分析师：比特币创纪录空头挤压及杠杆重置或预示牛市重启

分析师：比特币创纪录空头挤压及杠杆重置或预示牛市重启

2026-08-26 19:59

ChainThink 消息，8 月 26 日，据 K33 及 Bitwise 分析师，比特币创纪录空头挤压及杠杆重置或预示牛市重启。

过去一周比特币上涨 23%，创 2024 年 11 月美国大选后最强单周表现；

现货及永续合约交易量增长 188%，CME 交易量增长 152%，比特币投资产品净流入 31,740 枚 BTC。

K33 研究主管 Vetle Lunde 指出，8 月 19 日共有 13.7 亿美元比特币空头被清算，接近 2021 年 7 月此前单日纪录 7.57 亿美元的两倍，8 月 21 日又有 7.39 亿美元空头被清算。

此后永续合约名义未平仓量降至 28.4 万枚 BTC，为 5 月以来最低，资金费率回归中性。其他指标同步转变。

比特币六个月期 25 Delta 期权偏斜自 2025 年 9 月以来首次转为负值，看涨期权价格高于看跌期权，结束连续 11 个月为下行保护支付溢价的状态。

比特币在 4 天内重新站上 50 日、100 日、200 日及 200 周均线，速度快于此前所有周期；

历史上仅出现在 2015 年 10 月、2020 年 4 月及 2023 年 10 月，均接近周期性牛市起点。贝森特推动增加长期美国国债回购也被视为额外催化因素。

比特币与黄金 90 日相关性升至 0.52，为 2020 年 10 月以来最高；与纳斯达克相关性降至 0.38，为一年低点。

Bitwise 首席投资官 Matt Hougan 认为，随着全球金融体系更多被用于地缘政治工具，独立于单一国家银行体系、可全球转移的中立货币网络将更具价值。

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

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