以太坊持倉量下降 $6B——這對 ETH 價格意味著什麼

由於整體市場價格大幅下跌，包括比特幣和以太坊在內的幾種大盤資產在過去一周都難以取得好成績。

Major cryptocurrencies, such as Bitcoin and Ethereum, had a difficult week, as the broader market experienced a steep decline in prices. Several recent macro developments in different countries have had a negative impact on the market, according to various analyses.

比特幣和以太幣等主要加密貨幣經歷了艱難的一周，因為大盤價格大幅下跌。根據各種分析，不同國家最近的一些宏觀發展對市場產生了負面影響。

This significant decline has had a widespread effect on the market sentiment, with most investors now treading cautiously. This can be seen with the recent drop in Ethereum open interest, which could hold serious implications for the price of ETH.

這種大幅下跌對市場情緒產生了廣泛影響，大多數投資者現在都謹慎行事。從最近以太坊未平倉合約的下降就可以看出這一點，這可能會對 ETH 的價格產生嚴重影響。

Tracking a steep decline in prices, the Ethereum open interest has fallen by more than 40% (approximately $6 billion) in August, according to a recent report by blockchain analytics platform CryptoQuant. The “open interest” metric refers to an indicator that measures the total number of derivatives positions of a cryptocurrency (ETH, in this case) currently open on all centralized exchanges.

根據區塊鏈分析平台 CryptoQuant 最近的一份報告，隨著價格的急劇下跌，以太坊的未平倉合約在 8 月下降了 40% 以上（約 60 億美元）。 「未平倉合約」指標是指衡量目前在所有中心化交易所上開放的加密貨幣（本例為 ETH）衍生性商品部位總數的指標。

An increase in this indicator’s value implies that investors are opening up new positions in the futures and options market at that given time. It basically indicates that investors are pouring money into ETH derivatives at the time. When the metric falls, on the other hand, it means that derivatives traders are closing their positions or getting liquidated in the market.

此指標值的增加意味著投資者在特定時間在期貨和選擇權市場上開設新部位。這基本上表明投資者當時正在將資金投入 ETH 衍生品。另一方面，當該指標下降時，則意味著衍生性商品交易者正在平倉或在市場上清算。

As shown in the chart above, the Ethereum open interest has been in a downward trend since the start of August, bottoming out on Monday following the general market downturn. According to data from CryptoQuant, the open interest of ETH stands at around $7.67 billion, as of this writing.

如上圖所示，自8月初以來，以太坊持倉量一直呈下降趨勢，在市場整體低迷後於週一觸底。根據 CryptoQuant 的數據，截至本文撰寫時，ETH 的未平倉合約約為 76.7 億美元。

Although it has demonstrated some good signs of recovery in the past day, a low open interest does not look healthy for the Ethereum price — especially if viewed from a historical standpoint. Decreased positions in the derivatives markets could cause a fall in liquidity, which could lead to substantial price fluctuations due to market inefficiency.

儘管過去一天表現出了一些良好的復甦跡象，但低持倉量對於以太坊價格來說並不健康——尤其是從歷史角度來看。衍生性商品市場部位減少可能導致流動性下降，進而可能因市場效率低落而導致價格大幅波動。

At the same time, the falling open interest could dampen volatility in the Ethereum market in the short term, especially as fewer investors are betting on the ETH price. A low volatility suggests that the price of Ethereum might not witness any large movement any time soon.

同時，未平倉合約的下降可能會在短期內抑制以太坊市場的波動，尤其是在押注以太坊價格的投資者減少的情況下。低波動性表示以太坊的價格可能不會很快出現任何大幅波動。

At the time of writing, the price of Ethereum is hovering around $2,600, reflecting an almost 4% decline in the past 24 hours. According to data from CoinGecko, the altcoin’s value is down by more than 13% in the last seven days.

截至撰寫本文時，以太幣的價格徘徊在 2,600 美元左右，過去 24 小時內下跌了近 4%。根據 CoinGecko 的數據，該山寨幣的價值在過去 7 天內下跌了 13% 以上。