{"id":96904,"date":"2026-03-15T15:11:29","date_gmt":"2026-03-15T11:41:29","guid":{"rendered":"https:\/\/bitpin.ir\/academy\/?p=96904"},"modified":"2026-03-15T15:47:13","modified_gmt":"2026-03-15T12:17:13","slug":"weekly-market-analysis-oil-backwardation-sp500","status":"publish","type":"post","link":"https:\/\/bitpin.ir\/academy\/weekly-market-analysis-oil-backwardation-sp500\/","title":{"rendered":"\u0622\u06cc\u0627 \u062c\u0646\u06af \u0627\u06cc\u0631\u0627\u0646 \u0648 \u0622\u0645\u0631\u06cc\u06a9\u0627 \u0646\u0641\u062a \u0631\u0627 \u0628\u0647 \u06f1\u06f5\u06f0 \u062f\u0644\u0627\u0631 \u0645\u06cc\u200c\u0631\u0633\u0627\u0646\u062f\u061f \u062a\u062d\u0644\u06cc\u0644 \u0646\u0641\u062a \u0648 \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646"},"content":{"rendered":"<p>\u0627\u06af\u0631 \u0628\u062e\u0648\u0627\u0647\u06cc\u0645 \u0647\u0641\u062a\u0647\u200c\u06cc \u06af\u0630\u0634\u062a\u0647\u200c\u06cc \u0628\u0627\u0632\u0627\u0631\u0647\u0627\u06cc \u0645\u0627\u0644\u06cc \u0631\u0627 \u062f\u0631 \u06cc\u06a9 \u06a9\u0644\u0645\u0647 \u062e\u0644\u0627\u0635\u0647 \u06a9\u0646\u06cc\u0645\u060c \u0622\u0646 \u06a9\u0644\u0645\u0647 \u00ab<span style=\"color: #ff0000;\"><strong>\u0646\u0641\u062a<\/strong><\/span>\u00bb \u0627\u0633\u062a. \u0646\u0647 \u06af\u0632\u0627\u0631\u0634\u200c\u0647\u0627\u06cc \u0627\u0642\u062a\u0635\u0627\u062f\u06cc\u060c \u0646\u0647 \u0641\u0635\u0644 \u062f\u0631\u0622\u0645\u062f\u0647\u0627\u060c \u0646\u0647 \u0633\u06cc\u0627\u0633\u062a\u200c\u0647\u0627\u06cc \u0641\u062f\u0631\u0627\u0644 \u0631\u0632\u0631\u0648\u061b<strong> \u0641\u0642\u0637 \u0648 \u0641\u0642\u0637 \u0646\u0641\u062a.<\/strong><\/p>\n<p>\u0628\u0627\u0632\u0627\u0631 \u0633\u0647\u0627\u0645 \u0622\u0645\u0631\u06cc\u06a9\u0627 \u0627\u06cc\u0646 \u0647\u0641\u062a\u0647 \u062f\u0631 \u062d\u0627\u0644\u062a\u06cc \u0627\u0632 \u0646\u0648\u0633\u0627\u0646 \u0648 \u0631\u06a9\u0648\u062f \u0646\u0633\u0628\u06cc \u0628\u0647\u200c\u0633\u0631 \u0628\u0631\u062f \u0648 \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc \u0627\u0635\u0644\u06cc \u062a\u063a\u06cc\u06cc\u0631\u0627\u062a \u0645\u062d\u062f\u0648\u062f\u06cc \u0631\u0627 \u0627\u0632 \u062f\u0648\u0634\u0646\u0628\u0647 \u062a\u0627 \u062c\u0645\u0639\u0647 \u062b\u0628\u062a \u06a9\u0631\u062f\u0646\u062f. \u0627\u0645\u0627 \u0627\u06cc\u0646 \u0622\u0631\u0627\u0645\u0634 \u0638\u0627\u0647\u0631\u06cc\u060c<span style=\"color: #ff0000;\"><strong> \u067e\u0634\u062a \u067e\u0631\u062f\u0647\u200c\u0627\u06cc \u0627\u0632 \u062a\u0644\u0627\u0637\u0645 \u0634\u062f\u06cc\u062f \u067e\u0646\u0647\u0627\u0646 \u0628\u0648\u062f \u06a9\u0647 \u0631\u06cc\u0634\u0647\u200c\u06cc \u0647\u0645\u0647\u200c\u06cc \u0622\u0646 \u0628\u0647 <a style=\"color: #ff0000;\" href=\"https:\/\/bitpin.ir\/coin\/USOON\/\">\u0642\u06cc\u0645\u062a \u0646\u0641\u062a<\/a> \u0628\u0631\u0645\u06cc\u200c\u06af\u0634\u062a.