以太坊（ETH）衍生品市场在预期波动之前看到了另一个很大的积累

以太坊（ETH）衍生市场正在经历另一个大积累。从历史上看，衍生品市场流入与大价转移有关。

Ethereum (ETH) derivative markets are going through another big accumulation. Historically, derivative market inflows are linked to big price moves.

以太坊（ETH）衍生市场正在经历另一个大积累。从历史上看，衍生品市场流入与大价转移有关。

According to CryptoQuant analysts, over 77,000 ETH flowed into derivative exchanges. Similar inflows were observed on March 26 and April 3, followed by an ETH crash to a lower range.

根据隐秘分析师的说法，超过77,000个ETH流入了衍生交换。在3月26日和4月3日观察到类似的流入，随后将ETH撞车到较低的范围。

The inflows signal arrives at a time when ETH sentiment is bearish, and the market price has broken below the growth trend since the 2022 bear market. For some analysts, the current low sentiment may be a sign of a market bottom, while for others, another drawdown is possible.

流入信号到达ETH情绪是看跌的时候到达的，自2022年熊市以来，市场价格却低于增长趋势。对于某些分析师而言，当前低点的情绪可能是市场底层的迹象，而对于其他分析师来说，可能是另一个下降。

The current inflows to derivative exchanges surpass the previous inflows of around 65K ETH. The token is closely watched for signs of a bigger price move, especially with the current price pressures.

当前流向衍生交换的流入超过了大约65k ETH的先前流入。密切关注代币的迹象表明价格更大，尤其是当前的价格压力。

ETH is at a crossroads, with traders waiting for either a breakout or a new crash to a lower range. After the recent inflow to exchanges, ETH open interest is slightly up to $8.28M, with around 35% in short positions.

ETH处于十字路口，交易员正在等待突破或新的崩溃到较低的范围。在最近的交流流入后，ETH Open Intery略高于828万美元，短职位约为35％。

The current price action follows a period of accumulation and signs of whales buying. The overall ETH balance in accumulation addresses has also surged in Q1 and retained the trend in April. Whales also try to re-buy ETH at a lower range, after selling at local peaks.

当前的价格行动是累积时期和购买鲸鱼的迹象。累积地址的总体ETH平衡也在第1季度飙升，并保留了4月的趋势。鲸鱼在当地峰值出售后，还试图在较低范围内重新购买ETH。

ETH liquidity puts the token at a crossroads

Eth流动性使令牌处于十字路口

The price move for ETH is not guaranteed to be on the downside. Based on the Ethereum positions heat-map, the market is accruing liquidity both around the $1,500 level, and as high as $1,700 for short positions.

不保证ETH的价格转移是不利的。根据以太坊位置的热图，市场的流动性均在1,500美元左右，而短职位的高达1,700美元。

From the current price level, it remains uncertain which positions would be attacked first. ETH traded around $1,590.22, showing some weakness after retaining the $1,600 level for a day. The asset still traded near its lows of 0.019 BTC.

从目前的价格水平开始，不确定哪些位置将首先受到攻击。 ETH的交易约为1,590.22美元，在保留1,600美元水平后显示出一些弱点。该资产仍在其低点为0.019 BTC的低点。

While ETH expects a breakout, a new slump to a lower range is also seen as a possibility. ETH currently trades on renewed risks based on the US tariff policy against China.

尽管ETH期望突破，但新的低迷也被视为一种可能性。 ETH目前根据美国对中国的关税政策的重新风险进行交易。

Ethereum also reflects the health of the overall DeFi sector, as the chain carries over 49% of all value. The chain remains indispensable for DeFi apps, but the value of ETH reflects the general confidence in the crypto ecosystem.

以太坊还反映了整体偏见部门的健康状况，因为连锁店占所有价值的49％以上。该链对于Defi应用程序仍然是必不可少的，但是ETH的价值反映了对加密生态系统的一般信心。

DeFi rebuilds ETH liquidity

Defi重建ETH流动性

After a period of liquidations, DeFi protocols are rebuilding their liquidity positions, showing the new risk profile for ETH.

一段时间清算后，Defi协议正在重建其流动性位置，显示ETH的新风险状况。

Currently, DeFi lending protocols carry $937M in positions that can be liquidated if ETH falls to a lower range. The biggest accumulation of liquidity is at $917.99, where most whales decided to secure their loans.

目前，Defi贷款协议携带9.37亿美元的位置，如果ETH跌至较低的范围，则可以清算。最大的流动性积累是917.99美元，大多数鲸鱼决定获得贷款。

Some of the borrowers have taken out loans with a liquidation price of $1,123,390, mostly on MakerDAO. However, borrowers remain extremely cautious in rebuilding their positions. There are almost no loans with a liquidation price in the $1,500 and $1,400 range.

一些借款人以清算价格为1,123,390美元，主要是在Makerdao上获得的贷款。但是，借款人在重建自己的立场时仍然非常谨慎。几乎没有贷款，其清算价格在1,500美元和1,400美元之间。

ETH still holds over $47B in total value locked, led by Aave and liquid staking protocols.

ETH仍然持有超过$ 47B的总价值锁定，由AAVE和液体堆积协议领导。