ETH市场受到新的贸易战争的恐惧而震撼人心

Ether（ETH）是第二大加密货币按市场价值计算，周一早些时候，周一早些时候的波动率很高，因为美国与其贸易伙伴之间的贸易战争引发了金融市场的广泛风险规避。

The price of ether (ETH) dropped sharply on Monday, hitting a low of $2,065 on Deribit, a cryptocurrency derivatives exchange. This marked a drop of 24% from the last reported price of $2,716 on Friday, according to TradingView data.

以太（ETH）的价格在周一急剧下跌，在加密货币衍生品交易所Deribit上达到了2,065美元的低价。根据TradingView数据，这比上周五的2,716美元下降了24％。

The price of ether on other centralized exchanges also showed significant dislocations. On Kraken, the price hit a low of $2,127, while on Coinbase (COIN) it reached $2,150, as per CoinDesk's own tracking. This is the lowest price for ether since the Aug. 5 crash, according to TradingView and CoinDesk data.

其他集中式交易所上的以太价格也显示出明显的位错。在Kraken上，价格低于2,127美元，而Coinbase（Coin）的价格达到了2,150美元，根据Coindesk自己的跟踪。根据TradingView和Coindesk数据，这是自8月5日崩溃以来以Ether的最低价格。

The volatility in ether prices was also evident in the Deribit ether DVOL index, which measures the expected price turbulence over the coming four weeks. The index surged to 101% from 67% on Friday, according to TradingView data. This indicates a sharp increase in the market's anticipation of future price volatility.

以太价格的波动性在deribit Ether DVOL指数中也很明显，该指数衡量了未来四个星期的预期价格湍流。根据TradingView数据，该指数从周五的67％飙升至101％。这表明市场对未来价格波动的预期急剧增加。

One-day at-the-money ether volatility also jumped from an annualized 34% to 184% as the price dropped sharply, according to Deribit's ether options data, which is tracked by Presto Research. This shows that the rapid price decline was accompanied by a surge in implied volatility.

根据Presto Research跟踪的Deribit Ether选项数据，一日一日的以太醚波动率也从年度化的34％跃升至184％。这表明，价格迅速下降伴随着隐含波动率的激增。

The steep sell-off in ether prompted traders to snap up ETH put options, which offer downside protection, according to Presto Research.

根据Presto Research的说法，Ether的陡峭抛售促使交易者抢购ETH POT选项，这些选项提供了下行保护。

"The move, which saw ETH perp prices on Deribit plunge from $3,285 to $2,065, has triggered a significant shift in market positioning," Rick Maeday, an analyst at Presto Research, told CoinDesk.

Presto Research的分析师Rick Maeday告诉Coindesk：“此举使Deribit的Eth Perp价格从3,285美元下降到2,065美元，已经引发了市场定位的重大变化。”

"This is evidenced by the put-call ratio surging from last week's relatively calm 0.6 to above 2.5 today - indicating a rush for downside protection among market participants."

“这是从上周相对平静的0.6到今天以上2.5的次数飙升，这证明了这一点 - 这表明市场参与者急于寻求下行保护。”

At one point, risk reversals, which measure implied volatility premium (demand) for calls relative to puts, flashed negative values over 10%, an unusually strong bias for puts, Deribit data showed.

deribit数据显示，在某一时刻，风险逆转衡量了相对于推杆的呼叫的隐含波动率溢价（需求），负值超过10％，这是一个异常强的偏见。

The sharp sell-off in ether also led to market makers pulling out liquidity, which partly contributed to the price dislocations, according to Griffin Ardern, head of options trading and research at crypto financial platform BloFin.

Crypto Financial Platform Blofin期权交易和研究负责人Griffin Ardern表示，以太币的急剧抛售也导致营销商撤出了流动性，这部分导致了价格脱位。

"Some market makers chose to withdraw liquidity under high volatility, and their risk-averse behavior affects options pricing," Ardern told CoinDesk.

Ardern告诉Coindesk：“一些做市商选择在高波动性下撤回流动性，并且他们的规避风险行为会影响选择的定价。”

"For example, Deribit's ether IVs [implied volatilities] are typically lower than other exchanges, but they were higher on Monday morning."

“例如，Deribit的Ether IV（隐含波动率）通常低于其他交流，但在星期一早上它们更高。”

According to Markus Thielen, head of 10x Research, delta hedging by market makers added to the downside volatility in ETH.

根据10倍研究负责人马库斯·泰伦（Markus Thielen）的说法，做市商的三角洲对冲增加了ETH的下行波动。

"As market makers and exchanges scrambled to offload futures, they sold at any available bid, accelerating the sell-off," wrote Thielen in a Monday note to clients.

Thielen在周一给客户的票据中写道：“当做市商和交易所争先恐后地卸货期货时，他们以任何可用的出价出售，加快了抛售。”

"This behavior is evident in the steepening backwardation, which reached $1,343 for the December-March futures spread, the highest since ether's 2023 bull market began."

“这种行为在陡峭的落后倾斜中很明显，该行为在12月至3月期货的传播中达到了1,343美元，这是以来以来以埃瑟（Ether）2023年牛市开始的最高水平。”

Market makers are supposed to create order book liquidity and make money from the bid-ask spread. They are price agnostic and strive to maintain a net market (delta) neutral exposure through constantly buying/selling futures. They typically sell into weakness or buy into strength, adding to the momentum, when holding a short gamma exposure.

做市商应该创造订单流动性，并从Bid-ask Versear中赚钱。他们是价格不可知论的，并努力通过不断买卖期货来维持净市场（Delta）中立。他们通常会卖给弱点，或者在持有短伽玛的曝光时增加势头。

The pace of the ether price sell-off has led to speculation that a large fund/trader ETH-margined positioned in derivatives or DeFi was liquidated, leading to an exaggerated price slide.

以太价格抛售的速度导致人们猜测，在衍生工具或DEFI中定位的大型基金/交易者透支，导致了夸张的价格幻灯片。

Broadly speaking, however, the slide in ETH and the broader market looks to have been spurred by the renewed trade war between the U.S. and Canada, Mexico and China. The concern is that it would inject inflation into the global economy, making it harder for central banks, including the Fed, to continue lowering interest rates to support economic growth.

但是，从广义上讲，ETH和更广泛的市场的滑梯似乎受到了美国和加拿大，墨西哥和中国之间的新贸易战的刺激。关注的是，它将向全球经济注入通货膨胀，这使得包括美联储在内的中央银行更难继续降低利率以支持经济增长。

Traditional markets suffered on the back of these concerns as well. Dow futures dropped more than 650 points early today, with European stock futures following suit alongside an uptick in the dollar.

传统市场也遭受了这些问题的影响。陶氏期货今天早些时候下降了650次以上，欧洲股票期货紧随其后的是美元。