<\/strong><\/span><\/p>\n<h2>\u0639\u0645\u0644\u06a9\u0631\u062f \u0634\u0627\u062e\u0635\u200c\u0647\u0627 \u0648 \u0628\u062e\u0634\u200c\u0647\u0627\u06cc \u0645\u062e\u062a\u0644\u0641<\/h2>\n<p>\u0627\u06af\u0631 \u0641\u0642\u0637 \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc \u0645\u0647\u0645 \u0628\u0627\u0632\u0627\u0631 \u0631\u0627 \u062f\u0631\u0647\u0641\u062a\u0647 \u06af\u0630\u0634\u062a\u0647 \u0628\u0631\u0631\u0633\u06cc \u06a9\u0646\u06cc\u0645\u060c \u0645\u062a\u0648\u062c\u0647 \u0645\u06cc\u200c\u0634\u0648\u06cc\u0645 \u0627\u0639\u062f\u0627\u062f \u0686\u0646\u062f\u0627\u0646 \u0646\u06af\u0631\u0627\u0646\u200c\u06a9\u0646\u0646\u062f\u0647 \u0646\u06cc\u0633\u062a\u0646\u062f:<\/p>\n<ul>\n<li><strong>S&amp;P 500<\/strong> \u062a\u0642\u0631\u06cc\u0628\u0627 \u06cc\u06a9 \u0648\u0627\u062d\u062f \u0627\u0641\u062a \u06a9\u0631\u062f<\/li>\n<li><strong>Russell 2000<\/strong> \u062d\u062f\u0648\u062f \u06cc\u06a9 \u062f\u0631\u0635\u062f \u06a9\u0627\u0647\u0634 \u06cc\u0627\u0641\u062a<\/li>\n<li><strong>NASDAQ 100<\/strong> \u062a\u0642\u0631\u06cc\u0628\u0627 \u0628\u062f\u0648\u0646 \u062a\u063a\u06cc\u06cc\u0631 \u0628\u0633\u062a<\/li>\n<\/ul>\n<p>\u0627\u0645\u0627 \u0627\u06cc\u0646 \u0627\u0639\u062f\u0627\u062f\u060c \u062a\u0635\u0648\u06cc\u0631 \u06a9\u0627\u0645\u0644\u06cc \u0627\u0632 \u0647\u0641\u062a\u0647 \u0646\u0645\u06cc\u200c\u062f\u0647\u0646\u062f. \u062f\u0631 \u0637\u0648\u0644 \u0647\u0641\u062a\u0647\u060c<strong> \u0646\u0641\u062a \u062e\u0627\u0645 \u06cc\u06a9\u200c\u0628\u0627\u0631 \u062a\u0627 \u0646\u0632\u062f\u06cc\u06a9\u06cc \u06f1\u06f2\u06f0 \u062f\u0644\u0627\u0631 \u062f\u0631 \u0647\u0631 \u0628\u0634\u06a9\u0647 \u062c\u0647\u0634 \u06a9\u0631\u062f<\/strong> \u0648 \u0647\u0645\u06cc\u0646 \u0645\u0648\u0636\u0648\u0639 \u06af\u067e\u200c\u0647\u0627\u06cc \u0628\u0632\u0631\u06af \u0635\u0639\u0648\u062f\u06cc \u0648 \u0646\u0632\u0648\u0644\u06cc \u0645\u062a\u0639\u062f\u062f\u06cc \u062f\u0631 \u0628\u0627\u0632\u0627\u0631 \u0627\u06cc\u062c\u0627\u062f \u06a9\u0631\u062f.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-96913\" src=\"https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44.jpg\" alt=\"\" width=\"1280\" height=\"724\" srcset=\"https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44.jpg 1280w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-300x170.jpg 300w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-1024x579.jpg 1024w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-768x434.jpg 768w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-640x362.jpg 640w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-340x192.jpg 340w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-460x260.jpg 460w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-112x63.jpg 112w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-760x430.jpg 760w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-160x91.jpg 160w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-290x164.jpg 