比特幣強度的以太坊激增

在比特幣的價格超過108,000美元以上的電阻水平之後，以太坊開始了移動趨勢。

On June 12, 2025, 10X Research drew attention to Ethereum’s recent rally, exploring the cryptocurrency’s impressive price action and momentum within the broader market environment. The report delves into the recently announced $24 billion Initial Public Offering (IPO) of Circle, which has sparked a new wave of enthusiasm around Ethereum and the cryptocurrency market in general. While some might question whether such a rally can be sustained, the reality of Ethereum and Bitcoin in the marketplace is unfolding differently, according to the analysis.

2025年6月12日，10倍的研究引起了以太坊最近的集會的關注，探索了加密貨幣在更廣泛的市場環境中的令人印象深刻的價格行動和動力。該報告深入研究了最近宣布的240億美元的首次公開募股（IPO），該產品圍繞以太坊和加密貨幣市場引發了新的熱情。根據分析，有些人可能會質疑這種集會是否可以維持，但市場中以太坊和比特幣的現實卻有所不同。

The report provides a deeper evaluation of the current situation by examining the participation of leveraged traders, the emergence of high-conviction trading pairs, and other key factors that may shape the future of Ethereum’s price.

該報告通過檢查槓桿交易者的參與，高定交易對的出現以及可能影響以太坊價格未來的其他關鍵因素，從而對當前情況進行了更深入的評估。

After the price of Bitcoin shot past the resistance level of over $108,000, pivoting higher, Ethereum began its own moving trend. As the phenomenon of Bitcoin was unfolding and gaining traction, Ethereum was gathering its strength in the shadows. The Circle IPO is the driving force behind Ethereum’s price activity, providing the market with new liquidity and serving as a key catalyst, the report explains.

在比特幣的價格超過了108,000美元以上的電阻水平，旋轉更高後，以太坊開始了自己的移動趨勢。隨著比特幣的現象正在展開並受到關注，以太坊正在在陰影中收集力量。該報告解釋說，Circle IPO是以太坊價格活動背後的推動力，為市場提供了新的流動性並充當關鍵催化劑。

This move was amplified by the leverage that traders took on Ethereum futures as more traders entered the market to trade the setup. However, while the direction of the price change was bullish, the associated fundamental sentiment was somewhat bearish. The analysis conducted by 10X Research poses the question of whether the Ethereum rally is merely a product of temporary market enthusiasm or if there are strong and sturdy foundations behind it. The robust positions of leveraged traders have contributed to the fire, and it does not necessarily imply that Ethereum will maintain the upward trend.

隨著越來越多的貿易商進入市場進行交易設置，交易者對以太坊期貨的槓桿作用擴大了這一舉動。但是，儘管價格變化的方向是看好的，但相關的基本情緒有些看跌。 10倍研究進行的分析提出了一個問題，即以太坊集會是否僅僅是臨時市場熱情的產物，還是背後有堅固而堅固的基礎。槓桿交易者的強大立場為大火做出了貢獻，並不一定意味著以太坊將保持向上的趨勢。

Ethereum remains at critical support levels, and its fundamentals, although increasing, are not as robust as other bullish indicators suggest.

以太坊仍然處於關鍵支持水平，儘管增加的基本面並不像其他看漲指標那樣強大。

The long-awaited IPO of Circle brought a new round of interest to Ethereum. The $24B valuation of Circle was viewed as a strong vote of confidence in the long-term viability of Ethereum, especially considering Circle’s close integration with the Ethereum network. However, 10X Research highlights that this huge capital inflow has had a temporary impact on the market, boosting the price of Ethereum.

期待已久的IPO Circle為以太坊帶來了新的興趣。 $ 24B的Circle估值被視為對以太坊的長期生存能力的強烈信任投票，尤其是考慮到Circle與以太坊網絡的密切集成。但是，10倍的研究強調，這種巨大的資本流入對市場產生了暫時的影響，從而提高了以太坊的價格。

The increasing popularity of Ethereum, merging with Bitcoin being at new all-time highs, has positioned institutions to become more interested in Ethereum, especially for traders seeking to gain exposure to the blockchain ecosystem of Ethereum. As Ethereum gained momentum, the market’s mood shifted as well, transitioning from initial skepticism to a bullish attitude, which brings its own set of challenges.

以太坊越來越普及，與比特幣保持在新的歷史最高高位，使機構對以太坊更感興趣，尤其是對於尋求接觸以太坊區塊鏈生態系統的交易者。隨著以太坊的動力，市場的情緒也發生了變化，從最初的懷疑主義轉變為看漲的態度，這帶來了自己的一系列挑戰。

Despite Ethereum’s advances, the relationship between Ethereum and Bitcoin remains highly correlated, and both digital assets are susceptible to a negative correction, particularly as leverage positions accumulate. A Bitcoin correction in the near future may have a significant effect on the price development of Ethereum, and the recent rise of Ethereum may be nothing more than a temporary fluctuation caused by speculators, as opposed to being a serious move based on sound fundamentals.

儘管以太坊的進步，以太坊和比特幣之間的關係仍然高度相關，並且兩個數字資產都容易受到負面校正的影響，尤其是隨著槓杆位置的積累。在不久的將來，比特幣的校正可能會對以太坊的價格發展產生重大影響，而以太坊最近的興起可能只不過是由投機者引起的暫時波動，而不是基於合理的基本面的嚴重舉動。

According to a report by 10X Research, it appears that the Ethereum rally has just begun, but one of the most important indications is taking shape: the high-conviction trading pairs that are forming around Ethereum. Such a development may be a sign that the present price behavior of Ethereum is being supported by an increasing number of market participants who are getting more confident in the asset, despite its price not necessarily being representative of the actual health of its fundamental basis.

根據10倍研究的報告，似乎以太坊集會才剛剛開始，但是最重要的跡象之一是形成：高罪名交易對，它們圍繞以太坊形成。這樣的發展可能表明，儘管其價格不一定代表其基本基礎的實際健康狀況，但越來越多的市場參與者支持以太坊的當前價格行為。

The analysis also highlights the need to monitor leveraged positions and their impact on the market. Next week, 10X Research encourages traders to closely monitor the ETH futures market, particularly the dominance ratio and open interest level. Institutional investors have gradually taken Ethereum as their center of attention, and its capacity to surpass critical resistance levels may result in an even more dominant view in the market.

該分析還強調了需要監視槓杆位置及其對市場的影響的必要性。下週，10倍研究鼓勵交易者密切監視ETH期貨市場，尤其是優勢比和開放興趣水平。機構投資者已逐漸將以太坊作為其關注中心，並且超過關鍵阻力水平的能力可能會導致市場上更加主導的看法。

At this juncture, 10X Research maintains a cautious outlook on the future price trend of Ethereum, emphasizing that its continued rise will require a combination of factors, including further development of the project itself, sustained investor interest, and the overall market environment towards the cryptocurrency world.

在這個關頭，10倍研究對以太坊的未來價格趨勢保持了謹慎的看法，強調其持續上升將需要各種因素，包括項目本身的進一步發展，持續的投資者利益以及對加密貨幣世界的整體市場環境。