以太幣（ETH）在關鍵指標上優於比特幣（BTC），標誌著市場動態的潛在轉變

這一趨勢是在 SEC 主席 Gary Gensler 宣布計劃於 2025 年 1 月離職之際出現的，這提振了以太坊和其他山寨幣的情緒。

Cryptocurrency ETH/USD has outperformed BTC/USD in several key metrics over the past week, signaling a potential shift in market dynamics, according to a Bybit and Block Scholes report.

根據 Bybit 和 Block Scholes 的報告，加密貨幣 ETH/USD 在過去一周的幾個關鍵指標上都跑贏了 BTC/USD，這表明市場動態可能發生轉變。

This trend comes amid the announcement of SEC Chair Gary Gensler’s planned departure in January 2025, which has boosted sentiment around Ethereum and other altcoins.

這一趨勢是在 SEC 主席 Gary Gensler 宣布計劃於 2025 年 1 月離職之際出現的，這提振了以太坊和其他山寨幣的情緒。

Here's a snapshot of the key observations from the report:

以下是該報告的主要觀察結果的快照：

Ethereum futures open interest has seen growth, while Bitcoin futures open interest has declined.

以太坊期貨未平倉合約有所成長，而比特幣期貨未平倉合約有所下降。

Short-dated ETH futures contracts are trading at a steep premium, with one-week contracts showing nearly 25% annualized yields over spot prices, indicating strong trader optimism toward Ethereum.

短期 ETH 期貨合約的交易溢價極高，一週合約的年化收益率較現貨價格高出近 25%，顯示交易者對以太坊抱持強烈的樂觀態度。

"ETH has sustained its outperformance over the week."

“ETH 本週繼續保持優異的表現。”

This statement highlights the stark contrast in sentiment and positioning between the two largest cryptocurrencies, with Ethereum showing strength in futures and perpetual markets, while Bitcoin’s futures show a different trend.

這項聲明凸顯了兩種最大的加密貨幣之間的情緒和定位之間的鮮明對比，以太坊在期貨和永續市場上表現出強勢，而比特幣期貨則表現出不同的趨勢。

In the perpetual contracts segment, Ethereum also recorded an increase in open interest, while Bitcoin perpetuals saw a decline.

在永續合約領域，以太坊的未平倉合約也有所增加，而比特幣永續合約則有所下降。

These trends suggest traders are shifting their focus toward Ethereum, evidenced by the rising perpetuals open interest for the second-largest cryptocurrency.

這些趨勢表明交易者正在將注意力轉向以太坊，第二大加密貨幣的永續未平倉合約不斷上升就證明了這一點。

Options market activity further supports this narrative, with Ethereum's showing inversion in its term structure, indicating higher demand for short-term bullish bets, while Bitcoin's term structure has flattened, suggesting cooling speculative interest.

選擇權市場活動進一步支持了這一說法，以太坊的期限結構出現倒掛，顯示對短期看漲押注的需求增加，而比特幣的期限結構趨於平緩，顯示投機興趣降溫。

The report connects these developments to broader market conditions, including regulatory tailwinds, with Gensler set to step down as SEC Chair early next year.

該報告將這些發展與更廣泛的市場狀況聯繫起來，包括監管順風，Gensler 將於明年初辭去 SEC 主席一職。

Many crypto assets, especially altcoins like Ethereum, faced increased scrutiny during Gensler's tenure, and the announcement of his departure is seen as a positive signal for the crypto market, boosting confidence in Ethereum's longer-term prospects.

許多加密資產，尤其是像以太坊這樣的山寨幣，在Gensler 任職期間面臨著越來越嚴格的審查，他離職的宣布被視為加密市場的積極信號，增強了人們對以太坊長期前景的信心。

"Ethereum's outperformance this week reflects not just favorable market conditions but also a broader shift in sentiment as regulatory pressures ease," an analyst from the report adds.

報告中的一位分析師補充道：“以太坊本週的優異表現不僅反映出有利的市場條件，還反映出隨著監管壓力的緩解，市場情緒發生了更廣泛的轉變。”

The report also highlights Ethereum's growing potential to attract institutional inflows, a trend observed with Bitcoin during its ETF-related surges.

該報告還強調了以太坊吸引機構資金流入的潛力不斷增長，這是比特幣在 ETF 相關飆升期間觀察到的趨勢。

However, it cautions against extrapolating short-term trends too far, as both Ethereum and Bitcoin remain sensitive to macroeconomic factors and market volatility.

然而，它警告不要過度推斷短期趨勢，因為以太坊和比特幣仍然對宏觀經濟因素和市場波動敏感。