比特幣徘徊在近期高峰附近，焦點逐漸轉向以太坊

傳統上，以太坊在 BTC 價格上漲後的利潤輪換期間表現良好，最新數據表明大幅波動可能即將到來。

Bitcoin’s recent price action has put a spotlight on a potential profit rotation into altcoins, with Ethereum being a prime candidate. Despite being up over 140% from its 2023 lows, ETH is still trading 36.2% below its 2021 record high of $4,878.

比特幣最近的價格走勢讓人們關注到山寨幣的潛在利潤轉移，而以太坊是主要候選者。儘管較 2023 年低點上漲了 140% 以上，但 ETH 的交易價格仍比 2021 年歷史高點 4,878 美元低 36.2%。

After Bitcoin’s move, Ethereum has typically been one of the first assets to benefit from profit rotations. Currently, Ethereum’s on-chain activity shows evenly spaced potential resistance levels, but in… pic.twitter.com/amkbZmtEyo

在比特幣走勢之後，以太坊通常是最先從利潤輪換中受益的資產之一。目前，以太坊的鏈上活動顯示出均勻分佈的潛在阻力水平，但在... pic.twitter.com/amkbZmtEyo

According to IntoTheBlock, daily transaction volume has increased on ETH, currently averaging 1.22 million per day compared to 1.1 million three months ago. Although this growth rate is not very high, it shows that there has been constant utilization of the Ethereum network, which is a big factor that supports the long-term value of ETH.

根據 IntoTheBlock 的數據，ETH 的每日交易量有所增加，目前平均每天 122 萬筆，而三個月前為 110 萬筆。雖然這個成長率不是很高，但說明以太坊網路一直在不斷被利用，這是支撐ETH長期價值的一大因素。

However, the formation of new Ethereum addresses continues to be lower than during other bull markets. This decline has been due to the increased usage of Layer 2 solutions like Base, which builds on the infrastructure of ETH but provides faster transaction processing. Despite this, tokens have remained the fundamental pillar of the decentralized environment.

然而，新以太坊地址的形成仍然低於其他牛市期間。這種下降是由於 Base 等第 2 層解決方案的使用增加，該解決方案建立在 ETH 基礎設施之上，但提供更快的交易處理。儘管如此，代幣仍然是去中心化環境的基本支柱。

As a result of substantial whale movement, investor sentiment is also bullish. According to the latest data, institutional investors have purchased more than $1.4 billion in Ether over the last seven days, indicating their bullishness on the digital asset for the future. Similarly, Ether spot ETFs have observed inflows of more than $147 million, which further showcases institutional investors’ optimism in ETH.

由於鯨魚的大量活動，投資者情緒也看漲。根據最新數據，機構投資者在過去 7 天購買了超過 14 億美元的以太幣，顯示他們對數位資產的未來持樂觀態度。同樣，以太坊現貨 ETF 的資金流入超過 1.47 億美元，這進一步表明了機構投資者對 ETH 的樂觀態度。

Ethereum’s open interest across derivatives markets hit $13.2 billion, which is the highest ever and 40% higher than it was four months ago. This surge shows increasing involvement of traders in Ethereum’s futures and options.

以太坊衍生性商品市場的未平倉部位達到 132 億美元，創歷史新高，比四個月前高出 40%。這種激增表明交易者越來越多地參與以太坊期貨和選擇權。

“Ethereum’s open interest has surpassed its previous ATH (all-time high), exceeding the $13 billion mark—an increase of over 40% in the past four months.” – By @EgyHashX Full post 👇https://t.co/3DfUxb2x1R pic.twitter.com/tYHqkbSTJC

「以太坊的未平倉頭寸已經超過了之前的 ATH（歷史新高），突破了 130 億美元大關——在過去四個月裡增長了 40% 以上。” – @EgyHashX 全文👇https://t.co/3DfUxb2x1R pic.twitter.com/tYHqkbSTJC

Moreover, Ethereum’s leverage ratio, which is calculated by dividing open interest by the exchange’s coin reserves, has also set a new high at 0.40. This increase shows that investors are becoming more risk-tolerant and that more leveraged positions are being opened in derivatives markets. However, it is important to note that such high levels of leverage also amplify market volatility. If prices suddenly reverse, a long squeeze may set off large corrections.

此外，以太坊的槓桿率（由未平倉合約除以交易所的代幣儲備計算得出）也創下了0.40的新高。這一增長表明投資者的風險承受能力越來越強，並且在衍生性商品市場上開設了更多的槓桿頭寸。然而，值得注意的是，如此高的槓桿水平也會放大市場波動。如果價格突然逆轉，多頭擠壓可能會引發大幅調整。

Despite these risks, Ethereum is still positioned for further expansion. According to analyst Ali, there are resistances at $4,000 and $6,000 with a possibility of a breakout if Bitcoin stays within this range. Even the longer terms expectancies are for the price to reach close to $10,000 if certain conditions in the market are met.

儘管存在這些風險，以太坊仍有望進一步擴張。分析師 Ali 表示，4000 美元和 6000 美元存在阻力，如果比特幣保持在此區間內，就有可能突破。如果滿足市場的某些條件，即使是較長期的預期價格也將達到接近 10,000 美元。

At the time of writing, ETH is trading at $3,361, up 9.06% in the last 24 hours.

截至撰寫本文時，ETH 交易價格為 3,361 美元，過去 24 小時內上漲 9.06%。

Source: TradingView

來源：TradingView

The fact that Ethereum remains at the center of the crypto world is undeniable. With such high on-chain activity levels, institutional support, and a thriving derivatives market, the token is set to continue playing a major role in the financial industry’s ongoing transformation.

不可否認的是，以太幣仍然是加密貨幣世界的中心。憑藉如此高的鏈上活動水平、機構支持和蓬勃發展的衍生性商品市場，該代幣將繼續在金融業的持續轉型中發揮重要作用。