以太币飙升至 3600 美元，在 DeFi Fuel 的推动下跑赢加密货币

• Ether rallied in the early morning of East Asia's trading day, outperforming the CoinDesk 20 Index.

  以太币在东亚交易日凌晨上涨，表现优于 CoinDesk 20 指数。

• Ether's performance seems to be based on market interest in new DeFi protocol Ethena, versus an anticipation of a spot ether ETF approval

  以太坊的表现似乎是基于市场对新 DeFi 协议 Ethena 的兴趣，而不是对现货以太坊 ETF 批准的预期

Ether {{ETH}} prices rallied during the early hours of the East Asia trading day while Bitcoin {{BTC}} remained relatively stable.

以太币 {{ETH}} 价格在东亚交易日早盘时段上涨，而比特币 {{BTC}} 则保持相对稳定。

According to CoinDesk Indicies data, ether prices rose to $3600, while bitcoin was in stasis around $71,000.

根据 CoinDesk Indicies 数据，以太坊价格上涨至 3600 美元，而比特币则停滞在 71,000 美元左右。

The CoinDesk 20, a measure of the world's most liquid digital assets, was up 3.5% and trading above 2,600. Decentralized liquid staking protocols like Lido DAO and Rocket Pool ETH also saw their tokens push well into the green, up 10% and 8%, respectively, according to CoinGecko data.

衡量全球最具流动性的数字资产的 CoinDesk 20 指数上涨 3.5%，交易价格突破 2,600 点。根据 CoinGecko 的数据，像 Lido DAO 和 Rocket Pool ETH 这样的去中心化流动质押协议的代币也大幅上涨，分别上涨了 10% 和 8%。

ETH's bitcoin-bearing performance could be attributed to continued market interest in decentralized finance (DeFi) protocol Ethena, which has seen its total value locked (TVL) cross the $2.2 billion mark over the last few days after crossing $2 billion on April 6.

ETH 的比特币表现可能归因于市场对去中心化金融 (DeFi) 协议 Ethena 的持续兴趣，该协议的锁定总价值 (TVL) 在 4 月 6 日突破 20 亿美元后，在过去几天突破了 22 亿美元大关。

Ethena's USDe synthetic stablecoin recently added bitcoin as collateral, CoinDesk reported.

据 CoinDesk 报道，Ethena 的 USDe 合成稳定币最近添加了比特币作为抵押品。

This may be purely a rally based on token demand rather than the hope of an ether spot exchange-traded fund being approved in the near future.

这可能纯粹是基于代币需求的反弹，而不是以太坊现货交易所交易基金在不久的将来获得批准的希望。

Bettors on Polymarket see a 16% chance of a spot ether ETF being approved in the U.S. by the end of May and only a 45% chance of it being approved by the end of June.

Polymarket 的投注者认为现货以太 ETF 在 5 月底之前在美国获得批准的可能性为 16%，而在 6 月底之前只有 45% 的可能性。

Some traders were positioned for bitcoin leadership after the ether-bitcoin ratio dipped below key support last week. As such, ETH's market-beating rise has brought rapid adjustment in market positioning, leading to a sharp uptick in the perpetual funding rates or cost of holding long/short positions, Singapore-based QCP capital explained in a note on Telegram. The upside volatility has also led to a significant short covering in ETH front-end call options.

在上周以太坊与比特币的比率跌破关键支撑位后，一些交易员就定位了比特币的领先地位。因此，总部位于新加坡的 QCP Capital 在 Telegram 上的一份报告中解释说，ETH 跑赢大市的上涨带来了市场定位的快速调整，导致永续资金利率或持有多头/空头头寸的成本急剧上升。上行波动还导致 ETH 前端看涨期权出现大量空头回补。

"Last Friday, we speculated a possible leg higher, and we expected the move to be led by BTC," QCP wrote. "We were wrong about the leader, as this move has been very much led by ETH."

QCP 写道：“上周五，我们推测比特币可能会走高，并预计这一走势将由 BTC 引领。” “我们对领导者的判断是错误的，因为这一举措很大程度上是由 ETH 主导的。”