以太坊 (ETH) 脫穎而出，成為希望透過槓桿最大化回報的交易者的首選主要代幣

雖然比特幣 (BTC) 吸引了機構敘述中的所有眼球，但以太坊 (ETH) 卻脫穎而出，成為交易者的首選主要代幣

Institutions are piling into crypto. But while bitcoin (BTC) is grabbing all the attention, another major token is quietly emerging as the clear favorite for traders looking to maximize their returns through leverage.

機構紛紛湧入加密貨幣領域。然而，儘管比特幣 (BTC) 吸引了所有人的注意力，但另一個主要代幣正在悄悄崛起，成為希望透過槓桿最大化回報的交易者的最愛。

Ether (ETH), the native token of the Ethereum blockchain, has seen its leverage ratio—a measure of the degree of leverage employed by traders—surge to a new high of 0.57 on Wednesday, up sharply from 0.37 at the start of Q4 2024, according to data tracked by analytics firm CryptoQuant.

以太坊區塊鏈的原生代幣以太幣 (ETH) 的槓桿率（衡量交易者槓桿程度的指標）週三飆升至 0.57 新高，較 2024 年第四季初的 0.37 大幅上漲，根據分析公司CryptoQuant 追蹤的數據。

The ratio is calculated by dividing the cumulative open interest in standard futures and perpetual futures contracts listed worldwide by the total number of ETH in wallets tied to exchanges offering futures trading. A rising ratio suggests that traders are increasingly using leverage, indicating a surge in risk-taking and market speculation.

此比率的計算方法是將全球上市的標準期貨和永續期貨合約的累積未平倉合約除以與提供期貨交易的交易所相關的錢包中的 ETH 總數。比率上升表明交易者越來越多地使用槓桿，表明風險承擔和市場投機活動激增。

Leverage allows traders to control bigger positions in the market with a relatively small pool of capital. For instance, if an exchange offers a leverage ratio of 10:1, a trading entity can control a position worth $10,000 with just $1,000 in margin deposit. Using leverage magnifies both profits and losses and increases the risk of liquidations – forced closure due to margin shortages – when the market moves against leveraged positions, a dynamic that often breeds volatility.

槓桿允許交易者以相對較小的資金池控制市場上更大的頭寸。例如，如果交易所提供10:1的槓桿率，交易實體只需繳納1,000美元的保證金就可以控制價值10,000美元的部位。當市場朝著不利於槓桿部位的方向發展時，使用槓桿會放大利潤和損失，並增加清算風險（由於保證金短缺而被迫平倉），這種動態往往會引發波動。

Ether's leverage ratio of over 0.5 indicates that a substantial amount of leverage trading is happening in the futures market relative to the availability of actual coins in the exchange wallets. At press time, ETH's price was trading in the range of $2,300 to $2,350 on major exchanges.

以太幣的槓桿率超過 0.5，顯示相對於交易所錢包中實際代幣的可用性，期貨市場上正在發生大量槓桿交易。截至發稿時，主要交易所的 ETH 價格交易範圍為 2,300 美元至 2,350 美元。

This level of leverage is considerably higher than that of Bitcoin, which has an estimated leverage ratio of 0.269 at press time, the highest since early 2023, but still well below the record high of 0.36 seen in October 2022.

這一槓桿水平遠高於比特幣的槓桿率，截至發稿時，比特幣的槓桿率為 0.269，為 2023 年初以來的最高水平，但仍遠低於 2022 年 10 月創下的 0.36 的歷史高點。

So, don't be surprised if ether experiences twice the price volatility of bitcoin in the near future.

因此，如果以太幣在不久的將來經歷兩倍於比特幣的價格波動，請不要感到驚訝。