以太坊（ETH）著​​火了，這不僅是因為最新的升級

全球第二大加密貨幣交易所Bybit於5月14日發布的每週見解報告說，ETH表示超過比特幣（BTC）

Ethereum (ETH) has been outpacing Bitcoin (BTC) and attracting attention from traders and investors, according to a weekly insights report released on May 14 by Bybit, the world’s second-largest crypto exchange by trading volume. The report, which was created with analytics partner Block Scholes, provides a clear picture of what’s powering ETH’s latest surge and also that it is the start of something bigger.

根據每週一次的Insights報告，以太坊（ETH）一直超過比特幣（BTC），並吸引了貿易商和投資者的關注。該報告是由分析合作夥伴Block Scholes創建的，它清楚地了解了ETH最新激增的動力，這是更大的開始的開始。

The report says that ETH’s 20% single-day price on May 7 was the strongest performance in years. While the recent Pectra upgrade aimed at improving Ethereum’s core infrastructure, which played a big part, it’s not the only reason behind it.

該報告說，ETH在5月7日的單日價格為20％是多年來最強的表現。雖然最近的Pectra升級旨在改善以太坊的核心基礎設施，但發揮了很大作用，但這並不是背後的唯一原因。

One of the key factors was the liquidation of over $500 million in ETH short positions. As bets were wiped out, ETH’s price surged. At the same time, the broader market was relieved from global tariff tensions, which were giving crypto assets more room to jump.

關鍵因素之一是清算超過5億美元的ETH職位。隨著賭注被淘汰，ETH的價格飆升。同時，更廣泛的市場擺脫了全球關稅緊張局勢，這使加密貨幣資產更加跳躍。

But Bybit’s analysis delves deeper, uncovering a transformation within Ethereum itself. Co-founder Vitalik Buterin recently gave a new roadmap that focuses on boosting network scalability and simplifying Ethereum operation. With a goal of up to 100x throughput, Ethereum’s future could be faster, leaner, and more developer-friendly while keeping decentralization intact.

但是拜比特的分析更加深入研究，揭示了以太坊本身內部的轉變。聯合創始人Vitalik Buterin最近提供了一個新的路線圖，重點是提高網絡可擴展性並簡化以太坊運行。以多達100倍的吞吐量的目標，以太坊的未來可能更快，更精益且對開發人員更友好，同時保持權力下放。

ETH Didn’t Just Outperform BTC in Price

ETH的價格不僅超過了BTC的價格

The report also notes that ETH has stolen the spotlight from BTC in terms of price performance. However, a broader look at trading activity and sentiment shows that traders are rotating out of Bitcoin and into Ethereum.

該報告還指出，在價格績效方面，ETH偷走了BTC的焦點。但是，對交易活動和情感的更廣泛的看法表明，交易者正在從比特幣中旋轉並進入以太坊。

The ETH/BTC ratio has been steadily rising since May 7, indicating that traders are placing greater relative value on ETH compared to BTC. This coincides with a period of sustained rally in ETH, contrasting with Bitcoin’s lackluster performance in the past week.

自5月7日以來，ETH/BTC比率一直在穩步上升，表明與BTC相比，交易者對ETH的相對價值更高。這與ETH的持續集會相吻合，與比特幣在過去一周的表現不足的表現形成鮮明對比。

In the options market, the numbers speak for themselves. On May 8 alone, ETH traders placed $60 million more in call options, betting on further gains in the world’s second-largest cryptocurrency. In contrast, Bitcoin’s derivatives market remained quiet without any major spikes in bullish or bearish sentiment.

在期權市場中，數字不言而喻。僅在5月8日，ETH交易者就投入了6000萬美元的呼叫選擇，押注了世界第二大加密貨幣的進一步收益。相比之下，比特幣的衍生品市場保持安靜，沒有任何看漲或看跌感情的任何重大峰值。

Funding rates, which measure the premium or discount for funding futures compared to spot markets, also shifted in favor of ETH. At the same time, the skew measures trader positioning, which flipped dramatically. In April, there was a 20% skew towards puts, indicating greater interest in bearish positions. But in early May, calls dominated, with a 10% skew toward bullish positions.

與現貨市場相比，資金期貨期貨的溢價或折扣的資金率也轉向了ETH。同時，偏斜測量交易者定位，這急劇翻轉。在4月，偏向第二個偏斜，表明對看跌地位的興趣更大。但是在5月初，呼叫主導，偏向看漲的位置10％。

This implied volatility, especially in short-term ETH options, has climbed as well. It shows that traders expect bigger moves from now on. All signs suggest that Ethereum is not only back, but leading the market in momentum recently.

這種暗示的波動性，尤其是在短期ETH選擇中，也攀升了。它表明，交易者期望從現在開始更大的動作。所有跡像都表明，以太坊不僅回來了，而且在最近的動量中領先市場。

So, will the rally last? That remains to be seen. Crypto markets are famously volatile, and nothing is guaranteed. But for now, Ethereum is enjoying the spotlight which is fueled by smart upgrades, confident leadership, and positive trader sentiment.

那麼，集會會持續嗎？這還有待觀察。加密貨幣市場是著名的動盪，沒有任何保證。但是就目前而言，以太坊正在享受著聰明的升級，自信領導和積極的交易者情緒所吸引的聚光燈。