290w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-475x269.jpg 475w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-360x204.jpg 360w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-44-36x20.jpg 36w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p>\u062f\u0631 \u0645\u06cc\u0627\u0646 \u06f1\u06f1 \u0628\u062e\u0634 S&amp;P 500\u060c \u062a\u0635\u0648\u06cc\u0631 \u062c\u0627\u0644\u0628\u06cc \u062f\u06cc\u062f\u0647 \u0645\u06cc\u200c\u0634\u0648\u062f:<\/p>\n<ul style=\"list-style-type: circle;\">\n<li>\u0628\u062e\u0634\u200c\u0647\u0627\u06cc \u062a\u062f\u0627\u0641\u0639\u06cc \u0645\u062b\u0644 \u0627\u0646\u0631\u0698\u06cc \u0648 \u062e\u062f\u0645\u0627\u062a \u0639\u0645\u0648\u0645\u06cc \u0633\u0628\u0632\u067e\u0648\u0634 \u0645\u0627\u0646\u062f\u0646\u062f<\/li>\n<li>\u0628\u062e\u0634 \u0645\u0627\u0644\u06cc \u062d\u062f\u0648\u062f \u06f2\u066a \u0627\u0641\u062a \u06a9\u0631\u062f\u061b \u0628\u0627\u0646\u06a9\u200c\u0647\u0627\u06cc\u06cc \u0645\u062b\u0644 Goldman Sachs \u0648 BlackRock \u0628\u0647 \u062e\u0627\u0637\u0631 \u0646\u06af\u0631\u0627\u0646\u06cc\u200c\u0647\u0627 \u062f\u0631\u0628\u0627\u0631\u0647\u200c\u06cc \u0627\u0639\u062a\u0628\u0627\u0631 \u062e\u0635\u0648\u0635\u06cc \u0641\u0634\u0627\u0631 \u0632\u06cc\u0627\u062f\u06cc \u062a\u062d\u0645\u0644 \u06a9\u0631\u062f\u0646\u062f<\/li>\n<li>\u0628\u0647\u062f\u0627\u0634\u062a \u0648 \u062f\u0631\u0645\u0627\u0646 \u0648 \u06a9\u0627\u0644\u0627\u0647\u0627\u06cc \u0627\u062e\u062a\u06cc\u0627\u0631\u06cc (\u0622\u0645\u0627\u0632\u0648\u0646\u060c \u062a\u0633\u0644\u0627) \u0647\u0645 \u0639\u0645\u0644\u06a9\u0631\u062f \u0636\u0639\u06cc\u0641\u06cc \u062f\u0627\u0634\u062a\u0646\u062f<\/li>\n<li>\u0635\u0646\u0627\u06cc\u0639 \u0631\u0648\u0646\u062f \u0646\u0632\u0648\u0644\u06cc \u062e\u0648\u062f \u0631\u0627 \u0627\u062f\u0627\u0645\u0647 \u062f\u0627\u062f\u0646\u062f<\/li>\n<\/ul>\n<p>\u0627\u0632 \u0637\u0631\u0641 \u062f\u06cc\u06af\u0631\u060c <strong>\u0628\u0627\u0632\u062f\u0647 \u0627\u0648\u0631\u0627\u0642 \u0642\u0631\u0636\u0647 \u0631\u0634\u062f \u0642\u0627\u0628\u0644\u200c\u062a\u0648\u062c\u0647\u06cc \u062f\u0627\u0634\u062a<\/strong> \u06a9\u0647 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f \u0628\u0647\u200c\u0645\u0631\u0648\u0631 \u0632\u0645\u0627\u0646 \u0628\u0647 \u0628\u0627\u0632\u0627\u0631 \u0641\u0634\u0627\u0631 \u0648\u0627\u0631\u062f \u06a9\u0646\u062f\u061b \u0686\u0648\u0646 \u0628\u0627 \u0628\u0627\u0644\u0627 \u0631\u0641\u062a\u0646 \u0628\u0627\u0632\u062f\u0647 \u0627\u0648\u0631\u0627\u0642 \u06f1\u06f0 \u0633\u0627\u0644\u0647\u060c \u0646\u0631\u062e \u0648\u0627\u0645 \u0645\u0633\u06a9\u0646 \u0647\u0645 \u0628\u0627\u0644\u0627 \u0645\u06cc\u200c\u0631\u0648\u062f.