以太坊持倉量和槓桿率近期雙雙飆升

數據顯示，以太坊衍生性商品相關指標近期大幅上漲，顯示價格面臨經歷波動風暴的風險。

The price of Ethereum (CRYPTO: ETH) is showing no signs of slowing down and might be setting itself up for a price storm based on the latest derivatives data.

以太幣（加密貨幣：ETH）的價格沒有顯示出放緩的跡象，並且根據最新的衍生性商品數據，可能會引發價格風暴。

What Happened: According to a CryptoQuant analysis, two key derivatives indicators are suggesting the price of ETH may be at risk of a volatile price move.

發生了什麼：根據 CryptoQuant 的分析，兩個關鍵的衍生性商品指標表明 ETH 的價格可能面臨價格波動的風險。

The first indicator is the Open Interest, which measures the total number of ETH-related contracts currently open on all derivatives platforms. The metric takes into account both long and short positions.

第一個指標是未平倉量，它衡量目前在所有衍生性商品平台上未平倉的 ETH 相關合約總數。此指標考慮了多頭和空頭部位。

An increase in the Open Interest indicates investors are opening fresh positions in the market, while a decrease suggests positions are being closed either voluntarily by investors or through exchange liquidations.

未平倉合約的增加表明投資者正在市場上開設新頭寸，而減少則表明投資者自願或透過交易所清算平倉。

The second indicator is the Estimated Leverage Ratio, which measures the ratio between the Open Interest and the Derivatives Exchange Reserve.

第二個指標是估計槓桿率，衡量未平倉合約與衍生性商品外匯存底之間的比率。

The Derivatives Exchange Reserve is the total amount of ETH sitting in wallets associated with all centralized derivatives exchanges.

衍生性商品交易所儲備是所有中心化衍生性商品交易所相關錢包中 ETH 的總量。

The Estimated Leverage Ratio tells us the amount of leverage or loan that the average derivatives user in the Ethereum market is currently taking.

估計槓桿率告訴我們以太坊市場中的平均衍生性商品使用者目前所使用的槓桿或貸款金額。

According to the analysis, the Open Interest has surged to a new all-time high of over $13 billion. Over the last four months, the indicator has increased by over 40%.

根據分析，未平倉合約已飆升至超過 130 億美元的歷史新高。過去四個月，該指標增長了 40% 以上。

“This reading suggests an explosion in speculative interest around Ethereum,” the analysis said.

分析稱：“這一讀數表明圍繞以太坊的投機興趣激增。”

However, the Estimated Leverage Ratio is also showing a strong increase, which may not be a healthy development.

然而，預計槓桿率也出現強勁增長，這可能不是一個健康的發展。

“The Estimated Leverage Ratio metric is also spiking, which doesn't bode well for ETH. This metric shows the amount of leverage being used by the average derivatives user in the Ethereum market,” the analysis said.

「估計槓桿率指標也在飆升，這對 ETH 來說不是一個好兆頭。該指標顯示了以太坊市場中平均衍生性商品用戶使用的槓桿數量，」分析稱。

The chart below shows the Estimated Leverage Ratio, which is also at an all-time high.

下圖顯示了預計槓桿率，該比率也處於歷史最高水平。

Related Link: Ethereum Open Interest Surges Past Previous ATH, Setting A New All-Time High Above $13 Billion

相關連結：以太坊持倉量飆升至先前的 ATH，創下 130 億美元以上的歷史新高

ETH Price Action: At last check Monday, ETH was trading around $3,000, down nearly 7% for the week.

ETH 價格走勢：截至週一最後一次檢查，ETH 交易價格約為 3,000 美元，本週下跌近 7%。