以太币 (ETH) 上涨 15%，至 3,500 美元，期货未平仓合约达到创纪录的 220 亿美元

埃里温 (CoinChapter.com)——11 月 20 日至 27 日期间，以太币 (ETH) 上涨 15%，四个月来首次触及 3,500 美元大关。

Ether (ETH) price enjoyed a 15% ascent over seven days, reaching the $3,500 level for the first time in four months. This price increase coincided with record-high Ether futures open interest, sparking discussions about its implications.

以太坊 (ETH) 价格在 7 天内上涨 15%，四个月来首次达到 3,500 美元的水平。此次价格上涨恰逢以太坊期货未平仓合约创下历史新高，引发了对其影响的讨论。

Ether Open Interest Hits Record $22 Billion

以太坊未平仓合约达到创纪录的 220 亿美元

Data from CoinGlass showed that the total open interest in Ether futures rose 23% over 30 days, reaching a peak of $22 billion on Nov. 27.

CoinGlass 的数据显示，以太坊期货的未平仓合约总额在 30 天内增长了 23%，于 11 月 27 日达到 220 亿美元的峰值。

For comparison, Ether futures open interest stood at $14 billion when ETH last breached the $4,000 level on May 13. Meanwhile, Bitcoin (BTC) futures open interest reached a high of $31.2 billion in August.

相比之下，当 5 月 13 日 ETH 上次突破 4,000 美元水平时，以太坊期货未平仓合约为 140 亿美元。与此同时，比特币 (BTC) 期货未平仓合约在 8 月份达到 312 亿美元的高位。

Major platforms like Binance, Bybit, and OKX together accounted for 60% of ETH futures activity. The Chicago Mercantile Exchange (CME) also grew its market share, holding $2.5 billion in Ether futures open interest.

Binance、Bybit 和 OKX 等主要平台合计占 ETH 期货活动的 60%。芝加哥商品交易所 (CME) 的市场份额也有所增长，持有 25 亿美元的以太坊期货未平仓合约。

This development aligns with discussions about increasing institutional participation, which is often viewed as a factor in market maturity.

这一发展与关于增加机构参与的讨论相一致，这通常被视为市场成熟度的一个因素。

Leverage Doesn't Always Indicate Bullish Sentiment

杠杆并不总是表明看涨情绪

It's crucial to note that the demand for Ether futures reflects diverse trading strategies rather than being a straightforward indicator of bullish sentiment. Derivatives markets, which balance buyers and sellers, accommodate strategies like cash-and-carry trades and exploiting rate differentials.

值得注意的是，对以太坊期货的需求反映了多样化的交易策略，而不是看涨情绪的直接指标。衍生品市场平衡买家和卖家，适应现金套利交易和利用利率差异等策略。

These approaches contribute to the demand for leverage but do not inherently signal a directional market bias.

这些方法有助于增加对杠杆的需求，但本质上并不表明市场有方向性偏差。

Retail Leverage Triggers Liquidations

零售杠杆引发清算

On the other hand, retail traders who commonly utilize leverage of up to 20x faced heightened risks during the price drop.

另一方面，通常使用高达 20 倍杠杆的零售交易者在价格下跌期间面临更大的风险。

Over $163 million in leveraged long Ether futures positions were liquidated between Nov. 23 and Nov. 26. Moreover, a typical 5% price decline could wipe out these high-risk positions, potentially leading to cascading effects in the market.

11 月 23 日至 26 日期间，超过 1.63 亿美元的杠杆以太坊期货多头头寸被清算。此外，典型的 5% 价格下跌可能会消除这些高风险头寸，可能导致市场连锁反应。

Perpetual Futures Highlight Muted Retail Activity

永续合约凸显零售活动低迷

Interestingly, perpetual futures contracts, which closely align with ETH's spot price, showcased restrained retail involvement.

有趣的是，与 ETH 现货价格密切相关的永续期货合约显示散户参与度有限。

The current funding rates for ETH perpetual futures stood at 2.1% per month, close to the neutral threshold. While there was a brief spike above 4% on Nov. 25, it did not sustain. This indicated a lack of enthusiasm from retail traders despite ETH's recent price rally.

目前ETH永续期货的资金费率为每月2.1%，接近中性门槛。虽然 11 月 25 日曾短暂飙升至 4% 以上，但并未持续下去。这表明尽管 ETH 最近价格上涨，散户交易者仍缺乏热情。

Institutional Strategies Dominate Ether Futures Market

机构策略主导以太坊期货市场

Overall, the data suggests that institutional strategies, such as hedging and arbitrage, are largely driving the growth in Ether futures open interest, and platforms like CME are capitalizing on this shift.

总体而言，数据表明，对冲和套利等机构策略在很大程度上推动了以太坊期货未平仓合约的增长，而芝商所等平台正在利用这一转变。

The increasing institutional demand is further reinforcing the role of futures in market dynamics.

不断增长的机构需求进一步强化了期货在市场动态中的作用。