<\/p>\n<p>\u0627\u0646\u0633 \u0637\u0644\u0627 \u0648 <strong><a href=\"https:\/\/bitpin.ir\/coin\/PAXG\/\">\u0642\u06cc\u0645\u062a \u0637\u0644\u0627\u06cc \u062f\u06cc\u062c\u06cc\u062a\u0627\u0644<\/a><\/strong>\u00a0\u0646\u06cc\u0632 \u062d\u062f\u0648\u062f \u06f3\u066a \u06a9\u0627\u0647\u0634 \u06cc\u0627\u0641\u062a \u0627\u0645\u0627 \u0633\u0637\u062d \u06f5,\u06f0\u06f0\u06f0 \u062f\u0644\u0627\u0631 \u0631\u0627 \u062d\u0641\u0638 \u06a9\u0631\u062f. \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646 \u0647\u0645 \u0644\u062d\u0638\u0627\u062a\u06cc \u0628\u0627\u0644\u0627\u06cc \u06f7\u06f2,\u06f0\u06f0\u06f0 \u062f\u0644\u0627\u0631 \u0631\u0641\u062a \u0627\u0645\u0627 \u062f\u0631 \u067e\u0627\u06cc\u0627\u0646 \u062c\u0645\u0639\u0647 \u0639\u0642\u0628 \u0646\u0634\u0633\u062a.<\/p>\n<h2>\u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646\u061b \u062f\u0627\u0631\u0627\u06cc\u06cc \u0631\u06cc\u0633\u06a9\u06cc \u06cc\u0627 \u067e\u0646\u0627\u0647\u06af\u0627\u0647 \u0627\u0645\u0646\u061f<\/h2>\n<p>\u06cc\u06a9\u06cc \u0627\u0632 \u0646\u06a9\u0627\u062a \u062c\u0627\u0644\u0628 \u0627\u06cc\u0646 \u0647\u0641\u062a\u0647 \u0631\u0641\u062a\u0627\u0631 <a href=\"https:\/\/bitpin.ir\/coin\/BTC\/\"><strong>\u0642\u06cc\u0645\u062a \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646<\/strong><\/a> \u0628\u0648\u062f. \u0627\u06cc\u0646 \u0627\u0631\u0632 \u062f\u06cc\u062c\u06cc\u062a\u0627\u0644 \u0628\u0631 \u062e\u0644\u0627\u0641 \u0637\u0644\u0627 \u0648 \u0646\u0642\u0631\u0647\u060c \u0647\u0646\u0648\u0632 \u0645\u062b\u0644 \u06cc\u06a9 \u062f\u0627\u0631\u0627\u06cc\u06cc \u0631\u06cc\u0633\u06a9\u06cc \u0639\u0645\u0644 \u0645\u06cc\u200c\u06a9\u0646\u062f.<\/p>\n        <div class=\"bg-center bg-cover bg-no-repeat dev-coin-cta-section lg:mt-4 mb-4 mt-10 px-6 py-4 relative rounded-lg\"\n            style=\"background-image: url(https:\/\/bitpin.ir\/academy\/wp-content\/themes\/bitpin-academy\/assets\/image\/bg-cta-widget.jpg);background-color: #020C04;\">\n            <div class=\"flex flex-col items-center justify-between md:flex-row\">\n                <div class=\"flex flex-col items-center mb-4 md:flex-row md:mb-0\">\n                    <div class=\"relative dev-coin-cta-section--img -mt-16 md:mt-0\">\n                        <img decoding=\"async\" src=\"https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2024\/02\/1697370601.svg\" alt=\"\u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646\" class=\"w-16 h-16 rounded-full\">\n                    <\/div>\n                    <div class=\"mt-2 md:mt-0 md:mr-4\">\n                        <span class=\"!m-0 block font-bold leading-light-loose md:text-right text-center text-white text-xlg\">\n                            \u0628\u0631\u0627\u06cc \u062e\u0631\u06cc\u062f\u0648\u0641\u0631\u0648\u0634 \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646 \u0622\u0645\u0627\u062f\u0647\u200c\u0627\u06cc\u062f\u061f                        <\/span>\n                        <p class=\"!m-0 md:text-right mt-2 text-center text-grey-5 text-smx\">\n                            \u062e\u0631\u06cc\u062f\u0648\u0641\u0631\u0648\u0634 \u0633\u0631\u06cc\u0639 \u0648 \u0622\u0633\u0627\u0646 \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646 \u0628\u0627 \u0648\u0627\u0631\u06cc\u0632 \u062a\u0648\u0645\u0627\u0646 \u062f\u0631 \u0647\u0631 \u0633\u0627\u0639\u062a \u0627\u0632 \u0634\u0628\u0627\u0646\u0647\u200c\u0631\u0648\u0632                        <\/p>\n                    <\/div>\n                <\/div>\n                                    <a  href=\"#\" data-coin-target-link=\"BTC\"  target=\"_blank\"\n                        class=\"!text-black-1 rounded-md btn md:px-4 bg-green-0 coin-cta-btn w-full md:w-fit block text-center dev-datalayer px-6 py-3 font-semibold hover:bg-opacity-90 transition\"\n                        data-bnr-name=\"\u062e\u0631\u06cc\u062f \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646\" data-bnr-position=\"Article\">\n                        \u062e\u0631\u06cc\u062f \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646                    <\/a>\n                            <\/div>\n        <\/div>\n\n<p>\u0627\u06af\u0631 \u0628\u0627\u0632\u0627\u0631 \u0633\u0647\u0627\u0645 \u0646\u0632\u0648\u0644\u06cc \u0628\u0627\u0634\u062f \u0648 \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646 \u0628\u062a\u0648\u0627\u0646\u062f \u0645\u0633\u062a\u0642\u0644 \u0627\u0632 \u0622\u0646 \u0631\u0634\u062f \u06a9\u0646\u062f\u060c \u0622\u0646 \u0648\u0642\u062a \u0645\u06cc\u200c\u062a\u0648\u0627\u0646 \u06af\u0641\u062a \u06a9\u0647 \u062c\u062f\u0627\u0634\u062f\u06af\u06cc (Decoupling) \u0648\u0627\u0642\u0639\u06cc \u0627\u062a\u0641\u0627\u0642 \u0627\u0641\u062a\u0627\u062f\u0647 \u0648 \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646 \u0628\u0647 \u06cc\u06a9 <strong>\u062f\u0627\u0631\u0627\u06cc\u06cc \u0627\u0645\u0646<\/strong> \u062a\u0628\u062f\u06cc\u0644 \u0634\u062f\u0647 \u0627\u0633\u062a. \u0627\u0645\u0627 \u0641\u0639\u0644\u0627 \u0627\u06cc\u0646 \u0627\u062a\u0641\u0627\u0642 \u0646\u06cc\u0641\u062a\u0627\u062f\u0647 \u0648 \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646 \u0647\u0645\u0686\u0646\u0627\u0646 \u062f\u0646\u0628\u0627\u0644\u0647\u200c\u0631\u0648\u06cc \u0628\u0627\u0632\u0627\u0631 \u0633\u0647\u0627\u0645 \u0627\u0633\u062a.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-96912\" src=\"https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40.jpg\" alt=\"\" width=\"1280\" height=\"724\" srcset=\"https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40.jpg 1280w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-300x170.jpg 300w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-1024x579.jpg 1024w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-768x434.jpg 768w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-640x362.jpg 640w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-340x192.jpg 340w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-460x260.jpg 460w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-112x63.jpg 112w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-760x430.jpg 