<p>數據顯示，在 1 月中旬，比特幣期權的總未平倉合約激增至約 741 億美元，首次超過比特幣期貨的總未平倉合約約 652.2 億美元。分析師指出，當期權的未平倉合約超過期貨時，通常表明市場正在從單純的方向性槓桿轉向更結構化的風險敞口，例如對沖、收益策略和波動性頭寸。根據 Checkonchain 的數據，期權的未平倉合約在去年 12 月底出現了急劇下降，隨後在 1 月初重新建立。這與主要到期日後市場風險重建的模式相符，而同期期貨的未平倉合約變化則相對穩定。（CryptoSlate）</p>

<p>比特幣期權未平倉合約已上升至 741 億美元，首次超過期貨未平倉合約的 652.2 億美元。這一變化表明市場從方向性槓桿轉向了結構性風險敞口，如對沖和收益策略。在 12 月底出現下滑後，期權未平倉合約在 1 月初反彈，反映出在主要到期日後市場風險的重建，而期貨未平倉合約在此期間保持穩定</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>數據顯示，在 1 月中旬，比特幣期權的總未平倉合約激增至約 741 億美元，首次超過比特幣期貨的總未平倉合約約 652.2 億美元。分析師指出，當期權的未平倉合約超過期貨時，通常表明市場正在從單純的方向性槓桿轉向更結構化的風險敞口，例如對沖、收益策略和波動性頭寸。根據 Checkonchain 的數據，期權的未平倉合約在去年 12 月底出現了急劇下降，隨後在 1 月初重新建立。這與主要到期日後市場風險重建的模式相符，而同期期貨的未平倉合約變化則相對穩定。（CryptoSlate）</p>
</div>

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

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比特幣期權的未平倉合約總額上升至 741 億美元，首次超過了期貨的未平倉合約總額