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BTC 
DOGE 
XRP Analysis of Open Interest: The core indicator of the cryptocurrency derivatives market
Open interest (often referred to as OI for short) is one of the most practical indicators for understanding the dynamics of the cryptocurrency derivatives market. It measures the total number of futures or options contracts that have not yet been closed, settled or expired. CME Group defines open positions as open contracts that remain active, and only one side of each buyer and seller pair is counted.
Unlike trading volume, which measures the number of contracts changing hands over time, open interest reveals to traders the size of positions remaining in the market. So how do open interest work?
How open interest works
Assume that Bitcoin futures have zero open interest at the opening. If one trader places a long position in 10 contracts and another trader places a corresponding short position, the number of open contracts will rise to 10 instead of 20. Because each contract requires buyers and sellers, open interest is counted only once for the contract itself. Subsequently, if these positions are closed, the number of open contracts decreases. This makes open interest contracts an effective tool for tracking whether newly leveraged funds enter or exit the market.
Specifically, a combination of changes in price and open interest can provide the following signals:
- Price increase + open interest increase: indicates that new positions are being established during a period when new long positions enter and drive gains.
- 价格下跌 + 未平仓合约上升：表明交易者在下跌过程中增加了风险敞口。
- 价格上涨 + 未平仓合约下降：可能意味着空头正在平仓或被强制清算。
- 价格下跌 + 未平仓合约下降：表明杠杆多头正在退出或被强制清算。
需要注意的是，未平仓合约上升并不自动等同于看涨情绪。币安指出，未平仓合约衡量的是参与度和活跃度，但并不能直接告诉交易者价格走势的方向。
为何未平仓合约在加密货币市场中至关重要？
加密货币市场通常使用大量杠杆，因此未平仓合约的变化可以揭示市场持仓是否变得拥挤。如果未平仓合约迅速上升，而价格波动相对较小，这可能预示着市场底部正在积累杠杆。如果价格突然朝这些头寸的反方向移动，强制清算可能会加速这一过程。
这就是为什么交易者通常将未平仓合约与资金费率、清算数据和价格行为结合分析，而不是单独使用它。近期的实例展示了该指标在实际中的应用：
例如，在尝试突破的过程中，随着交易者增加风险敞口，狗狗币（Dogecoin）的未平仓合约此前曾攀升至 14 亿美元以上；另一起狗狗币未平仓合约激增事件也凸显了衍生品活动的增加如何伴随更强的市场动能。瑞波币（XRP）则显示了相反的情况。近期的一次 XRP 杠杆重置中，随着价格下跌，未平仓合约消失，表明交易者正在平仓或因保证金不足而被强制出局。
未平仓合约与交易量的区别
两者的区别很简单：交易量衡量的是发生了多少交易活动，而未平仓合约衡量的是剩余多少未结头寸。
因此，如果头寸不断被建立和平仓，市场每天可能记录巨大的交易量，而未平仓合约几乎不变。相反，稳步上升的未平仓合约表明资本停留在衍生品市场中，而不仅仅是匆匆流过。
