對於希望透過槓桿放大回報的交易者來說，以太坊 (ETH) 正在成為首選貨幣，甚至超過比特幣 (BTC)

ETH 期貨市場的槓桿率達到創紀錄的 0.57，它帶來了機遇，但也存在重大風險。

Cryptocurrency markets have seen a growing sophistication of trading strategies in recent years. Among these, the use of leverage has established itself as one of the main tools to amplify gains (and losses).

近年來，加密貨幣市場的交易策略日益複雜。其中，槓桿的使用已成為放大收益（和損失）的主要工具之一。

In this context, Ether (ETH) has recently stood out, reaching a record leverage ratio of 0.57, positioning itself as the main choice for the more daring traders.

在此背景下，以太坊（ETH）最近脫穎而出，槓桿率達到創紀錄的0.57，成為更大膽交易者的主要選擇。

We remind you that the leverage ratio measures the level of risk exposure of traders compared to the capital actually available.

我們提醒您，槓桿比率衡量的是交易者相對於實際可用資金的風險敞口水準。

Calculated by dividing the open interest in standard and perpetual futures by the total number of ETH held in exchange wallets, this indicator provides a clear view of leveraged trading activity.

該指標透過將標準期貨和永續期貨的未平倉合約除以交易所錢包中持有的 ETH 總數來計算，可以清楚地了解槓桿交易活動。

A high value, such as 0.57 for Ether, suggests that traders are taking on significant risks, using relatively small margins to control much larger market positions.

較高的價值（例如以太坊的 0.57）表明交易者正在承擔重大風險，使用相對較小的保證金來控制更大的市場部位。

This can generate exceptional profit opportunities, but it also increases the likelihood of forced liquidations in the event of unfavorable market movements.

這可以產生非凡的獲利機會，但也增加了在市場出現不利走勢時被迫平倉的可能性。

While Bitcoin (BTC) continues to dominate institutional narratives, Ether stands out for its use by retail and professional traders looking to make the most of market volatility.

雖然比特幣（BTC）繼續主導機構敘述，但以太幣因其被希望充分利用市場波動的零售和專業交易者的使用而脫穎而出。

At the moment, the leverage ratio of Bitcoin stands at approximately 0.269, significantly lower compared to the all-time high of 0.36 recorded in 2022. This comparison highlights how traders are more willing to bet on ETH compared to BTC.

目前，比特幣的槓桿率約為0.269，遠低於2022年創下的歷史高點0.36。

The risks of a high leverage ratio

高槓桿率的風險

In any case, a leverage ratio above 0.5 involves considerable risks for the market. When leveraged trading reaches these levels, the possibility of sudden and dramatic price swings increases.

無論如何，槓桿率高於0.5會為市場帶來相當大的風險。當槓桿交易達到這些水準時，價格突然大幅波動的可能性就會增加。

A mass liquidation can trigger a domino effect, leading to even greater volatility.

大規模清算可能引發骨牌效應，導致更大的波動。

For example, a trader who uses a leverage of 10:1 can control a position worth $10,000 with a deposit of only $1,000.

例如，使用10:1槓桿的交易者只需存入1,000美元即可控制價值10,000美元的頭寸。

However, a negative market variation of 10% would be enough to completely erase the margin, forcing the exchange to liquidate the position.

然而，10% 的負市場變化就足以完全消除保證金，迫使交易所清算部位。

This type of dynamic is particularly common in bull and bear cryptocurrency markets, known for their unpredictable nature.

這種動態在牛市和熊市加密貨幣市場中尤其常見，因其不可預測性而聞名。

Ether offers a robust and diversified ecosystem, thanks to the Ethereum network, which supports decentralized applications (dApp), decentralized finance (DeFi) and non-fungible tokens (NFT).

由於採用以太坊網絡，以太坊提供了強大且多元化的生態系統，支援去中心化應用程式（dApp）、去中心化金融（DeFi）和不可替代代幣（NFT）。

This versatility has made ETH an attractive option for traders looking to capitalize not only on price swings but also on the investment opportunities offered by the underlying blockchain.

這種多功能性使 ETH 對於那些不僅希望利用價格波動，而且還希望利用底層區塊鏈提供的投資機會的交易者來說成為一個有吸引力的選擇。

Furthermore, the Ethereum community is highly innovative, constantly introducing technological updates that keep investors’ attention high.

此外，以太坊社群具有高度創新性，不斷推出技術更新，讓投資人保持高度關注。

The appeal of Ether, combined with the intensive use of leverage, has created a dynamic and high-risk trading environment.

以太幣的吸引力，加上槓桿的密集使用，創造了一個動態且高風險的交易環境。

What to expect in the future?

未來會發生什麼事？

With a record leverage ratio, it is likely that Ether will continue to show higher volatility compared to Bitcoin in the short term. This could attract an even greater number of speculative traders, but also test the resilience of the market.

由於槓桿率創歷史新高，與比特幣相比，以太坊在短期內可能會繼續表現出更高的波動性。這可能會吸引更多的投機交易者，但也會考驗市場的彈性。

In the long term, the success or failure of Ether as an asset for high-leverage trading will depend on the ability of the Ethereum community to maintain investor trust and manage the risks associated with speculation.

從長遠來看，以太坊作為高槓桿交易資產的成功或失敗將取決於以太坊社群維護投資者信任和管理投機相關風險的能力。

In other words, the record leverage ratio of Ether of 0.57 represents a turning point for the bull and bear cryptocurrency market.

換句話說，以太幣槓桿率創紀錄的0.57，代表加密貨幣牛熊市場的轉捩點。

While it offers traders unprecedented opportunities, it also raises important questions about market stability and the sustainability of high-leverage trading.

雖然它為交易者提供了前所未有的機會，但它也引發了有關市場穩定性和高槓桿交易可持續性的重要問題。

In a continuously evolving ecosystem, Ether confirms itself as a key player, both for traders and long-term investors. The question now is: will the market be able to handle this new wave of risk?

在不斷發展的生態系統中，以太坊證實了自己作為交易者和長期投資者的關鍵參與者。現在的問題是：市場能否因應這波新的風險？