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分析:本轮 BTC 上涨伴随 OI 下降,现货需求首次显现

2026-08-22 11:46:25

ChainCatcher 消息,链上数据分析师 Murphy 发文称,本轮 BTC 上涨“有点不一样”:期货爆仓规模创纪录,但未平仓量(OI)同步下降,价格上涨主要由空头止损或爆仓买入平仓推动,属于清算存量仓位,而非新开杠杆净敞口。若仅靠爆仓驱动,价格常呈插针后回落;此次拉升后价格站住,表明另有现货资金接盘。

Murphy 指出,若由合约多头主导,OI 通常上升、费率走高,但本轮 OI 几乎全程下降,未见新杠杆大规模进场。交易所现货相对成交量(SRV)在 8 月 19 日至 20 日达 2.94,约为近 30 日均值的 3 倍。近两年类似放量多出现在下跌恐慌换手或牛市阶段,与 1 月反弹至约 9.6 万美元、5 月反弹至约 8.2 万美元时以杠杆为主的情形不同。

他强调,现货需求只是进入熊市以来首次出现的潜在迹象,叠加价格挑战短期持有者成本线(STH-RP)、卖方衰竭指数进入极端区等,尚不足以断定趋势反转。

分析:本轮 BTC 上涨伴随 OI 下降,现货需求首次显现

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