以太幣 (ETH) 上漲 15%，至 3,500 美元，期貨未平倉合約達到創紀錄的 220 億美元

埃里溫 (CoinChapter.com)——11 月 20 日至 27 日期間，以太幣 (ETH) 上漲 15%，四個月來首次觸及 3,500 美元大關。

Ether (ETH) price enjoyed a 15% ascent over seven days, reaching the $3,500 level for the first time in four months. This price increase coincided with record-high Ether futures open interest, sparking discussions about its implications.

以太幣 (ETH) 價格在 7 天內上漲 15%，四個月來首次達到 3,500 美元的水平。此次價格上漲恰逢以太坊期貨未平倉合約創下歷史新高，引發了對其影響的討論。

Ether Open Interest Hits Record $22 Billion

以太坊未平倉合約達到創紀錄的 220 億美元

Data from CoinGlass showed that the total open interest in Ether futures rose 23% over 30 days, reaching a peak of $22 billion on Nov. 27.

CoinGlass 的數據顯示，以太坊期貨的未平倉合約總額在 30 天內增加了 23%，於 11 月 27 日達到 220 億美元的峰值。

For comparison, Ether futures open interest stood at $14 billion when ETH last breached the $4,000 level on May 13. Meanwhile, Bitcoin (BTC) futures open interest reached a high of $31.2 billion in August.

相比之下，當5 月13 日ETH 上次突破4,000 美元水準時，以太坊期貨未平倉合約為140 億美元。億美元的高點。

Major platforms like Binance, Bybit, and OKX together accounted for 60% of ETH futures activity. The Chicago Mercantile Exchange (CME) also grew its market share, holding $2.5 billion in Ether futures open interest.

Binance、Bybit 和 OKX 等主要平台合計佔 ETH 期貨活動的 60%。芝加哥商品交易所 (CME) 的市佔率也有所成長，持有 25 億美元的以太坊期貨未平倉合約。

This development aligns with discussions about increasing institutional participation, which is often viewed as a factor in market maturity.

這一發展與關於增加機構參與的討論一致，這通常被視為市場成熟度的一個因素。

Leverage Doesn't Always Indicate Bullish Sentiment

槓桿並不總是表明看漲情緒

It's crucial to note that the demand for Ether futures reflects diverse trading strategies rather than being a straightforward indicator of bullish sentiment. Derivatives markets, which balance buyers and sellers, accommodate strategies like cash-and-carry trades and exploiting rate differentials.

值得注意的是，以太坊期貨的需求反映了多樣化的交易策略，而不是看漲情緒的直接指標。衍生性商品市場平衡買家和賣家，適應現金套利交易和利用利率差異等策略。

These approaches contribute to the demand for leverage but do not inherently signal a directional market bias.

這些方法有助於增加對槓桿的需求，但本質上並未顯示市場有方向性偏差。

Retail Leverage Triggers Liquidations

零售槓桿引發清算

On the other hand, retail traders who commonly utilize leverage of up to 20x faced heightened risks during the price drop.

另一方面，通常使用高達 20 倍槓桿的零售交易者在價格下跌期間面臨更大的風險。

Over $163 million in leveraged long Ether futures positions were liquidated between Nov. 23 and Nov. 26. Moreover, a typical 5% price decline could wipe out these high-risk positions, potentially leading to cascading effects in the market.

11 月 23 日至 26 日期間，超過 1.63 億美元的槓桿以太坊期貨多頭頭寸被清算。

Perpetual Futures Highlight Muted Retail Activity

永續合約凸顯零售活動低迷

Interestingly, perpetual futures contracts, which closely align with ETH's spot price, showcased restrained retail involvement.

有趣的是，與 ETH 現貨價格密切相關的永續期貨合約顯示散戶參與度有限。

The current funding rates for ETH perpetual futures stood at 2.1% per month, close to the neutral threshold. While there was a brief spike above 4% on Nov. 25, it did not sustain. This indicated a lack of enthusiasm from retail traders despite ETH's recent price rally.

目前ETH永續期貨的資金費率為每月2.1%，接近中性門檻。雖然 11 月 25 日曾短暫飆升至 4% 以上，但並未持續。這表明儘管 ETH 最近價格上漲，散戶交易者仍缺乏熱情。

Institutional Strategies Dominate Ether Futures Market

機構策略主導以太坊期貨市場

Overall, the data suggests that institutional strategies, such as hedging and arbitrage, are largely driving the growth in Ether futures open interest, and platforms like CME are capitalizing on this shift.

總體而言，數據表明，對沖和套利等機構策略在很大程度上推動了以太坊期貨未平倉合約的成長，而芝商所等平台正在利用這一轉變。

The increasing institutional demand is further reinforcing the role of futures in market dynamics.

不斷增長的機構需求進一步強化了期貨在市場動態中的作用。