r交易所日益凸显输出：标题：2024年加密货币市场的核心驱动力

2024年，加密货币市场经历复苏和结构转型，总市值突破3.8万亿美元

of major exchanges have gradually stabilized. Among them, Binance ranks first with a Trustpilot score of 4.2, indicating a good overall user reputation. OKX follows closely with a score of 3.9, also maintaining a positive user reputation. In contrast, Bybit's Trustpilot score is 2.6, indicating a lower overall user satisfaction rating. This divergence in reputation is closely related to each platform's user service capabilities, handling of user complaints, and overall platform governance. A higher score signifies greater user satisfaction and trust in the platform.

各大交易所逐渐稳定。其中，币安以Trustpilot得分4.2排名第一，整体用户口碑良好。 OKX 紧随其后，得分为 3.9，也保持着良好的用户声誉。相比之下，Bybit 的 Trustpilot 得分为 2.6，表明用户总体满意度较低。这种声誉的差异与各平台的用户服务能力、用户投诉的处理以及整体平台治理密切相关。分数越高意味着用户对平台的满意度和信任度越高。

Security Transparency Performance

安全 透明 性能

Major exchanges have made continuous efforts to enhance their asset transparency and security measures, aiming to build a safer and more trustworthy trading environment for users. Among them, OKX takes the lead with a DefiLlama net capital inflow of $4.602 billion, an asset clean ratio of 99.5%, and a total asset scale of $28.86 billion. These data indicate that the platform has maintained a high level of capital safety throughout 2🧃4, with a net capital inflow that ranks among the highest in the industry. Moreover, the platform's assets are largely unencumbered or unborrowed, reflecting a strong ability to withstand risks and maintain platform liquidity.

各大交易所不断努力提升资产透明度和安全措施，旨在为用户打造更安全、更值得信赖的交易环境。其中，OKX以DefiLlama资本净流入46.02亿美元、资产干净率99.5%、总资产规模288.6亿美元领先。这些数据表明，整个2🧃4平台资金安全水平保持在较高水平，资金净流入位居行业前列。而且，平台资产基本无抵押、无借用，体现了较强的抵御风险和维持平台流动性的能力。

After a year of market turbulence and adjustment, the cryptocurrency market has entered a new phase of development. In 2024, the total market capitalization of cryptocurrencies exceeded $3.8 trillion, a year-on-year increase of 110%. Among them, the price of BTC broke the $100,000 mark this year, setting a new historical high. This is not only an important milestone in the development of the crypto market but also a year of the comprehensive rise of the derivatives market.

经过一年的市场动荡和调整，加密货币市场进入了新的发展阶段。 2024年，加密货币总市值突破3.8万亿美元，同比增长110%。其中，BTC价格今年突破10万美元大关，创下历史新高。这不仅是加密货币市场发展的重要里程碑，也是衍生品市场全面崛起的一年。

Multiple favorable factors in the industry contributed to this "milestone" data. In January, the SEC approved the listing of 11 Bitcoin spot ETFs, including products from asset management giants like BlackRock and Fidelity Investments. In July of the same year, the approval of Ethereum spot ETFs further enriched investors' choices and injected more liquidity into the market. At the same time, Tesla CEO Elon Musk's public support at the "Bitcoin 2024 Conference" further boosted market confidence. He referred to Bitcoin as "the gold of the digital age" and reiterated his long-term belief in DeFi. This statement further solidified the position of crypto assets as a mainstream investment category.

行业多重利好因素促成了这一“里程碑”数据。今年 1 月，SEC 批准了 11 只比特币现货 ETF 上市，其中包括贝莱德 (BlackRock) 和富达投资 (Fidelity Investments) 等资产管理巨头的产品。同年7月，以太坊现货ETF获批，进一步丰富了投资者的选择，为市场注入了更多流动性。与此同时，特斯拉CEO埃隆·马斯克在“比特币2024大会”上的公开支持进一步提振了市场信心。他将比特币称为“数字时代的黄金”，并重申了他对 DeFi 的长期信念。这一表态进一步巩固了加密资产作为主流投资类别的地位。

