ETH的集会虽然令人印象深刻，但仍有很多不足

Ether的Eth $ Rally虽然令人印象深刻，但仍有很多不足之处。那是因为据说休息短裤会助长集会，而不是新鲜的渴望或看涨

Ether’s (ETH$) rally, though noteworthy, may be leaving some details untold.

以太（Ether）的集会虽然值得注意，但可能会留下一些细节。

As the recent surge in ether prices has been swift and significant, it’s heating up an interesting discussion: Is this rally being fueled by fresh longs, leveraged bets on the Chicago Mercantile Exchange (CME) derivatives, or something else entirely?

随着最近的以太价格迅速迅速迅速而繁荣，它正在加热一个有趣的讨论：这次集会是由新鲜的渴望加剧，杠杆押注芝加哥商业交易所（CME）衍生品，还是其他东西？

According to Sui Chung, CEO of crypto index provider CF Benchmarks, the rally is primarily the result of traders covering their shorts, not a sudden surge of bullish conviction in the ether market. CME's derivatives, preferred by institutions, track the CF Benchmarks' Bitcoin Reference Rate - New York (BRRNY) variant.

Crypto索引提供商CF基准的首席执行官Sui Chung表示，集会主要是交易者覆盖短裤的结果，而不是在以太市场中突然的看涨信念激增。 CME的衍生工具受到机构的首选，跟踪CF基准的比特币参考率-New York（BRRNY）变体。

When bears cover their shorts, it means they are buying back futures contracts that were initially sold. This action of short covering temporarily boosts demand in the market, putting upward pressure on prices.

当熊队覆盖短裤时，这意味着他们正在回购最初出售的期货合约。短暂覆盖的这种行动暂时增强了市场的需求，给价格上涨。

Chung highlighted the still-low CME futures premium (basis) as a key indicator of the short-covering narrative.

Chung强调了仍然低的CME期货溢价（基础），作为短期覆盖叙事的关键指标。

While ether's spot price has surged nearly 90% to above $2,600 since the early April sell-off, the annualized one-month basis in the CME's ether has held flat between 6% and 10%, according to data source Velo.

根据数据源Velo的数据，虽然Ether的现货价格自4月初抛售以来的价格上涨了近90％，至2,600美元以上，但CME Ether的年度化为期一个月的基础已保持6％至10％。

"In more conventional setups, we would expect rising basis levels if traders were initiating fresh longs with leverage," Chung noted. "It's a reminder that not all rallies are fueled by new demand; sometimes, they reflect repositioning and risk reduction."

Chung指出：“在更常规的设置中，如果交易者发起新鲜的渴望，我们预计基础水平会上升。” “这提醒人们，并非所有的集会都受到新需求的推动；有时，它们反映了重新定位和降低风险。”

One might argue that the basis has remained steady due to sophisticated trades "arbing" away the price difference between the CME ETH futures and the spot index price by shorting futures and buying ETH spot ETFs. However, that argument seems weak when considering the U.S.-listed spot ETFs have seen net positive inflows on just ten trading days in the past four weeks.

有人可能会认为，由于卖空CME ETH期货与现货指数价格之间的价格差异，基础一直保持稳定。但是，考虑到过去四个星期的十个交易日，在考虑美国上市的ETF时，该论点似乎很弱。

Moreover, the net inflows tallied more than $100 million just once, according to the data source SoSoValue.

此外，根据数据源Sosovalue的数据，净流入仅占1亿美元以上。

"The lack of inflows into ETH ETFs and the muted basis paints a different picture, and this latest move higher doesn't appear to be driven by new leveraged longs," Chung added.

Chung补充说：“缺乏流入ETH ETF的流入和混乱的基础描绘了不同的图片，而最新的举动似乎并不是由新的杠杆型渴望驱动的。”