在融资利率上涨的情况下对冲基金瞄准比特币期货利润

对冲基金在期货市场上对比特币进行了大量押注，累积了超过 80,000 个比特币的创纪录空头头寸。这些头寸可能源于寻求从现货和期货市场之间的价差中获利的基差交易，以及刺激做空的融资利率升高。

Hedge Funds Bet Against Bitcoin in Futures Market, Aiming to Exploit Elevated Funding Rates

对冲基金在期货市场做空比特币，旨在利用融资利率上升

Hedge funds are placing large short bets against Bitcoin in the futures markets, signaling a potential profit-seeking strategy based on inflated funding rates. This move comes as the cryptocurrency market remains in a sideways trading pattern.

对冲基金在期货市场上对比特币进行了大量空头押注，这表明了一种基于虚高融资利率的潜在逐利策略。此举发生之际，加密货币市场仍处于横盘交易模式。

According to data from zerohedge, these funds have amassed record short positions in Bitcoin futures. Given that each CME Bitcoin futures contract represents 5 BTC, these institutions are reportedly shorting more than 80,000 BTC, amounting to a notional value of approximately $5.4 billion at current prices.

根据 Zerohedge 的数据，这些基金已经积累了创纪录的比特币期货空头头寸。鉴于每份 CME 比特币期货合约代表 5 BTC，据报道，这些机构正在做空超过 80,000 BTC，按当前价格计算，名义价值约为 54 亿美元。

Basis Trading as a Potential Motivation

基差交易作为潜在动机

One possible explanation for this extreme positioning is basis trading, a strategy that seeks to profit from the price difference between spot and futures contracts. By simultaneously purchasing spot Bitcoin and opening an equal-sized short futures position, traders can capture the differential when prices converge at expiry. Currently, June futures are trading at a 3% premium to spot prices.

这种极端定位的一个可能解释是基差交易，这是一种寻求从现货和期货合约之间的价差中获利的策略。通过同时购买现货比特币并开设同等规模的空头期货头寸，交易者可以在到期时价格趋同时捕获差价。目前，6 月期货交易价格较现货价格溢价 3%。

Elevated Funding Rates Sweeten the Deal

提高融资利率使交易更加顺利

Elevated perpetual funding rates add to the allure of this strategy, as traders receive payments to hold their short positions. This source of yield is also being exploited by Ethena's controversial new "synthetic dollar."

永续资金利率的上升增加了这一策略的吸引力，因为交易者会收到持有空头头寸的付款。这一收益来源也被 Ethena 备受争议的新型“合成美元”所利用。

Market Rebound After Week's Losses

市场在一周下跌后反弹

Despite the bearish bets, the crypto markets have staged a recovery from the week's losses. Bitcoin has rallied 3% in the past 24 hours, trading around $68,000. Ether has also posted a modest gain of 1%, reaching $3,375.

尽管存在看跌押注，但加密货币市场已从本周的损失中恢复过来。比特币在过去 24 小时内上涨了 3%，交易价格约为 68,000 美元。以太币也小幅上涨 1%，达到 3,375 美元。

Top Performers in the Altcoin Market

山寨币市场表现最佳的公司

Among the top 100 digital assets by market capitalization, Ethereum Layer 2 network Mantle and DeFi lending veteran MakerDAO have emerged as the best performers today. Mantle has surged 12%, while MakerDAO has gained 7%. MKR, MakerDAO's governance token, has crossed the $4,000 threshold for the first time since May 2021, boosting its valuation to nearly $4 billion.

在按市值计算的前 100 名数字资产中，以太坊 Layer 2 网络 Mantle 和 DeFi 借贷老牌 MakerDAO 成为当今表现最好的。 Mantle 飙升 12%，而 MakerDAO 则上涨 7%。 MakerDAO 的治理代币 MKR 自 2021 年 5 月以来首次突破 4,000 美元大关，使其估值升至近 40 亿美元。

Cross-Chain Protocol Token Faces Selling Pressure

跨链协议代币面临抛售压力

In contrast to the rally in some altcoins, Wormhole's cross-chain interoperability protocol token (W) has declined by 23% today. This drop is likely attributed to selling pressure from recipients of the recent airdrop.

与一些山寨币的上涨形成鲜明对比的是，Wormhole 的跨链互操作协议代币 (W) 今天下跌了 23%。这一下降可能归因于最近空投接受者的抛售压力。

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