以太坊期貨開放利息創紀錄的$ 20B隨著槓桿的建造

以太坊的衍生品市場剛剛達到了一個重大的里程碑，現金彌補的期貨開放利息達到了歷史最高的200億美元

Ethereum's derivatives market just reached a significant milestone, with cash-margined futures open interest hitting an all-time high of over $20 billion, according to on-chain analytics platform Glassnode.

根據On-Chain Analytics Platform Platform glassnode的數據，以太坊的衍生品市場剛剛達到了一個重大的里程碑，現金彌補的期貨開放利息達到了超過200億美元的歷史最高水平。

This spike, highlighting a strong resurgence in leveraged trading activity, comes despite ETH's spot price remaining largely flat, having recently dipped below the $2,800 mark.

儘管ETH的現貨價格仍然很平坦，但該尖峰強調了槓桿交易活動的強烈復興，最近跌至2,800美元以下。

The new record is part of a broader uptick in Ethereum market activity. As highlighted by Glassnode, traders are increasingly deploying stablecoins to gain exposure to ETH via futures contracts. This dynamic indicates growing risk appetite and speculative positioning, even in the face of modest price consolidation.

新記錄是以太坊市場活動的更廣泛上升的一部分。正如GlassNode所強調的那樣，交易者越來越多地部署Stablecoins，通過期貨合約獲取ETH。這種動態表明，即使面對適度的價格合併，這種風險食慾不斷增長和投機定位。

The accompanying chart shows a sharp and sustained rise in open interest since early 2025, surpassing previous peaks seen during the 2021 and 2022 bull markets.

隨附的圖表顯示，自2025年初以來，開放興趣的急劇增長，超過了2021年和2022年牛市的先前山峰。

Notably, the current leverage build-up is occurring in a more stable pricing environment, reflecting increased structural participation from traders using cash collateral instead of crypto-based margins.

值得注意的是，當前的槓桿率正在發生在更穩定的定價環境中，反映出使用現金抵押品而不是基於加密貨幣的利潤率提高了交易者的結構性參與。

This structureless participation, often linked to institutions engaging in the crypto markets, might be spurring the creation of new all-time highs in cash-margined futures open interest.

這種無結構的參與通常與從事加密貨幣市場的機構有關，可能會激發創造新歷史上新的現金彌補期貨開放興趣。

The rapid growth in these types of contracts speaks to the surging institutional and stablecoin-heavy retail engagement, further cementing Ethereum's position as a core asset in the crypto derivatives landscape.

這些類型的合同的快速增長表明，機構和穩定的零售零售業的激增，進一步鞏固了以太坊在加密衍生品景觀中作為核心資產的地位。

However, with leverage piling up, market participants remain on alert for potential volatility if long positions become overcrowded or if prices sharply reverse.

但是，隨著槓桿作用的增加，如果長期人滿為患或價格急劇倒轉，市場參與者仍會警惕潛在的波動性。

As Ethereum's futures open interest scales to new highs, all eyes remain on whether the elevated leverage will fuel further upside—or set the stage for sharp unwinding.

隨著以太坊的未來開放興趣量表達到新的高點，所有人的目光都集中在較高的槓桿率是否會進一步加油，或者為急劇放鬆的舞台奠定基礎。