以太坊（ETH）衍生品市場在預期波動之前看到了另一個很大的積累

以太坊（ETH）衍生市場正在經歷另一個大積累。從歷史上看，衍生品市場流入與大價轉移有關。

Ethereum (ETH) derivative markets are going through another big accumulation. Historically, derivative market inflows are linked to big price moves.

以太坊（ETH）衍生市場正在經歷另一個大積累。從歷史上看，衍生品市場流入與大價轉移有關。

According to CryptoQuant analysts, over 77,000 ETH flowed into derivative exchanges. Similar inflows were observed on March 26 and April 3, followed by an ETH crash to a lower range.

根據隱秘分析師的說法，超過77,000個ETH流入了衍生交換。在3月26日和4月3日觀察到類似的流入，隨後將ETH撞車到較低的範圍。

The inflows signal arrives at a time when ETH sentiment is bearish, and the market price has broken below the growth trend since the 2022 bear market. For some analysts, the current low sentiment may be a sign of a market bottom, while for others, another drawdown is possible.

流入信號到達ETH情緒是看跌的時候到達的，自2022年熊市以來，市場價格卻低於增長趨勢。對於某些分析師而言，當前低點的情緒可能是市場底層的跡象，而對於其他分析師來說，可能是另一個下降。

The current inflows to derivative exchanges surpass the previous inflows of around 65K ETH. The token is closely watched for signs of a bigger price move, especially with the current price pressures.

當前流向衍生交換的流入超過了大約65k ETH的先前流入。密切關注代幣的跡象表明價格更大，尤其是當前的價格壓力。

ETH is at a crossroads, with traders waiting for either a breakout or a new crash to a lower range. After the recent inflow to exchanges, ETH open interest is slightly up to $8.28M, with around 35% in short positions.

ETH處於十字路口，交易員正在等待突破或新撞車事故到較低的範圍。在最近的交流流入後，ETH Open Intery略高於828萬美元，短職位約為35％。

The current price action follows a period of accumulation and signs of whales buying. The overall ETH balance in accumulation addresses has also surged in Q1 and retained the trend in April. Whales also try to re-buy ETH at a lower range, after selling at local peaks.

當前的價格行動是累積時期和購買鯨魚的跡象。累積地址的總體ETH平衡也在第1季度飆升，並保留了4月的趨勢。鯨魚在當地峰值出售後，還試圖在較低範圍內重新購買ETH。

ETH liquidity puts the token at a crossroads

Eth流動性使令牌處於十字路口

The price move for ETH is not guaranteed to be on the downside. Based on the Ethereum positions heat-map, the market is accruing liquidity both around the $1,500 level, and as high as $1,700 for short positions.

不保證ETH的價格轉移是不利的。根據以太坊位置的熱圖，市場的流動性均在1,500美元左右，而短職位的高達1,700美元。

From the current price level, it remains uncertain which positions would be attacked first. ETH traded around $1,590.22, showing some weakness after retaining the $1,600 level for a day. The asset still traded near its lows of 0.019 BTC.

從目前的價格水平開始，不確定哪些位置將首先受到攻擊。 ETH的交易約為1,590.22美元，在保留1,600美元水平後顯示出一些弱點。該資產仍在其低點為0.019 BTC的低點。

While ETH expects a breakout, a new slump to a lower range is also seen as a possibility. ETH currently trades on renewed risks based on the US tariff policy against China.

儘管ETH期望突破，但新的低迷也被視為一種可能性。 ETH目前根據美國對中國的關稅政策的重新風險進行交易。

Ethereum also reflects the health of the overall DeFi sector, as the chain carries over 49% of all value. The chain remains indispensable for DeFi apps, but the value of ETH reflects the general confidence in the crypto ecosystem.

以太坊還反映了整體偏見部門的健康狀況，因為連鎖店佔所有價值的49％以上。該鏈對於Defi應用程序仍然是必不可少的，但是ETH的價值反映了對加密生態系統的一般信心。

DeFi rebuilds ETH liquidity

Defi重建ETH流動性

After a period of liquidations, DeFi protocols are rebuilding their liquidity positions, showing the new risk profile for ETH.

一段時間清算後，Defi協議正在重建其流動性位置，顯示ETH的新風險狀況。

Currently, DeFi lending protocols carry $937M in positions that can be liquidated if ETH falls to a lower range. The biggest accumulation of liquidity is at $917.99, where most whales decided to secure their loans.

目前，Defi貸款協議攜帶9.37億美元的位置，如果ETH跌至較低的範圍，則可以清算。最大的流動性積累是917.99美元，大多數鯨魚決定獲得貸款。

Some of the borrowers have taken out loans with a liquidation price of $1,123,390, mostly on MakerDAO. However, borrowers remain extremely cautious in rebuilding their positions. There are almost no loans with a liquidation price in the $1,500 and $1,400 range.

一些借款人以清算價格為1,123,390美元，主要是在Makerdao上獲得的貸款。但是，借款人在重建自己的立場時仍然非常謹慎。幾乎沒有貸款，其清算價格在1,500美元和1,400美元之間。

ETH still holds over $47B in total value locked, led by Aave and liquid staking protocols.

ETH仍然持有超過$ 47B的總價值鎖定，由AAVE和液體堆積協議領導。