以太坊（ETH）Stakers在市場集會之後返回未實現的利潤

以太坊正在遵循更廣泛的加密貨幣集會，並隨著新的動力增長，在過去一周中增長了38.2％。

In the ever-shifting landscape of cryptocurrency, Ethereum has emerged as a beacon of resilience, demonstrating a remarkable recovery from the lows of 2024. As the broader crypto market continues to rally, heating up with renewed momentum, heating up with renewed momentum, ETH has joined the broader crypto market rally with renewed momentum, registering a 38.2% increase in the past week.

At the time of writing, ETH is trading above $2,400, continuing its upward trajectory and narrowing the gap between its current price and its all-time high of $4,878 reached in 2021. The asset’s recent performance has placed it firmly in line with Bitcoin and other major cryptocurrencies, benefitting from revived market confidence.

在撰寫本文時，ETH的交易價格超過了2,400美元，繼續其上升軌跡，並縮小了目前的價格與2021年的歷史最高高點之間的差距。該資產最近的業績使其與比特幣和其他主要加密貨幣保持一致，從而從恢復的市場信心中受益。

On-chain activity is also beginning to reflect these price movements, especially among Ethereum stakers. According to data shared by CryptoQuant contributor Carmelo Alemán, Ethereum stakers have returned to a state of unrealized profits following a prolonged period of holding at a loss.

鏈上的活動也開始反映出這些價格變動，尤其是在以太坊史塔克人中。根據CryptoQuant貢獻者CarmeloAlemán共享的數據，以太坊史塔克人在長時間的虧損期間持續了很長時間後恢復了未實現的利潤狀態。

This shift, the analyst explains, could play a role in the next phase of Ethereum’s market dynamics as staking participants regain confidence in the network’s long-term outlook.

分析師解釋說，這一轉變可能在以太坊市場動態的下一階段發揮作用，因為Stageing參與者重新獲得了對網絡長期前景的信心。

Realized Price and Stakeholder Sentiment

實現的價格和利益相關者的情緒

In his post titled “From Red to Green: Ethereum Stakers Are Back in Profit,” Alemán explained that staked tokens behave differently from regular circulating supply, remaining mostly static and thus excluded from metrics that rely on liquidity or transfer activity.

Alemán在他的帖子中，標題為“從紅色到綠色：以太坊的史塔克人恢復了利潤。”

This difference is crucial in understanding metrics like the Realized Price, which calculates the average acquisition cost of a given cohort. Since March 3, 2025, Ethereum stakers have been operating under unrealized losses, with the Realized Price at $2,279 and the market price falling to $2,149.

這種差異對於理解諸如已實現價格之類的指標至關重要，該價格計算給定同隊的平均獲取成本。自2025年3月3日以來，以太坊的史塔克人一直在未實現的損失下運營，實現的價格為2,279美元，市場價格下跌至2,149美元。

However, that changed on May 9, 2025, when the market price of ETH reached $2,297, pushing the staked cohort back into profitability. At that moment, the updated Realized Price was $2,276, indicating that a majority of staked tokens were once again held above their cost basis.

但是，這種情況在2025年5月9日發生了變化，當時ETH的市場價格達到2,297美元，將固定的隊列推向了盈利能力。在那一刻，更新的實現價格為2,276美元，這表明大多數被固定的代幣再次超過其成本基礎。

The renewed profitability could reduce selling pressure and strengthen the resolve of validators and long-term holders who form the backbone of Ethereum’s proof-of-stake consensus model.

新的盈利能力可以減輕銷售壓力，並加強構成以太坊驗證證明共識模型骨幹的驗證者和長期持有人的決心。

Implications for Ethereum’s Ecosystem

對以太坊生態系統的影響

The return to unrealized profits among Ethereum stakers may carry broader positive implications for the network. Alemán highlighted that staked ETH is not only held by individuals seeking yield, but also plays a part in maintaining Ethereum’s network security through validator participation.

以太坊史塔克人之間未實現的利潤回歸可能對網絡具有更廣泛的積極影響。 Alemán強調，Staked Eth不僅由尋求收益率的個人持有，而且在通過驗證者參與來維持以太坊的網絡安全方面發揮了作用。

This shift back into profit territory may encourage new staking activity while discouraging premature withdrawals or profit-taking, helping to stabilize the supply side of the market.

回到利潤領域的轉移可能會鼓勵新的積累活動，同時阻止過早提取或獲利，從而穩定市場的供應方面。

In addition to individual stakers, institutions and Layer 2 protocol participants may interpret this trend as a bullish indicator for Ethereum’s future trajectory. Alemán stated:

除了單個stakers外，機構和第2層協議參與者還可以將這一趨勢解釋為以太坊未來軌蹟的看漲指標。 Alemán說：

This type of price recovery has the potential to trigger new waves of accumulation and participation in the network, further enhancing its security and long-term stability. If ETH maintains this upward trend, we may be witnessing the beginning of a new bullish cycle for Ethereum and its most committed actors, including L2 solutions and other ecosystem players.

這種價格恢復有可能觸發新的積累和參與網絡的浪潮，從而進一步增強其安全性和長期穩定性。如果ETH堅持這種向上的趨勢，我們可能會目睹以太坊及其最敬業的演員（包括L2解決方案和其他生態系統參與者）的新看漲週期的開始。