5月8日，ETH價格上漲22％，但對現場ETF和衍生品的需求仍然存在。

ETH價格在5月8日上漲了22％，但對現場ETF和衍生品的需求仍然存在。

The price of Ether (ETH) surged by 22% on Monday, hitting a four-year high as President Donald Trump's reversal on certain altcoins coincided with the token's upbeat outlook.

週一，以太（ETH）的價格飆升了22％，唐納德·特朗普總統在某些山寨幣上的逆轉與代幣的樂觀前景相吻合。

According to data from Benzinga, the third-largest cryptocurrency rallied to a high of $2,602 by 07:30 ET (11:30 GMT) on Monday, marking a 29% surge over the previous 48 hours.

根據Benzinga的數據，第三大加密貨幣在周一（格林尼治標準時間11:30）上升到2,602美元，高達2,602美元，標誌著前48小時的29％漲幅。

This sharp price move ultimately triggered the liquidation of over $400 million in short (sell) ETH futures positions, catching whales and market makers off guard.

這種尖銳的價格轉移最終引發了短暫（賣出）期貨職位超過4億美元的清算，使鯨魚和做市商措手不及。

Despite the significant price increase, traders remained neutral on Ether derivatives, and there was minimal demand for spot Ether exchange-traded funds (ETFs), which could be a key warning sign.

儘管價格大幅上漲，但交易者仍然對以太衍生物保持中立，並且對現貨以太交易所資金（ETF）的需求最少，這可能是一個關鍵的警告信號。

The enthusiasm for Ether seemed muted even after it experienced its strongest single-day price performance in four years. According to data from Farside Investors, U.S.-listed Ether spot ETFs experienced net outflows for a third consecutive day on Monday, with a total of $16 million in net outflows.

即使在四年內經歷了其最強勁的單日價格表現之後，對以太的熱情似乎也陷入困境。根據Farside Investors的數據，週一連續第三天，美國上市的Ether Spot ETF經歷了淨流出，總淨流出額為1600萬美元。

The lack of interest from traders in the world’s second-largest cryptocurrency despite its recent bullish momentum can be attributed in part to the sharp 85% drop in Ethereum network fees from January to April, as reported by CCData.

據CCDATA報導，儘管最近的看漲勢頭，但貿易商在最近的看漲勢頭上缺乏興趣，但它的一部分是由於CCDATA報導，從1月至4月的85％下降了85％的以太坊網絡費用下降。

The reduced activity levels lower overall demand for ETH and have a negative impact on net staking yields. This is because the protocol’s burn mechanism, which is designed to reduce the token’s supply and potentially increase its price, relies on competition for data processing, which in turn generates the gas fees that are used to burn the tokens.

降低的活動水平降低了對ETH的總體需求，並對淨活力產量產生負面影響。這是因為該協議的燃燒機制旨在減少令牌的供應並可能提高其價格，它依賴於數據處理的競爭，這又產生了用於燃燒代幣的汽油費用。

Furthermore, the options markets offer valuable insights into whether whales and market makers anticipate further downside risks.

此外，期權市場對鯨魚和做市商是否期望進一步的下行風險提供了寶貴的見解。

The put (sell) options are currently trading at similar levels to the equivalent call (buy) options, which indicates a neutral market sentiment. This outcome is somewhat discouraging for Ether bulls.

目前（賣出）期權目前的交易水平與同等電話（買）選項相似，這表明中立市場情緒。對於以太公牛來說，這種結果有些灰心。

However, the cryptocurrency could regain attention following reports that President Trump had reversed his position on certain cryptocurrencies following earlier public endorsements of competing tokens.

但是，在有報導稱特朗普總統在公眾認可競爭代幣之後，特朗普總統扭轉了對某些加密貨幣的立場，因此加密貨幣可能會重新引起注意。

According to a Politico report published on Monday, President Trump felt he had been "used" and severed ties with the lobbyist who reportedly proposed the idea of a strategic crypto reserve.

根據周一發布的一份政治報告，特朗普總統認為他已經被“使用”，並與遊說者切斷了聯繫，該遊說者據報導提出了戰略性加密保護區的想法。

While Trump's social media post on March 2 specifically mentioned Solana (SOL), Cardano (ADA), and XRP, the subsequent March 6 "Digital Asset Stockpile" Executive Order struck a more reserved tone.

雖然特朗普在3月2日發表的社交媒體帖子特別提到了Solana（Sol），Cardano（ADA）和XRP，但隨後3月6日的“ Digital Asset Stockpile”行政命令提出了更為保留的基調。