<p>数据显示，在 1 月中旬，比特币期权的总未平仓合约激增至约 741 亿美元，首次超过比特币期货的总未平仓合约约 652.2 亿美元。分析师指出，当期权的未平仓合约超过期货时，通常表明市场正在从单纯的方向性杠杆转向更结构化的风险敞口，例如对冲、收益策略和波动性头寸。根据 Checkonchain 的数据，期权的未平仓合约在去年 12 月底出现了急剧下降，随后在 1 月初重新建立。这与主要到期日后市场风险重建的模式相符，而同期期货的未平仓合约变化则相对稳定。（CryptoSlate）</p>

<p>比特币期权未平仓合约已上升至 741 亿美元，首次超过期货未平仓合约的 652.2 亿美元。这一变化表明市场从方向性杠杆转向了结构性风险敞口，如对冲和收益策略。在 12 月底出现下滑后，期权未平仓合约在 1 月初反弹，反映出在主要到期日后市场风险的重建，而期货未平仓合约在此期间保持稳定</p>

<p>Data shows that in mid-January, the total open interest in Bitcoin options surged to approximately $74.1 billion, surpassing the total open interest in Bitcoin futures at approximately $65.22 billion for the first time. Analysts point out that when open interest in options exceeds that of futures, it typically indicates that the market is shifting from purely directional leverage to more structured risk exposures, such as hedging, yield strategies, and volatility positions. According to Checkonchain data, open interest in options saw a sharp decline at the end of December last year, followed by a rebuild in early January. This aligns with the pattern of market risk rebuilding after major expiration dates, while the change in open interest in futures during the same period was more stable. (CryptoSlate)</p>
<div class="lb-trans"><p>数据显示，在 1 月中旬，比特币期权的总未平仓合约激增至约 741 亿美元，首次超过比特币期货的总未平仓合约约 652.2 亿美元。分析师指出，当期权的未平仓合约超过期货时，通常表明市场正在从单纯的方向性杠杆转向更结构化的风险敞口，例如对冲、收益策略和波动性头寸。根据 Checkonchain 的数据，期权的未平仓合约在去年 12 月底出现了急剧下降，随后在 1 月初重新建立。这与主要到期日后市场风险重建的模式相符，而同期期货的未平仓合约变化则相对稳定。（CryptoSlate）</p>
</div>

Bitcoin options open interest rose to $74.1 billion, surpassing futures open interest for the first time.

CoinLive

FT Vest Bitcoin Strat Floor15 ETF - Apr

VanEck Bitcoin ETF

American Bitcoin

Bitwise Bitcoin ETF

Fidelity Wise Origin Bitcoin Fund - ETF

WisdomTree Bitcoin Fund

Bitfarms Canada

Bitdeer Tech

ProShares Bitcoin Strategy ETF

Marathon Digital

Invesco Galaxy Bitcoin ETF

CleanSpark

Hut 8 Mining

Coinbase

ProShares Short Bitcoin Strategy ETF

CoinShares Bitcoin ETF

Grayscale Bitcoin Miners ETF

Franklin Bitcoin ETF

FT Vest Bitcoin Strat Floor15 ETF - Oct

Bitwise Bitcoin Strategy Optimum Roll ETF

iShares Bitcoin Trust ETF

ARK 21Shares Bitcoin ETF

Riot Platforms

Grayscale Bitcoin Premium Income ETF

Grayscale Bitcoin Trust BTC - ETF

比特币期权的未平仓合约总额上升至 741 亿美元，首次超过了期货的未平仓合约总额