5 月 21 日，据 Coinglass 数据显示，全网比特币期货合约未平仓头寸为 71.063 万枚 BTC（约合 763.5 亿美元），创历史新高。
其中 CME 比特币合约未平仓头寸为 16.343 万枚 BTC（约合 175.5 亿美元），位列第一；
Binance 比特币合约未平仓头寸为 11.673 万枚 BTC（约合 125.4 亿美元），位列第二。

<div><p>5 月 21 日，据 Coinglass 数据显示，全网比特币期货合约未平仓头寸为 71.063 万枚 BTC（约合 763.5 亿美元），创历史新高。</p><p>其中 CME 比特币合约未平仓头寸为 16.343 万枚 BTC（约合 175.5 亿美元），位列第一；</p><p>Binance 比特币合约未平仓头寸为 11.673 万枚 BTC（约合 125.4 亿美元），位列第二。</p></div>

全网比特币合约未平仓头寸突破760亿美元，创历史新高

On May 21, according to Coinglass data, the total network Bitcoin futures contract open interest was 710,630 BTC (approximately $7.635 billion), reaching a historical high.

Among them, the CME Bitcoin contract open interest was 163,430 BTC (approximately $1.755 billion), ranking first;
Binance Bitcoin contract open interest was 116,730 BTC (approximately $1.254 billion), ranking second.

<div><p>On May 21, according to Coinglass data, the total network Bitcoin futures contract open interest was 710,630 BTC (approximately $7.635 billion), reaching a historical high.</p><p>Among them, the CME Bitcoin contract open interest was 163,430 BTC (approximately $1.755 billion), ranking first;</p><p>Binance Bitcoin contract open interest was 116,730 BTC (approximately $1.254 billion), ranking second.</p></div>

The total open interest of Bitcoin contracts on the entire network exceeded US$76 billion, setting a new record high

Next Week's Key Preview

December 22nd

Aster: Phase 5 airdrop will begin on December 22nd and last for 6 weeks;

Espresso will open airdrop registration on December 22nd;

December 23rd

The U.S. Bureau of Economic Analysis will release third-quarter GDP data on December 23rd;

December 24th
U.S. and European stock markets will be closed for Christmas, and whether a "Christmas rally" will materialize remains uncertain;

The U.S. will release initial jobless claims for the week ending December 20th;...

Must-watch items next week: US Bureau of Economic Analysis to release Q3 GDP data; Aster launches fifth phase of airdrop (December 22-28).

Following the controversy surrounding Fundstrat's Bitcoin views, co-founder Tom Lee responded, stating that the "contradictory predictions" seen by outsiders were actually research conclusions from different positions and timelines, not internal disagreements. Previously, Sean Farrell, head of digital asset strategy at Fundstrat, suggested that Bitcoin might retrace to the $60,000-$65,000 range in the first half of 2026; while Tom Lee believed Bitcoin could reach new highs, even surging to $200,000 as early as the beginning of 2026. A Fundstrat...

Tom Lee responds to Fundstrat's "contradictory" views on Bitcoin: Different positions, different timelines, not internal disagreements.

Source: Galaxy Research
Translation: Jinse Finance
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakout after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged liquidations, and the actions of whale...