760w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-160x91.jpg 160w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-290x164.jpg 290w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-475x269.jpg 475w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-360x204.jpg 360w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-42-40-36x20.jpg 36w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<h2>\u062f\u0627\u0633\u062a\u0627\u0646 \u0627\u0635\u0644\u06cc: \u0646\u0641\u062a\u060c \u06a9\u0646\u062a\u0627\u0646\u06af\u0648 \u0648 \u0628\u06a9\u0648\u0627\u0631\u062f\u06cc\u0634\u0646<\/h2>\n<p>\u062f\u0631 \u0627\u06cc\u0646 \u0647\u0641\u062a\u0647\u060c <strong><a href=\"https:\/\/bitpin.ir\/coin\/SPYON\/\">\u0642\u06cc\u0645\u062a \u0627\u0633 \u0627\u0646\u062f \u067e\u06cc 500<\/a><\/strong> \u062a\u0642\u0631\u06cc\u0628\u0627 \u0647\u0645\u0628\u0633\u062a\u06af\u06cc \u0645\u0646\u0641\u06cc \u06cc\u06a9\u200c\u0628\u0647\u200c\u06cc\u06a9 \u0628\u0627 \u0642\u06cc\u0645\u062a \u0646\u0641\u062a \u062f\u0627\u0634\u062a. \u06cc\u0639\u0646\u06cc \u0647\u0631 \u0628\u0627\u0631 \u06a9\u0647 \u0646\u0641\u062a \u0628\u0627\u0644\u0627 \u0645\u06cc\u200c\u0631\u0641\u062a\u060c \u0628\u0627\u0632\u0627\u0631 \u0633\u0647\u0627\u0645 \u067e\u0627\u06cc\u06cc\u0646 \u0645\u06cc\u200c\u0622\u0645\u062f \u0648 \u0628\u0631\u0639\u06a9\u0633. \u0627\u06cc\u0646 \u0631\u0627\u0628\u0637\u0647 \u062d\u062a\u06cc \u062f\u0631 \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0634\u0628\u0627\u0646\u0647\u200c\u06cc \u0642\u0631\u0627\u0631\u062f\u0627\u062f\u0647\u0627\u06cc \u0622\u062a\u06cc \u0647\u0645 \u06a9\u0627\u0645\u0644\u0627 \u0645\u0634\u0647\u0648\u062f \u0628\u0648\u062f.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-96914\" src=\"https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00.jpg\" alt=\"\" width=\"1280\" height=\"724\" srcset=\"https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00.jpg 1280w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-300x170.jpg 300w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-1024x579.jpg 1024w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-768x434.jpg 768w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-640x362.jpg 640w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-340x192.jpg 340w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-460x260.jpg 460w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-112x63.jpg 112w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-760x430.jpg 760w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-160x91.jpg 160w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-290x164.jpg 290w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-475x269.jpg 475w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-360x204.jpg 360w, https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2026\/03\/photo_2026-03-15_14-52-00-36x20.jpg 36w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<h3>\u0633\u0647 \u0645\u0641\u0647\u0648\u0645 \u0648 \u0627\u0635\u0637\u0644\u0627\u062d \u06a9\u0644\u06cc\u062f\u06cc \u0628\u0631\u0627\u06cc \u062f\u0631\u06a9 \u0648\u0636\u0639\u06cc\u062a \u0646\u0641\u062a \u062f\u0631 \u0627\u06cc\u0646 \u0631\u0648\u0632\u0647\u0627<\/h3>\n<p>\u0628\u0631\u0627\u06cc \u0627\u06cc\u0646\u06a9\u0647 \u0628\u0641\u0647\u0645\u06cc\u0645 \u0627\u06cc\u0646 \u0648\u0636\u0639\u06cc\u062a \u0686\u0647 \u0645\u062f\u062a \u0627\u062f\u0627\u0645\u0647 \u062e\u0648\u0627\u0647\u062f \u062f\u0627\u0634\u062a\u060c \u0628\u0627\u06cc\u062f \u0628\u0627 \u0633\u0647 \u0645\u0641\u0647\u0648\u0645 \u0622\u0634\u0646\u0627 \u0634\u0648\u06cc\u0645:<\/p>\n<ol>\n<li><strong>\u00a0\u0633\u0627\u062e\u062a\u0627\u0631 \u0632\u0645\u0627\u0646\u06cc (Term Structure):<\/strong> \u0631\u0627\u0628\u0637\u0647\u200c\u06cc \u0628\u06cc\u0646 \u0642\u06cc\u0645\u062a \u0642\u0631\u0627\u0631\u062f\u0627\u062f\u0647\u0627\u06cc \u0622\u062a\u06cc \u062f\u0631 \u0633\u0631\u0631\u0633\u06cc\u062f\u0647\u0627\u06cc \u0645\u062e\u062a\u0644\u0641. \u0627\u06cc\u0646 \u0647\u0645\u0627\u0646 <strong>\u00ab\u0645\u0646\u062d\u0646\u06cc \u0641\u0648\u0631\u0648\u0627\u0631\u062f\u00bb<\/strong> \u0627\u0633\u062a.<\/li>\n<li><strong>\u06a9\u0646\u062a\u0627\u0646\u06af\u0648 (Contango):<\/strong> \u062d\u0627\u0644\u062a \u0639\u0627\u062f\u06cc \u0628\u0627\u0632\u0627\u0631 \u06a9\u0647 \u062f\u0631 \u0622\u0646 \u0642\u0631\u0627\u0631\u062f\u0627\u062f\u0647\u0627\u06cc \u0622\u062a\u06cc\u0650 \u062f\u0648\u0631\u062a\u0631 \u06af\u0631\u0627\u0646\u200c\u062a\u0631 \u0627\u0632 \u0642\u0631\u0627\u0631\u062f\u0627\u062f\u0647\u0627\u06cc \u0646\u0632\u062f\u06cc\u06a9\u200c\u062a\u0631 \u0647\u0633\u062a\u0646\u062f. \u062f\u0644\u06cc\u0644 \u0627\u06cc\u0646 \u0645\u0648\u0636\u0648\u0639 <strong>\u0647\u0632\u06cc\u0646\u0647\u200c\u06cc \u0646\u06af\u0647\u062f\u0627\u0631\u06cc \u06a9\u0627\u0644\u0627<\/strong> (Cost of Carry) \u0627\u0633\u062a.<\/li>\n<li><strong>\u0628\u06a9\u0648\u0627\u0631\u062f\u06cc\u0634\u0646 (Backwardation):<\/strong> \u062d\u0627\u0644\u062a\u06cc \u06a9\u0647 \u062f\u0631 \u0622\u0646 \u0642\u06cc\u0645\u062a \u0642\u0631\u0627\u0631\u062f\u0627\u062f\u0647\u0627\u06cc \u0622\u062a\u06cc\u0650 \u0646\u0632\u062f\u06cc\u06a9\u200c\u062a\u0631 \u0628\u0627\u0644\u0627\u062a\u0631 \u0627\u0632 \u0642\u0631\u0627\u0631\u062f\u0627\u062f\u0647\u0627\u06cc \u062f\u0648\u0631\u062a\u0631 \u0627\u0633\u062a.<strong> \u0627\u06cc\u0646 \u0646\u0634\u0627\u0646\u0647\u200c\u06cc \u06a9\u0645\u06cc\u0627\u0628\u06cc \u0648 \u062a\u0631\u0633 \u0627\u0632 \u06a9\u0645\u0628\u0648\u062f \u0639\u0631\u0636\u0647 \u0627\u0633\u062a. \u062e\u0631\u06cc\u062f\u0627\u0631\u0627\u0646 \u062a\u0631\u062c\u06cc\u062d \u0645\u06cc\u200c\u062f\u0647\u0646\u062f \u0647\u0645\u06cc\u0646 \u062d\u0627\u0644\u0627 \u0646\u0641\u062a \u0628\u062e\u0631\u0646\u062f\u060c \u0646\u0647 \u0628\u0639\u062f\u0627.