ETH ETF以機構參與者的眼光“基礎貿易”的形式流動BTC -Beincrypto

在2月的第一周，美國現場Ethereum ETF指出了一些出色的表現，並且記錄了比比特幣ETF的流入更多的流入。

U.S. Spot Ethereum ETFs logged more inflows than their Bitcoin ETFs counterparts in the first week of February, with ETH ETFs seeing $420 million in inflows compared to $173 million for BTC ETFs, as per data tracked by SoSo Value and Farside Investors.

在2月的第一周，美國現場以太坊ETF的流入量比其比特幣ETF的流入量多，而ETH ETF的流入量為4.2億美元，而BTC ETF的流入量為1.73億美元，如SOSO Vality和Farside Investors所跟踪的數據一樣。

This trend could indicate that large players entered the market to capitalize on the discounted window offered by the ETH de-leveraging event observed earlier in the week, according to some.

據某些人稱，這種趨勢可能表明，大型參與者進入市場，以利用本週早些時候觀察到的ETH DE-LEVERAING EVARGED所提供的折扣窗口。

On the other hand, Coinbase analysts led by David Han and David Duong attributed the outperformance in ETH ETF flows primarily to institutional players eyeing the ETH ‘basis trade.’

另一方面，由戴維·漢（David Han）和戴維·杜（David Duong）領導的Coinbase分析師將ETH ETF的表現歸因於ETH ETF的表現主要歸功於盯著ETH的“基礎貿易”的機構參與者。

CME ETH basis trade, a type of arbitrage play, involves buying ETH in the Spot market and shorting it on the Futures side to pocket the difference (yield or basis). This strategy is commonly employed by institutions in both ETH and BTC markets.

CME ETH基礎貿易是一種套利遊戲，涉及在現貨市場上購買ETH，並在期貨方面縮短差異以使差異（收益率或基礎）限制。該策略通常由ETH和BTC市場中的機構採用。

However, analysts Han and Duong highlighted that the CME ETH basis trade had a higher yield than BTC this week, suggesting that most large players bought Spot ETH ETF and shorted CME Futures to enter ETH. They stated:

但是，分析師Han和Duong強調，CME ETH基礎貿易本週的收益率高於BTC，這表明大多數大型玩家都購買了現貨ETH ETF，並縮短了CME期貨進入ETH。他們說：

“It’s notable that the CME ETH basis trade has continued to return higher annualized yields compared to the CME BTC basis trade over the past week. The basis trade may be another reason why we’ve seen outsized inflows to spot ETH ETFs recently.”

“值得注意的是，與過去一周的CME BTC基礎貿易相比，CME ETH基礎貿易繼續返回更高的年增長率。基礎貿易可能是我們看到最近發現ETH ETF的大量流入的另一個原因。”

As evident from the attached chart, the CME ETH yield surged as high as 16%, whereas the CME BTC basis hovered around 10%. In essence, the ETH trade offered more risk-reward opportunities than BTC over the last seven trading days.

從附件圖表中可以明顯看出，CME ETH的產量飆升至16％，而CME BTC基礎徘徊在10％左右。本質上，與BTC相比，在過去七個交易日中，ETH貿易提供了更多的風險回報機會。

Another factor supporting this analysis is the higher inflows into ETH Futures compared to BTC since the U.S. elections in November 2024. The analysts noted that ETH Futures’ Open Interest rates (OI) increased from 354K ETH to 1.13M ETH by early February 2025.

支持該分析的另一個因素是，自2024年11月美國大選以來，與BTC相比，進入ETH期貨的另一個因素更高。分析師指出，到2025年2月上旬，ETH Futures的開放利率（ OI）從354K ETH提高到11300萬ETH。

In contrast, CME BTC Futures showed stagnant inflows during the same period. Han and Duong added:

相比之下，CME BTC期貨在同一時期表現出停滯的流入。漢和杜恩補充說：

“CME BTC futures have also not seen a comparable open interest increase, with CME open interest remaining mostly unchanged (173K BTC on November 1, 2024 to 169K BTC on February 6, 2025).”

“ CME BTC期貨也沒有看到可比的開放利息增加，CME開放興趣大部分保持不變（2024年11月1日，173K BTC，於2025年2月6日至169K BTC）。”

Lastly, the analysts warned that ETH’s price price might be capped in the short term due to negative funding rates and strong competition from Solana.

最後，分析師警告說，由於資金率負面的資金率和Solana的強烈競爭，ETH的價格可能會在短期內被封頂。