以太坊持仓量和杠杆率近期双双飙升

数据显示，以太坊衍生品相关指标近期大幅上涨，这表明价格面临经历波动风暴的风险。

The price of Ethereum (CRYPTO: ETH) is showing no signs of slowing down and might be setting itself up for a price storm based on the latest derivatives data.

以太坊（加密货币：ETH）的价格没有显示出放缓的迹象，并且根据最新的衍生品数据，可能会引发价格风暴。

What Happened: According to a CryptoQuant analysis, two key derivatives indicators are suggesting the price of ETH may be at risk of a volatile price move.

发生了什么：根据 CryptoQuant 的分析，两个关键的衍生品指标表明 ETH 的价格可能面临价格波动的风险。

The first indicator is the Open Interest, which measures the total number of ETH-related contracts currently open on all derivatives platforms. The metric takes into account both long and short positions.

第一个指标是未平仓量，它衡量当前在所有衍生品平台上未平仓的 ETH 相关合约总数。该指标考虑了多头和空头头寸。

An increase in the Open Interest indicates investors are opening fresh positions in the market, while a decrease suggests positions are being closed either voluntarily by investors or through exchange liquidations.

未平仓合约的增加表明投资者正在市场上开设新头寸，而减少则表明投资者自愿或通过交易所清算平仓。

The second indicator is the Estimated Leverage Ratio, which measures the ratio between the Open Interest and the Derivatives Exchange Reserve.

第二个指标是估计杠杆率，衡量未平仓合约与衍生品外汇储备之间的比率。

The Derivatives Exchange Reserve is the total amount of ETH sitting in wallets associated with all centralized derivatives exchanges.

衍生品交易所储备是与所有中心化衍生品交易所相关的钱包中的 ETH 总量。

The Estimated Leverage Ratio tells us the amount of leverage or loan that the average derivatives user in the Ethereum market is currently taking.

估计杠杆率告诉我们以太坊市场中的平均衍生品用户目前所使用的杠杆或贷款金额。

According to the analysis, the Open Interest has surged to a new all-time high of over $13 billion. Over the last four months, the indicator has increased by over 40%.

据分析，未平仓合约已飙升至超过 130 亿美元的历史新高。过去四个月，该指标增长了 40% 以上。

“This reading suggests an explosion in speculative interest around Ethereum,” the analysis said.

分析称：“这一读数表明围绕以太坊的投机兴趣激增。”

However, the Estimated Leverage Ratio is also showing a strong increase, which may not be a healthy development.

然而，预计杠杆率也出现强劲增长，这可能不是一个健康的发展。

“The Estimated Leverage Ratio metric is also spiking, which doesn't bode well for ETH. This metric shows the amount of leverage being used by the average derivatives user in the Ethereum market,” the analysis said.

“估计杠杆率指标也在飙升，这对 ETH 来说不是一个好兆头。该指标显示了以太坊市场中平均衍生品用户使用的杠杆数量，”分析称。

The chart below shows the Estimated Leverage Ratio, which is also at an all-time high.

下图显示了预计杠杆率，该比率也处于历史最高水平。

Related Link: Ethereum Open Interest Surges Past Previous ATH, Setting A New All-Time High Above $13 Billion

相关链接：以太坊持仓量飙升至此前的 ATH，创下 130 亿美元以上的历史新高

ETH Price Action: At last check Monday, ETH was trading around $3,000, down nearly 7% for the week.

ETH 价格走势：截至周一最后一次检查，ETH 交易价格约为 3,000 美元，本周下跌近 7%。