杠杆基金对比特币 (BTC) 期货的净空头持仓量正在激增，但这不应被误认为是对冲基金的看跌情绪。相反，专家认为，空头持仓量的增加主要是由于一种被称为基础交易的市场中性策略越来越受欢迎。
Leverage funds are increasing the net stock of futures by (BTC), but this should not be misconstrued as a fallback to hedge funds.
现货比特币 ETF 推动基础交易策略的采用？基础交易策略旨在利用现货市场和期货市场之间的差异，据彭博社报道， 该策略被认为占芝加哥商品交易所 (CME) 近 18,000 份比特币期货合约空头仓位的很大一部分。
Current bitcoin ETF to facilitate the adoption of a basic trading strategy designed to take advantage of the differences between the off-the-shelf and futures markets, which, according to Bloomberg, is considered to account for nearly 18,000 copies of the Chicago Commodity Exchange (CME) of currency contracts.
主经纪商 FalconX 市场主管 Ravi Doshi 强调了基础交易的受欢迎程度，他指出，目前净空头期货规模超过 75 亿美元。相比之下，2021 年的空头仓位峰值仅为 20 亿美元。
The main broker, the manager of the FalconX market, Ravi Doshi, highlighted the popularity of basic transactions, pointing out that at present the size of the net-empty futures exceeds $7.5 billion. By contrast, the peak in 2021 was just $2 billion.
自今年 1 月推出现货比特币交易所交易基金(ETF) 以来，基础交易在加密货币领域获得了发展。这些 ETF 让交易者更容易执行基础交易，因为他们可以买入 ETF，并以更高的价格卖出代表比特币的期货，从价格差异中获利。
Since the arrival of the goods bit currency exchange transaction fund (ETF) in January this year, basic transactions have developed in the area of encrypted currency. These ETFs make it easier for traders to carry out basic transactions because they can buy ETFs and sell futures representing Bitcoins at higher prices, profiting from price differences.
据彭博社数据， 在期货空头仓位上升的同时，现货比特币 ETF 的需求也出现反弹，这些ETF合计持有超过 610 亿美元的资产。
According to Bloomberg, the rise in futures empty warehouse space was accompanied by a rebound in demand for the spot bitcoin ETF, which together held assets of over $61 billion.
然而，K33 Research 高级分析师 Vetle Lunde 警告称，不要将基础交易的受欢迎程度归因于流入ETF 的主要驱动力。Lunde 强调，有机定向需求是 ETF 强劲流动的关键来源，而不是交易者仅仅受期货溢价套利的驱动。
However, K33 Research Senior Analyst Vetle Lunde warned that the popularity of underlying transactions should not be attributed to the main drivers of the flow into the ETF. Lunde stressed that organic targeting needs are a key source of the ETF's strong flow, rather than that traders are simply driven by futures premium arbitrage.
基差代表现货价格与期货价格之间的差异，从 2023 年 11 月下旬到 2024 年 3 月中旬，该基差更为显著，年化平均增长率约为 20%，2 月份除外。
The base differential, representing the difference between spot and futures prices, was even more pronounced from late November 2023 to mid-March 2024, with an average annualized growth rate of about 20 per cent, except in February.
据伦德称，自那时起，溢价率在最近几周一直徘徊在 11% 至 16% 之间，随后降至 6% 左右。
According to Lund, since then, premium rates have hovered between 11 and 16 per cent in recent weeks, and have subsequently fallen to around 6 per cent.
尽管基础交易非常受欢迎，但需要注意的是，短期ETF 流量数据并不总是能够可靠地反映投资者对该资产类别的兴趣。
While underlying transactions are very popular, it is important to note that short-term ETF traffic data do not always reliably reflect investor interest in the asset class.
尽管自 1 月份推出以来，比特币 ETF 的净流入金额已达 156 亿美元，但最近的数据显示，周一的净流出金额达 6500 万美元。
Although the net inflow of Bitcoin ETF has reached $15.6 billion since its launch in January, the most recent data show a net outflow of $65 million on Monday.
随着加密货币市场不断发展，比特币期货、现货 ETF 和基础交易策略之间的相互作用为投资者行为动态提供了宝贵的见解。
As the crypto-currency market continues to evolve, the interaction between Bitcoin futures, spot ETFs and underlying trading strategies provides valuable insights into the dynamics of investor behaviour.
受基础交易的流行推动，比特币期货的空头兴趣创下历史新高，凸显了加密货币生态系统中交易策略的日益复杂化。
Driven by the prevalence of basic transactions and historically high interest in Bitcoin futures, the growing complexity of trading strategies in encrypted monetary ecosystems is highlighted.
在撰写本文时，市场领先的加密货币交易价格为 66,270 美元，表明价格在过去 24 小时内下跌了 5%。下跌趋势可能会持续，代币在重新测试 65,000 美元之前的最后支撑位为 66,300 美元。
At the time of writing, the market's leading price of an encrypted currency transaction was $66,270, indicating that it had fallen by 5% in the last 24 hours. The downward trend is likely to continue, with the last position of the currency to support it before retesting $65,000 being $66,300.
文章标题：随着比特币价格接近65000美元支撑位，比特币期货净空头持仓量出现历史性飙升
Title of article: As bitcoin prices approached $65,000 in support position, bitcoin stock held a historic surge
文章链接：https://www.btchangqing.cn/658207.html
Links to articles: title='A historic surge in stock holdings of Bitcoin futures with prices close to $65,000 support position' https://www.btchangeqing.cn/658207.html
更新时间：2024年06月12日
Update: 12/06/2024
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