trader enthusiasm for taking leveraged positions in the asset.

Solana期货活动的下降与网络上几个备受瞩目的模因硬币失败引起的负面情绪相吻合。这使交易者在资产中担任杠杆头寸的热情抑制了热情。

Stablecoin reserves across derivatives exchanges are increasing according to CryptoQuant. These reserves have even surpassed those on spot markets, suggesting more capital is being positioned for derivatives trading.

根据加密量，跨衍生物交换的稳定储备正在增加。这些储量甚至超过了现货市场上的储量，这表明正在为衍生品交易定位更多的资本。

Despite this increase in stablecoin supply since November 2024, analysts note this has not translated into market benefits. One CryptoQuant contributor described spot markets as suffering a “demand crisis.”

尽管自2024年11月以来，分析师供应量增加了，但分析师指出，这并未转化为市场收益。一位加密贡献者将现场市场描述为“需求危机”。

Historical data suggests the recent deleveraging may create favorable conditions for Bitcoin. Past events with similar characteristics have provided “good opportunities for the short to medium term,” according to analysis from CryptoQuant.

历史数据表明，最近的去杠杆化可能会给比特币创造有利的条件。 CryptoQuant的分析显示，过去具有相似特征的事件为“短期到中期的机会”提供了“良好的机会”。