以太坊：合同后开放兴趣，ETF基金流入，链上数据和令牌通货膨胀的运输后分析

经历了这一清算浪潮后，以太坊的市场失望达到了顶峰。 There are also rumors that certain industry whales or institutions being liquidated

After experiencing a significant drop, the cryptocurrency market faced another wave of liquidations on February 3. Within 24 hours, the number of liquidated positions across the entire network reached 720,000, totaling $2.21 billion (due to incomplete data statistics, Bybit CEO Ben Zhou speculated that the actual figure could reach $8 to $10 billion), with long positions liquidating at $1.87 billion and short positions at $340 million.

在经历了大幅度下降之后，加密货币市场在2月3日面对另一波清算。在24小时内，整个网络的清算职位数量达到了720,000，总计为22.1亿美元（由于数据统计数据不完整，Bybit CEO Ben Zhou推测，实际数字可以达到8至100亿美元），长头寸的清算为18.7亿美元，短职位为3.4亿美元。

Among them, Ethereum was particularly noteworthy during this round of plummet, dropping as much as 25% in a single day, marking the largest single-day decline in nearly four years (since May 2021). Moreover, the total liquidation amount for Ethereum on that day reached $380 million, surpassing the liquidation amount for Bitcoin contracts.

其中，以太坊在这一轮坠落中特别值得注意的是，一天内下降了多达25％，标志着近四年来（自2021年5月）下降的最大下降。此外，当天以太坊的总清算金额达到了3.8亿美元，超过了比特币合同的清算金额。

After experiencing this wave of liquidations, market disappointment in Ethereum has peaked. There are also rumors that certain industry whales or institutions being liquidated during this market trend contributed to the sharp decline of ETH.

经历了这一清算浪潮后，以太坊的市场失望达到了顶峰。也有传言称，在这种市场趋势中，某些行业鲸鱼或机构被清算，导致ETH的急剧下降。

So, what is the current fundamental situation of Ethereum after weathering this storm? PANews analyzes various aspects such as contract open interest, ETF fund inflows, on-chain data, and token inflation to provide a comprehensive view of Ethereum.

那么，在风暴之后，以太坊目前的基本情况是什么？ Panews分析了各个方面，例如合同开放兴趣，ETF基金流入，链上数据和令牌通货膨胀，以提供以太坊的全面观点。

Price Erases Yearly Gains, Contract Open Interest Hits New Highs

价格消除年度收益，合同开放利息达到新高点

Firstly, in terms of price, Ethereum's lowest point in this round was $2,125, which, while not lower than the $2,111 correction in August 2024, had a larger single-day volatility, proving to be lethal for the contract market. From the peak of $4,107 to the lowest point, the correction over nearly 50 days reached 48%, with prices nearly returning to levels seen at the beginning of 2024. This has also sparked frustration among long-term holders.

首先，就价格而言，以太坊在这一轮中的最低点为2,125美元，虽然不低于2024年8月的2,111美元的更正，但单天波动率较大，证明对合同市场是致命的。从4,107美元到最低点的峰值，近50天的更正到48％，价格几乎恢复到2024年初的水平。这也引起了长期持有人的挫败感。

Although Ethereum's market performance has not been impressive over the past year, the open interest in contracts has consistently increased across various exchanges, repeatedly breaking historical records. According to coinglass data, as of January 31, the total contract open interest for Ethereum reached $30 billion, while when Ethereum hit its historical high of $4,800 in 2021, this figure was only $11.4 billion. Following the market crash, as of February 5, the open contract amount for Ethereum across major exchanges dropped to $23.7 billion, a decrease of nearly $7 billion.

尽管以太坊的市场绩效在过去一年中并没有令人印象深刻，但对合同的开放兴趣在各种交流中一直在增加，反复打破了历史记录。根据Coinglass Data的数据，截至1月31日，以太坊的总合同开放利息达到了300亿美元，而以太坊在2021年达到4,800美元的历史高点时，这一数字仅为114亿美元。截至2月5日，市场崩溃后，以太坊的开放合同金额下降到237亿美元，减少了近70亿美元。

The comparison between open interest and price changes indicates a significant disparity between market expectations and actual performance, leading to continuous betting and ultimately resulting in the severe volatility of this short-term drop.

开放利息与价格变化之间的比较表明，市场预期与实际绩效之间存在显着差异，导致连续下注，并最终导致这种短期下降的严重波动。

Recent Bottom Fishing in the U.S. Spot ETF Market?

Regarding the inflow of Ethereum ETF funds in the U.S., since November 6, there has been a noticeable increase in net inflow of funds into various institutional Ethereum ETFs. The highest single-day net inflow was recorded at $428 million on December 5. Of course, with the significant fluctuations in Ethereum's price, both single-day net inflows and outflows have seen marked increases. On January 8, the single-day ETF net outflow reached $159 million, setting a historical record.

关于美国以太坊ETF资金的流入，自11月6日起，资金净流入到各种机构以太坊ETF中的净流入就显着增加。最高的单日净流入量记录为12月5日的4.28亿美元。当然，随着以太坊价格的显着波动，单日净流入和流出都显着增加。 On January 8, the single-day ETF net outflow reached $159 million, setting a historical record.

On February 3, despite the sharp drop in Ethereum's price and significant losses in the contract market, ETF funds did not experience outflows; instead, on February 4, a net inflow of $300 million was recorded, marking the third-highest single-day net inflow. This suggests that traditional market institutions in the U.S. seem to be accumulating positions in this range.

2月3日，尽管以太坊的价格急剧下降和合同市场的巨大损失，但ETF资金并未经历流出；取而代之的是，2月4日，记录了3亿美元的净流入，标志着第三高的单日净流入。这表明，美国的传统市场机构似乎正在积累该范围内的立场。

As of February 4, the total net asset value of Ethereum ETFs is approximately $10.37 billion, accounting for 3.15% of Ethereum's market capitalization. In comparison, the total net asset value of BTC ETFs is about $116 billion, representing approximately 5.93% of its market capitalization, which is significantly higher than that of Ethereum. From this data, it appears that the impact of ETFs on Ethereum's market trend is still relatively small.

截至2月4日，以太坊ETF的净资产总价值约为103.7亿美元，占以太坊市值的3.15％。相比之下，BTC ETF的净资产总价值约为1,160亿美元，约占其市值的5.93％，这显着高于以太坊。从这些数据来看，ETF对以太坊市场趋势的影响仍然相对较小。

On-Chain Data Stagnates, Staking Continues to Flow Out

Of course, this round of decline is fundamentally caused by other macro factors. Ethereum's sharp drop is merely the weakest link in this downturn. From on-chain data, the number of daily active addresses for Ethereum reached a two-year high of 553,000 just before the crash on January 25, but has since been on a downward trend. In terms of on-chain revenue, the income level of the Ethereum mainnet is far below that of the same period last year, with daily income at a low of around $1 million. This may also explain why the inflow of on-chain staking has remained negative since mid-November.

当然，这一轮下降从根本上是由其他宏观因素引起的。以太坊的急剧下降只是这种低迷的最弱联系。从链接数据中，以太坊的每日活动地址数量在1月25日坠机之前的两年高点为553,000，但此后一直处于下降趋势。就链接收入而言，以太坊主网的收入水平远低于去年同期的收入，每日收入约为100万美元。这也可以解释为什么自11月中旬以来，链上堆积的流入一直是负面的。