Driven by macroeconomic benefits, the derivatives market became another important growth engine for the crypto industry in output 2024. According to Coinglass data, the global crypto derivatives market trading volume surged in 2024, with the total open interest reaching a historical high, indicating investors' high interest in leveraged products and market price fluctuations. Major exchanges demonstrated unique competitiveness in both derivatives and spot markets, including Binance, OKX, Bitget, and Bybit. These platforms not only drove the growth of trading volume but also provided valuable observational samples for the global crypto market. As an industry-leading contract data analysis platform, Coinglass will deeply analyze how major exchanges gain advantages in the global landscape based on data from the derivatives market, spot trading volume, asset transparency, and trading fees, providing forward-looking insights and reflections for investors and the industry regarding the core driving forces of the crypto market in 2024.output

在宏观经济利好的推动下，衍生品市场成为2024年加密行业产出的又一重要增长引擎。Coinglass数据显示，2024年全球加密衍生品市场交易量激增，持仓总量创历史新高，表明投资者对杠杆产品和市场价格波动的高度兴趣。币安、OKX、Bitget、Bybit等主要交易所在衍生品和现货市场都展现出独特的竞争力。这些平台不仅带动了交易量的增长，也为全球加密货币市场提供了宝贵的观察样本。作为行业领先的合约数据分析平台，Coinglass将根据衍生品市场、现货交易量、资产透明度、交易费用等数据，深度分析各大交易所如何在全球格局中占据优势，为交易者提供前瞻性的洞察和思考。投资者和行业关于2024年加密市场的核心驱动力输出

In 2024, the cryptocurrency derivatives market experienced historic growth, becoming an important component of the cryptocurrency market. The global crypto derivatives market set new records, with average daily trading volumes exceeding $100 billion and monthly trading volumes surpassing $3 trillion, far exceeding spot market trading volumes. This significant growth reflects an increasing demand for leveraged products among investors, especially during periods of high market volatility. As the market matures and regulatory frameworks improve, more institutional investors—such as hedge funds and asset management companies—are entering the derivatives market, further driving its development. Additionally, retail investor participation is also rapidly increasing, as user-friendly trading platforms lower the entry barriers, and the high leverage characteristics of derivatives attract a large number of retail users seeking short-term gains.

2024年，加密货币衍生品市场出现历史性增长，成为加密货币市场的重要组成部分。全球加密货币衍生品市场创下新纪录，日均交易量超过1000亿美元，月交易量超过3万亿美元，远超现货市场交易量。这一显着增长反映出投资者对杠杆产品的需求不断增加，特别是在市场剧烈波动期间。随着市场的成熟和监管框架的完善，越来越多的对冲基金、资产管理公司等机构投资者进入衍生品市场，进一步推动衍生品市场的发展。此外，散户投资者的参与度也在迅速提高，交易平台的人性化降低了进入门槛，加上衍生品的高杠杆特性吸引了大量寻求短期收益的散户用户。

By the end of 2024, the total open interest in BTC contracts in the global crypto derivatives market exceeded $60 billion, indicating a sustained demand for risk management tools and leveraged products. The impact of derivatives trading on the market cannot be ignored. First, it significantly enhances market liquidity, allowing traders to leverage smaller amounts of capital to control larger market sizes, reducing the impact of large trades on spot prices, thus making market operations more efficient. Second, the derivatives market plays an important role in price discovery, especially during periods of market volatility, where the prices of futures and perpetual contracts often guide the price trends of the spot market. Furthermore, derivatives provide institutional investors with hedging tools, reducing the volatility of asset portfolios and attracting more long-term capital inflows. Ultimately, the trading behavior in the derivatives market promotes the

截至2024年底，全球加密货币衍生品市场的BTC合约未平仓合约总额超过600亿美元，表明对风险管理工具和杠杆产品的持续需求。衍生品交易对市场的影响不容忽视。首先，它显着增强了市场流动性，让交易者可以利用更少的资金来控制更大的市场规模，减少大额交易对现货价格的影响，从而使市场运作更加高效。其次，衍生品市场在价格发现中发挥着重要作用，尤其是在市场波动时期，期货和永续合约的价格往往引导现货市场的价格走势。此外，衍生品为机构投资者提供了对冲工具，降低了资产组合的波动性，吸引了更多长期资本流入。最终，衍生品市场的交易行为促进了