比特币逼空行情再现：期货持仓量降至五个月低点，市场杠杆结构更趋健康

比特币逼空行情再现：期货持仓量降至五个月低点，市场杠杆结构更趋健康

2026-08-25 19:08

ChainThink 消息，8 月 25 日，据市场数据，比特币近日自约 6.2 万美元快速上涨至 8 万美元附近，创近五年来第二大单周涨幅。

但本轮上涨中，比特币计价期货未平仓合约（OI）反而持续下降，降至约 58.76 万枚 BTC，为近五个月低点。

据 Glassnode 数据，上涨主要由空头回补和爆仓推动，期间数十亿美元空头仓位遭清算，形成 Short Squeeze。永续合约年化资金费率仍低于 10%，显示杠杆并未过度拥挤。

此外，加密货币保证金期货 OI 已降至约 5.2 万枚 BTC 的历史低位，仅占整体市场的 11%。现金保证金占比提升，有助于降低价格下跌时“抵押品缩水—强制平仓—进一步下跌”的连锁风险。

当前衍生品市场参与度较低、杠杆结构更健康，或意味着本轮上涨具备更强可持续性。

Disclaimer: Contains third-party opinions, does not constitute financial advice

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