ETH ETF以机构参与者的眼光“基础贸易”的形式流动BTC -Beincrypto

在2月的第一周，美国现场Ethereum ETF指出了一些出色的表现，并且记录了比比特币ETF的流入更多的流入。

U.S. Spot Ethereum ETFs logged more inflows than their Bitcoin ETFs counterparts in the first week of February, with ETH ETFs seeing $420 million in inflows compared to $173 million for BTC ETFs, as per data tracked by SoSo Value and Farside Investors.

在2月的第一周，美国现场以太坊ETF的流入量比其比特币ETF的流入量多，而ETH ETF的流入量为4.2亿美元，而BTC ETF的流入量为1.73亿美元，如SOSO Vality和Farside Investors所跟踪的数据一样。

This trend could indicate that large players entered the market to capitalize on the discounted window offered by the ETH de-leveraging event observed earlier in the week, according to some.

据某些人称，这种趋势可能表明，大型参与者进入市场，以利用本周早些时候观察到的ETH DE-LEVERAING EVARGED所提供的折扣窗口。

On the other hand, Coinbase analysts led by David Han and David Duong attributed the outperformance in ETH ETF flows primarily to institutional players eyeing the ETH ‘basis trade.’

另一方面，由戴维·汉（David Han）和戴维·杜（David Duong）领导的Coinbase分析师将ETH ETF的表现归因于ETH ETF的表现主要归功于盯着ETH的“基础贸易”的机构参与者。

CME ETH basis trade, a type of arbitrage play, involves buying ETH in the Spot market and shorting it on the Futures side to pocket the difference (yield or basis). This strategy is commonly employed by institutions in both ETH and BTC markets.

CME ETH基础贸易是一种套利游戏，涉及在现货市场上购买ETH，并在期货方面缩短差异以使差异（收益率或基础）限制。该策略通常由ETH和BTC市场中的机构采用。

However, analysts Han and Duong highlighted that the CME ETH basis trade had a higher yield than BTC this week, suggesting that most large players bought Spot ETH ETF and shorted CME Futures to enter ETH. They stated:

但是，分析师Han和Duong强调，CME ETH基础贸易本周的收益率高于BTC，这表明大多数大型玩家都购买了现货ETH ETF，并缩短了CME期货进入ETH。他们说：

“It’s notable that the CME ETH basis trade has continued to return higher annualized yields compared to the CME BTC basis trade over the past week. The basis trade may be another reason why we’ve seen outsized inflows to spot ETH ETFs recently.”

“值得注意的是，与过去一周的CME BTC基础贸易相比，CME ETH基础贸易继续返回更高的年增长率。基础贸易可能是我们看到最近发现ETH ETF的大量流入的另一个原因。”

As evident from the attached chart, the CME ETH yield surged as high as 16%, whereas the CME BTC basis hovered around 10%. In essence, the ETH trade offered more risk-reward opportunities than BTC over the last seven trading days.

从附件图表中可以明显看出，CME ETH的产量飙升至16％，而CME BTC基础徘徊在10％左右。本质上，与BTC相比，在过去七个交易日中，ETH贸易提供了更多的风险回报机会。

Another factor supporting this analysis is the higher inflows into ETH Futures compared to BTC since the U.S. elections in November 2024. The analysts noted that ETH Futures’ Open Interest rates (OI) increased from 354K ETH to 1.13M ETH by early February 2025.

支持该分析的另一个因素是，自2024年11月美国大选以来，与BTC相比，进入ETH期货的另一个因素更高。分析师指出，到2025年2月上旬，ETH Futures的开放利率（OI）从354K ETH提高到11300万ETH。

In contrast, CME BTC Futures showed stagnant inflows during the same period. Han and Duong added:

相比之下，CME BTC期货在同一时期表现出停滞的流入。汉和杜恩补充说：

“CME BTC futures have also not seen a comparable open interest increase, with CME open interest remaining mostly unchanged (173K BTC on November 1, 2024 to 169K BTC on February 6, 2025).”

“ CME BTC期货也没有看到可比的开放利息增加，CME开放兴趣大部分保持不变（2024年11月1日，173K BTC，于2025年2月6日至169K BTC）。”

Lastly, the analysts warned that ETH’s price price might be capped in the short term due to negative funding rates and strong competition from Solana.

最后，分析师警告说，由于资金率负面的资金率和Solana的强烈竞争，ETH的价格可能会在短期内被封顶。