<\/strong><\/li>\n<\/ol>\n<p>\u0627\u0644\u0627\u0646 \u0628\u0627\u0632\u0627\u0631 \u0646\u0641\u062a \u062f\u0631 <strong>\u0628\u06a9\u0648\u0627\u0631\u062f\u06cc\u0634\u0646<\/strong> \u0627\u0633\u062a. \u0642\u0631\u0627\u0631\u062f\u0627\u062f \u0641\u0639\u0627\u0644 WTI (\u0646\u0641\u062a) \u0646\u0632\u062f\u06cc\u06a9 \u0628\u0647 \u06f9\u06f6.\u06f7\u06f1 \u062f\u0644\u0627\u0631 \u0645\u0639\u0627\u0645\u0644\u0647 \u0645\u06cc\u200c\u0634\u0648\u062f \u0648 \u0642\u0631\u0627\u0631\u062f\u0627\u062f\u0647\u0627\u06cc \u062f\u0648\u0631\u062a\u0631 \u0627\u0631\u0632\u0627\u0646\u200c\u062a\u0631 \u0647\u0633\u062a\u0646\u062f. \u0628\u0631\u0646\u062a \u0647\u0645 \u0647\u0645\u06cc\u0646 \u0648\u0636\u0639\u06cc\u062a \u0631\u0627 \u062f\u0627\u0631\u062f.<\/p>\n<h3>\u062c\u0645\u0639\u200c\u0628\u0646\u062f\u06cc: \u0622\u0631\u0627\u0645\u0634 \u0642\u0628\u0644 \u0627\u0632 \u0637\u0648\u0641\u0627\u0646 \u06cc\u0627 \u0627\u062f\u0627\u0645\u0647\u200c\u06cc \u0646\u0648\u0633\u0627\u0646\u061f<\/h3>\n<p><strong><span style=\"color: #008000;\">\u0628\u0627\u0632\u0627\u0631 \u0647\u0646\u0648\u0632 \u062f\u0631 \u06cc\u06a9 \u0633\u0642\u0648\u0637 \u0622\u0632\u0627\u062f \u0646\u06cc\u0633\u062a\u061b<\/span><\/strong> \u0628\u06cc\u0634\u062a\u0631 \u0634\u0628\u06cc\u0647 \u06cc\u06a9 \u0686\u0631\u062e \u06af\u0627\u0631\u06cc \u0627\u0633\u062a \u06a9\u0647 \u0622\u0631\u0627\u0645 \u0622\u0631\u0627\u0645 \u0627\u0632 \u062a\u067e\u0647 \u067e\u0627\u06cc\u06cc\u0646 \u0645\u06cc\u200c\u0631\u0648\u062f\u060c \u0627\u0645\u0627 \u0647\u0645\u0627\u0646\u200c\u0637\u0648\u0631 \u06a9\u0647 \u06cc\u06a9 \u0686\u0631\u062e \u06af\u0627\u0631\u06cc \u062f\u0631 \u067e\u0627\u06cc\u06cc\u0646 \u062a\u067e\u0647 \u0633\u0631\u0639\u062a \u0645\u06cc\u200c\u06af\u06cc\u0631\u062f\u060c \u0628\u0627\u0632\u0627\u0631 \u0647\u0645 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f \u062f\u0631 \u06cc\u06a9 \u0644\u062d\u0638\u0647 \u0634\u062a\u0627\u0628 \u0646\u0632\u0648\u0644\u06cc \u067e\u06cc\u062f\u0627 \u06a9\u0646\u062f. \u062a\u0627 \u0632\u0645\u0627\u0646\u06cc \u06a9\u0647 \u0628\u0627\u0632\u0627\u0631 \u0627\u0632 \u0628\u06a9\u0648\u0627\u0631\u062f\u06cc\u0634\u0646 \u0628\u0647 \u06a9\u0646\u062a\u0627\u0646\u06af\u0648 \u0628\u0631\u0646\u06af\u0631\u062f\u062f\u060c \u0641\u0634\u0627\u0631 \u0628\u0631 S&amp;P \u0627\u062f\u0627\u0645\u0647 \u062e\u0648\u0627\u0647\u062f \u062f\u0627\u0634\u062a.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u0627\u06af\u0631 \u0628\u062e\u0648\u0627\u0647\u06cc\u0645 \u0647\u0641\u062a\u0647\u200c\u06cc \u06af\u0630\u0634\u062a\u0647\u200c\u06cc \u0628\u0627\u0632\u0627\u0631\u0647\u0627\u06cc \u0645\u0627\u0644\u06cc \u0631\u0627 \u062f\u0631 \u06cc\u06a9 \u06a9\u0644\u0645\u0647 \u062e\u0644\u0627\u0635\u0647 \u06a9\u0646\u06cc\u0645\u060c \u0622\u0646 \u06a9\u0644\u0645\u0647 \u00ab\u0646\u0641\u062a\u00bb \u0627\u0633\u062a. \u0646\u0647 \u06af\u0632\u0627\u0631\u0634\u200c\u0647\u0627\u06cc 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