ETH市場受到新的貿易戰爭的恐懼而震撼人心

Ether（ETH）是第二大加密貨幣按市場價值計算，週一早些時候，週一早些時候的波動率很高，因為美國與其貿易夥伴之間的貿易戰爭引發了金融市場的廣泛風險規避。

The price of ether (ETH) dropped sharply on Monday, hitting a low of $2,065 on Deribit, a cryptocurrency derivatives exchange. This marked a drop of 24% from the last reported price of $2,716 on Friday, according to TradingView data.

以太（ETH）的價格在周一急劇下跌，在加密貨幣衍生品交易所Deribit上達到了2,065美元的低價。根據TradingView數據，這比上週五的2,716美元下降了24％。

The price of ether on other centralized exchanges also showed significant dislocations. On Kraken, the price hit a low of $2,127, while on Coinbase (COIN) it reached $2,150, as per CoinDesk's own tracking. This is the lowest price for ether since the Aug. 5 crash, according to TradingView and CoinDesk data.

其他集中式交易所上的以太價格也顯示出明顯的位錯。在Kraken上，價格低於2,127美元，而Coinbase（Coin）的價格達到了2,150美元，根據Coindesk自己的跟踪。根據TradingView和Coindesk數據，這是自8月5日崩潰以來以Ether的最低價格。

The volatility in ether prices was also evident in the Deribit ether DVOL index, which measures the expected price turbulence over the coming four weeks. The index surged to 101% from 67% on Friday, according to TradingView data. This indicates a sharp increase in the market's anticipation of future price volatility.

以太價格的波動性在deribit Ether DVOL指數中也很明顯，該指數衡量了未來四個星期的預期價格湍流。根據TradingView數據，該指數從周五的67％飆升至101％。這表明市場對未來價格波動的預期急劇增加。

One-day at-the-money ether volatility also jumped from an annualized 34% to 184% as the price dropped sharply, according to Deribit's ether options data, which is tracked by Presto Research. This shows that the rapid price decline was accompanied by a surge in implied volatility.

根據Presto Research跟踪的Deribit Ether選項數據，一日一日的以太醚波動率也從年度化的34％躍升至184％。這表明，價格迅速下降伴隨著隱含波動率的激增。

The steep sell-off in ether prompted traders to snap up ETH put options, which offer downside protection, according to Presto Research.

根據Presto Research的說法，Ether的陡峭拋售促使交易者搶購ETH POT選項，這些選項提供了下行保護。

"The move, which saw ETH perp prices on Deribit plunge from $3,285 to $2,065, has triggered a significant shift in market positioning," Rick Maeday, an analyst at Presto Research, told CoinDesk.

Presto Research的分析師Rick Maeday告訴Coindesk：“此舉使Deribit的Eth Perp價格從3,285美元下降到2,065美元，已經引發了市場定位的重大變化。”

"This is evidenced by the put-call ratio surging from last week's relatively calm 0.6 to above 2.5 today - indicating a rush for downside protection among market participants."

“這是從上週相對平靜的0.6到今天以上2.5的次數飆升，這證明了這一點 - 這表明市場參與者急於尋求下行保護。”

At one point, risk reversals, which measure implied volatility premium (demand) for calls relative to puts, flashed negative values over 10%, an unusually strong bias for puts, Deribit data showed.

deribit數據顯示，在某一時刻，風險逆轉衡量了相對於推桿的呼叫的隱含波動率溢價（需求），負值超過10％，這是一個異常強的偏見。

The sharp sell-off in ether also led to market makers pulling out liquidity, which partly contributed to the price dislocations, according to Griffin Ardern, head of options trading and research at crypto financial platform BloFin.

Crypto Financial Platform Blofin期權交易和研究負責人Griffin Ardern表示，以太幣的急劇拋售也導致營銷商撤出了流動性，這部分導致了價格脫位。

"Some market makers chose to withdraw liquidity under high volatility, and their risk-averse behavior affects options pricing," Ardern told CoinDesk.

Ardern告訴Coindesk：“一些做市商選擇在高波動性下撤回流動性，並且他們的規避風險行為會影響選擇的定價。”

"For example, Deribit's ether IVs [implied volatilities] are typically lower than other exchanges, but they were higher on Monday morning."

“例如，Deribit的Ether IV（隱含波動率）通常低於其他交流，但在星期一早上它們更高。”

According to Markus Thielen, head of 10x Research, delta hedging by market makers added to the downside volatility in ETH.

根據10倍研究負責人馬庫斯·泰倫（Markus Thielen）的說法，做市商的三角洲對沖增加了ETH的下行波動。

"As market makers and exchanges scrambled to offload futures, they sold at any available bid, accelerating the sell-off," wrote Thielen in a Monday note to clients.

Thielen在周一給客戶的票據中寫道：“當做市商和交易所爭先恐後地卸貨期貨時，他們以任何可用的出價出售，加快了拋售。”

"This behavior is evident in the steepening backwardation, which reached $1,343 for the December-March futures spread, the highest since ether's 2023 bull market began."

“這種行為在陡峭的落後傾斜中很明顯，該行為在12月至3月期貨的傳播中達到了1,343美元，這是以來以來以埃瑟（Ether）2023年牛市開始的最高水平。”

Market makers are supposed to create order book liquidity and make money from the bid-ask spread. They are price agnostic and strive to maintain a net market (delta) neutral exposure through constantly buying/selling futures. They typically sell into weakness or buy into strength, adding to the momentum, when holding a short gamma exposure.

做市商應該創造訂單流動性，並從Bid-ask Versear中賺錢。他們是價格不可知論的，並努力通過不斷買賣期貨來維持淨市場（Delta）中立。他們通常會賣給弱點，或者在持有短伽瑪的曝光時增加勢頭。

The pace of the ether price sell-off has led to speculation that a large fund/trader ETH-margined positioned in derivatives or DeFi was liquidated, leading to an exaggerated price slide.

以太價格拋售的速度導致人們猜測，在衍生工具或DEFI中定位的大型基金/交易者透支，導致了誇張的價格幻燈片。

Broadly speaking, however, the slide in ETH and the broader market looks to have been spurred by the renewed trade war between the U.S. and Canada, Mexico and China. The concern is that it would inject inflation into the global economy, making it harder for central banks, including the Fed, to continue lowering interest rates to support economic growth.

但是，從廣義上講，ETH和更廣泛的市場的滑梯似乎受到了美國和加拿大，墨西哥和中國之間的新貿易戰的刺激。關注的是，它將向全球經濟注入通貨膨脹，這使得包括美聯儲在內的中央銀行更難繼續降低利率以支持經濟增長。

Traditional markets suffered on the back of these concerns as well. Dow futures dropped more than 650 points early today, with European stock futures following suit alongside an uptick in the dollar.

傳統市場也遭受了這些問題的影響。陶氏期貨今天早些時候下降了650次以上，歐洲股票期貨緊隨其後的是美元。