以太坊 (ETH) 脱颖而出，成为希望通过杠杆最大化回报的交易者的首选主要代币

虽然比特币 (BTC) 吸引了机构叙述中的所有眼球，但以太坊 (ETH) 却脱颖而出，成为交易者的首选主要代币

Institutions are piling into crypto. But while bitcoin (BTC) is grabbing all the attention, another major token is quietly emerging as the clear favorite for traders looking to maximize their returns through leverage.

机构纷纷涌入加密货币领域。然而，尽管比特币 (BTC) 吸引了所有人的注意力，但另一种主要代币正在悄然崛起，成为希望通过杠杆最大化回报的交易者的最爱。

Ether (ETH), the native token of the Ethereum blockchain, has seen its leverage ratio—a measure of the degree of leverage employed by traders—surge to a new high of 0.57 on Wednesday, up sharply from 0.37 at the start of Q4 2024, according to data tracked by analytics firm CryptoQuant.

以太坊区块链的原生代币以太币 (ETH) 的杠杆率（衡量交易者杠杆程度的指标）周三飙升至 0.57 新高，较 2024 年第四季度初的 0.37 大幅上涨，根据分析公司 CryptoQuant 追踪的数据。

The ratio is calculated by dividing the cumulative open interest in standard futures and perpetual futures contracts listed worldwide by the total number of ETH in wallets tied to exchanges offering futures trading. A rising ratio suggests that traders are increasingly using leverage, indicating a surge in risk-taking and market speculation.

该比率的计算方法是将全球上市的标准期货和永续期货合约的累积未平仓合约除以与提供期货交易的交易所相关的钱包中的 ETH 总数。比率上升表明交易者越来越多地使用杠杆，表明风险承担和市场投机活动激增。

Leverage allows traders to control bigger positions in the market with a relatively small pool of capital. For instance, if an exchange offers a leverage ratio of 10:1, a trading entity can control a position worth $10,000 with just $1,000 in margin deposit. Using leverage magnifies both profits and losses and increases the risk of liquidations – forced closure due to margin shortages – when the market moves against leveraged positions, a dynamic that often breeds volatility.

杠杆允许交易者以相对较小的资金池控制市场上更大的头寸。例如，如果交易所提供10:1的杠杆率，交易实体只需缴纳1,000美元的保证金就可以控制价值10,000美元的头寸。当市场朝着不利于杠杆头寸的方向发展时，使用杠杆会放大利润和损失，并增加清算风险（由于保证金短缺而被迫平仓），这种动态往往会引发波动。

Ether's leverage ratio of over 0.5 indicates that a substantial amount of leverage trading is happening in the futures market relative to the availability of actual coins in the exchange wallets. At press time, ETH's price was trading in the range of $2,300 to $2,350 on major exchanges.

以太币的杠杆率超过 0.5，表明相对于交易所钱包中实际代币的可用性，期货市场上正在发生大量杠杆交易。截至发稿时，主要交易所的 ETH 价格交易范围为 2,300 美元至 2,350 美元。

This level of leverage is considerably higher than that of Bitcoin, which has an estimated leverage ratio of 0.269 at press time, the highest since early 2023, but still well below the record high of 0.36 seen in October 2022.

这一杠杆水平远高于比特币的杠杆率，截至发稿时，比特币的杠杆率为 0.269，为 2023 年初以来的最高水平，但仍远低于 2022 年 10 月创下的 0.36 的历史高位。

So, don't be surprised if ether experiences twice the price volatility of bitcoin in the near future.

因此，如果以太币在不久的将来经历两倍于比特币的价格波动，请不要感到惊讶。