以太坊：合同後開放興趣，ETF基金流入，鏈上數據和令牌通貨膨脹的運輸後分析

經歷了這一清算浪潮後，以太坊的市場失望達到了頂峰。 There are also rumors that certain industry whales or institutions being liquidated

After experiencing a significant drop, the cryptocurrency market faced another wave of liquidations on February 3. Within 24 hours, the number of liquidated positions across the entire network reached 720,000, totaling $2.21 billion (due to incomplete data statistics, Bybit CEO Ben Zhou speculated that the actual figure could reach $8 to $10 billion), with long positions liquidating at $1.87 billion and short positions at $340 million.

在經歷了大幅度下降之後，加密貨幣市場在2月3日面對另一波清算。在24小時內，整個網絡的清算職位數量達到了720,000，總計為22.1億美元（由於數據統計數據不完整，Bybit CEO Ben Zhou推測，實際數字可以達到8至100億美元），長頭寸的清算為18.7億美元，短職位為3.4億美元。

Among them, Ethereum was particularly noteworthy during this round of plummet, dropping as much as 25% in a single day, marking the largest single-day decline in nearly four years (since May 2021). Moreover, the total liquidation amount for Ethereum on that day reached $380 million, surpassing the liquidation amount for Bitcoin contracts.

其中，以太坊在這一輪墜落中特別值得注意的是，一天內下降了多達25％，標誌著近四年來（自2021年5月）下降的最大下降。 Moreover, the total liquidation amount for Ethereum on that day reached $380 million, surpassing the liquidation amount for Bitcoin contracts.

After experiencing this wave of liquidations, market disappointment in Ethereum has peaked. There are also rumors that certain industry whales or institutions being liquidated during this market trend contributed to the sharp decline of ETH.

經歷了這一清算浪潮後，以太坊的市場失望達到了頂峰。也有傳言稱，在這種市場趨勢中，某些行業鯨魚或機構被清算，導致ETH的急劇下降。

So, what is the current fundamental situation of Ethereum after weathering this storm? PANews analyzes various aspects such as contract open interest, ETF fund inflows, on-chain data, and token inflation to provide a comprehensive view of Ethereum.

那麼，在風暴之後，以太坊目前的基本情況是什麼？ Panews分析了各個方面，例如合同開放興趣，ETF基金流入，鏈上數據和令牌通貨膨脹，以提供以太坊的全面觀點。

Price Erases Yearly Gains, Contract Open Interest Hits New Highs

Firstly, in terms of price, Ethereum's lowest point in this round was $2,125, which, while not lower than the $2,111 correction in August 2024, had a larger single-day volatility, proving to be lethal for the contract market. From the peak of $4,107 to the lowest point, the correction over nearly 50 days reached 48%, with prices nearly returning to levels seen at the beginning of 2024. This has also sparked frustration among long-term holders.

首先，就價格而言，以太坊在這一輪中的最低點為2,125美元，雖然不低於2024年8月的2,111美元的更正，但單天波動率較大，證明對合同市場是致命的。從4,107美元到最低點的峰值，近50天的更正到48％，價格幾乎恢復到2024年初的水平。這也引起了長期持有人的挫敗感。

Although Ethereum's market performance has not been impressive over the past year, the open interest in contracts has consistently increased across various exchanges, repeatedly breaking historical records. According to coinglass data, as of January 31, the total contract open interest for Ethereum reached $30 billion, while when Ethereum hit its historical high of $4,800 in 2021, this figure was only $11.4 billion. Following the market crash, as of February 5, the open contract amount for Ethereum across major exchanges dropped to $23.7 billion, a decrease of nearly $7 billion.

儘管以太坊的市場績效在過去一年中並沒有令人印象深刻，但對合同的開放興趣在各種交流中一直在增加，反复打破了歷史記錄。根據Coinglass Data的數據，截至1月31日，以太坊的總合同開放利息達到了300億美元，而以太坊在2021年達到4,800美元的歷史高點時，這一數字僅為114億美元。截至2月5日，市場崩潰後，以太坊的開放合同金額下降到237億美元，減少了近70億美元。

The comparison between open interest and price changes indicates a significant disparity between market expectations and actual performance, leading to continuous betting and ultimately resulting in the severe volatility of this short-term drop.

開放利息與價格變化之間的比較表明，市場預期與實際績效之間存在顯著差異，導致連續下注，並最終導致這種短期下降的嚴重波動。

Recent Bottom Fishing in the U.S. Spot ETF Market?

最近在美國現場ETF市場捕魚？

Regarding the inflow of Ethereum ETF funds in the U.S., since November 6, there has been a noticeable increase in net inflow of funds into various institutional Ethereum ETFs. The highest single-day net inflow was recorded at $428 million on December 5. Of course, with the significant fluctuations in Ethereum's price, both single-day net inflows and outflows have seen marked increases. On January 8, the single-day ETF net outflow reached $159 million, setting a historical record.

關於美國以太坊ETF資金的流入，自11月6日起，資金淨流入到各種機構以太坊ETF中的淨流入就顯著增加。最高的單日淨流入量記錄為12月5日的4.28億美元。當然，隨著以太坊價格的顯著波動，單日淨流入和流出都顯著增加。 1月8日，單日ETF淨流出達到1.59億美元，創造了歷史記錄。

On February 3, despite the sharp drop in Ethereum's price and significant losses in the contract market, ETF funds did not experience outflows; instead, on February 4, a net inflow of $300 million was recorded, marking the third-highest single-day net inflow. This suggests that traditional market institutions in the U.S. seem to be accumulating positions in this range.

2月3日，儘管以太坊的價格急劇下降和合同市場的巨大損失，但ETF資金並未經歷流出；取而代之的是，2月4日，記錄了3億美元的淨流入，標誌著第三高的單日淨流入。這表明，美國的傳統市場機構似乎正在積累該範圍內的立場。

As of February 4, the total net asset value of Ethereum ETFs is approximately $10.37 billion, accounting for 3.15% of Ethereum's market capitalization. In comparison, the total net asset value of BTC ETFs is about $116 billion, representing approximately 5.93% of its market capitalization, which is significantly higher than that of Ethereum. From this data, it appears that the impact of ETFs on Ethereum's market trend is still relatively small.

截至2月4日，以太坊ETF的淨資產總價值約為103.7億美元，佔以太坊市值的3.15％。相比之下，BTC ETF的淨資產總價值約為1,160億美元，約佔其市值的5.93％，這顯著高於以太坊。從這些數據來看，ETF對以太坊市場趨勢的影響仍然相對較小。

On-Chain Data Stagnates, Staking Continues to Flow Out

鏈上數據停滯不前，Strating繼續流出

Of course, this round of decline is fundamentally caused by other macro factors. Ethereum's sharp drop is merely the weakest link in this downturn. From on-chain data, the number of daily active addresses for Ethereum reached a two-year high of 553,000 just before the crash on January 25, but has since been on a downward trend. In terms of on-chain revenue, the income level of the Ethereum mainnet is far below that of the same period last year, with daily income at a low of around $1 million. This may also explain why the inflow of on-chain staking has remained negative since mid-November.

Of course, this round of decline is fundamentally caused by other macro factors. Ethereum's sharp drop is merely the weakest link in this downturn.從鏈接數據中，以太坊的每日活動地址數量在1月25日墜機之前的兩年高點為553,000，但此後一直處於下降趨勢。就鏈接收入而言，以太坊主網的收入水平遠低於去年同期的收入，每日收入約為100萬美元。這也可以解釋為什麼自11月中旬以來，鏈上堆積的流入一直是負面的。