以太幣飆升至 3600 美元，在 DeFi Fuel 的推動下跑贏加密貨幣

• Ether rallied in the early morning of East Asia's trading day, outperforming the CoinDesk 20 Index.

  以太幣在東亞交易日凌晨上漲，表現優於 CoinDesk 20 指數。

• Ether's performance seems to be based on market interest in new DeFi protocol Ethena, versus an anticipation of a spot ether ETF approval

  以太坊的表現似乎是基於市場對新 DeFi 協議 Ethena 的興趣，而不是對現貨以太坊 ETF 批准的預期

Ether {{ETH}} prices rallied during the early hours of the East Asia trading day while Bitcoin {{BTC}} remained relatively stable.

以太幣 {{ETH}} 價格在東亞交易日早盤時段上漲，而比特幣 {{BTC}} 則保持相對穩定。

According to CoinDesk Indicies data, ether prices rose to $3600, while bitcoin was in stasis around $71,000.

根據 CoinDesk Indicies 數據，以太幣價格上漲至 3,600 美元，而比特幣則停滯在 71,000 美元左右。

The CoinDesk 20, a measure of the world's most liquid digital assets, was up 3.5% and trading above 2,600. Decentralized liquid staking protocols like Lido DAO and Rocket Pool ETH also saw their tokens push well into the green, up 10% and 8%, respectively, according to CoinGecko data.

衡量全球最具流動性的數位資產的 CoinDesk 20 指數上漲 3.5%，交易價格突破 2,600 點。根據 CoinGecko 的數據，像 Lido DAO 和 Rocket Pool ETH 這樣的去中心化流動質押協議的代幣也大幅上漲，分別上漲了 10% 和 8%。

ETH's bitcoin-bearing performance could be attributed to continued market interest in decentralized finance (DeFi) protocol Ethena, which has seen its total value locked (TVL) cross the $2.2 billion mark over the last few days after crossing $2 billion on April 6.

ETH 的比特幣表現可能歸因於市場對去中心化金融(DeFi) 協議Ethena 的持續興趣，該協議的鎖定總價值(TVL) 在4 月6 日突破20 億美元後，在過去幾天突破了22 億美元大關。

Ethena's USDe synthetic stablecoin recently added bitcoin as collateral, CoinDesk reported.

根據 CoinDesk 報導，Ethena 的 USDe 合成穩定幣最近添加了比特幣作為抵押品。

This may be purely a rally based on token demand rather than the hope of an ether spot exchange-traded fund being approved in the near future.

這可能純粹是基於代幣需求的反彈，而不是以太坊現貨交易所交易基金在不久的將來獲得批准的希望。

Bettors on Polymarket see a 16% chance of a spot ether ETF being approved in the U.S. by the end of May and only a 45% chance of it being approved by the end of June.

Polymarket 的投注者認為現貨以太 ETF 在 5 月底之前在美國獲得批准的可能性為 16%，而在 6 月底之前只有 45% 的可能性。

Some traders were positioned for bitcoin leadership after the ether-bitcoin ratio dipped below key support last week. As such, ETH's market-beating rise has brought rapid adjustment in market positioning, leading to a sharp uptick in the perpetual funding rates or cost of holding long/short positions, Singapore-based QCP capital explained in a note on Telegram. The upside volatility has also led to a significant short covering in ETH front-end call options.

在上週以太坊與比特幣的比率跌破關鍵支撐位後，一些交易員就定位了比特幣的領先地位。因此，總部位於新加坡的QCP Capital 在Telegram 上的一份報告中解釋說，ETH 跑贏大盤的上漲帶來了市場定位的快速調整，導致永續資金利率或持有多頭/空頭頭寸的成本急劇上升。上行波動也導致 ETH 前端看漲期權出現大量空頭回補。

"Last Friday, we speculated a possible leg higher, and we expected the move to be led by BTC," QCP wrote. "We were wrong about the leader, as this move has been very much led by ETH."

QCP 寫道：“上週五，我們推測比特幣可能會走高，並預計這一走勢將由 BTC 引領。” “我們對領導者的判斷是錯誤的，因為這一舉措很大程度上是由 ETH 主導的。”