比特币持仓量近期再创新高

数据显示，比特币持仓量已再创历史新高（ATH），这表明比特币可能会出现更大的波动。

The metric, which shows the total amount of derivatives positions related to BTC that are currently open on all exchanges, hit a fresh high recently.

该指标显示目前所有交易所未平仓的与比特币相关的衍生品头寸总量，最近创下新高。

When the value of this indicator goes up, it means the derivatives users are opening up fresh positions on the market. Generally, the overall leverage in the sector rises when this happens, so an increase in the Open Interest can lead to more volatility in the asset’s price.

当该指标的值上升时，意味着衍生品用户正在市场上建立新的头寸。一般来说，当这种情况发生时，该行业的整体杠杆率会上升，因此未平仓量的增加可能会导致资产价格的更大波动。

On the other hand, the metric registering a decline suggests the investors either are closing positions of their own will or are getting liquidated by their platform. The cryptocurrency may become more stable following this trend, due to the reduced leverage.

另一方面，记录下降的指标表明投资者要么自愿平仓，要么被平台清算。由于杠杆率降低，随着这一趋势，加密货币可能会变得更加稳定。

Now, here is a chart that shows the trend in the Bitcoin Open Interest over the last few months:

现在，下面的图表显示了过去几个月比特币未平仓合约的趋势：

As displayed in the above graph, the Bitcoin Open Interest has been following an uptrend over the last few months, but recently, the indicator’s rise has been particularly sharp.

如上图所示，比特币持仓量在过去几个月一直呈上升趋势，但最近该指标的上涨尤其急剧。

This rapid growth in the indicator, in which it has been setting record after record, has coincided with BTC’s explosive rally to new all-time highs (ATHs). The development isn’t anything unusual, as periods of sharp price action tend to attract a lot of attention, and with such interest naturally comes speculation on exchanges.

该指标的快速增长，创下了一个又一个的纪录，恰逢 BTC 爆炸性上涨至新的历史高点 (ATH)。这种发展并不罕见，因为价格剧烈波动的时期往往会吸引大量关注，而有了这种兴趣自然就会出现对交易所的投机行为。

The scale of the increase that the indicator has seen, however, could be something concerning. Historically, whenever the Open Interest has risen too high, a mass liquidation event (popularly known as a squeeze) has generally followed. In such events, a swing in the price liquidates a large amount of overleveraged positions at once, kicking off a sort of feedback cycle where the liquidations amplify the price move and cause even more liquidations.

然而，该指标的增长幅度可能令人担忧。从历史上看，每当未平仓合约上涨过高时，通常都会发生大规模清算事件（通常称为挤压）。在这种情况下，价格波动会立即清算大量过度杠杆化的头寸，从而启动一种反馈循环，清算会放大价格变动并导致更多清算。

In theory, the volatility emerging out of a squeeze can take the cryptocurrency in either direction, but in bullish periods, an overheated derivatives market usually unravels in a correction for BTC, as long positions tend to accumulate when the price rallies.

从理论上讲，挤压产生的波动性可以使加密货币朝任一方向发展，但在看涨时期，过热的衍生品市场通常会在 BTC 的调整中瓦解，因为当价格上涨时，多头头寸往往会积累。

During the last few days, the Open Interest had seen a bit off a cooldown, but it seems speculators have returned to start the new week as the metric has just witnessed another leg up. It now remains to be seen how Bitcoin would develop in the coming days and if another squeeze would take place.

在过去的几天里，未平仓合约略有降温，但投机者似乎已经回归，开始新的一周，因为该指标刚刚见证了另一次上涨。现在，比特币在未来几天将如何发展以及是否会发生另一次挤压还有待观察。

BTC Price

比特币价格

At the time of writing, Bitcoin is trading at around $90,500, up almost 10% over the last week.

截至撰写本文时，比特币交易价格约为 90,500 美元，较上周上涨近 10%。