以太坊持仓量下降 $6B——这对 ETH 价格意味着什么

由于整体市场价格大幅下跌，包括比特币和以太坊在内的几种大盘资产在过去一周都难以取得好成绩。

Major cryptocurrencies, such as Bitcoin and Ethereum, had a difficult week, as the broader market experienced a steep decline in prices. Several recent macro developments in different countries have had a negative impact on the market, according to various analyses.

比特币和以太坊等主要加密货币经历了艰难的一周，因为大盘价格大幅下跌。根据各种分析，不同国家最近的一些宏观发展对市场产生了负面影响。

This significant decline has had a widespread effect on the market sentiment, with most investors now treading cautiously. This can be seen with the recent drop in Ethereum open interest, which could hold serious implications for the price of ETH.

这种大幅下跌对市场情绪产生了广泛影响，大多数投资者现在都谨慎行事。从最近以太坊未平仓合约的下降就可以看出这一点，这可能会对 ETH 的价格产生严重影响。

Tracking a steep decline in prices, the Ethereum open interest has fallen by more than 40% (approximately $6 billion) in August, according to a recent report by blockchain analytics platform CryptoQuant. The “open interest” metric refers to an indicator that measures the total number of derivatives positions of a cryptocurrency (ETH, in this case) currently open on all centralized exchanges.

根据区块链分析平台 CryptoQuant 最近的一份报告，随着价格的急剧下跌，以太坊的未平仓合约在 8 月份下降了 40% 以上（约 60 亿美元）。 “未平仓合约”指标是指衡量当前在所有中心化交易所上开放的加密货币（本例中为 ETH）衍生品头寸总数的指标。

An increase in this indicator’s value implies that investors are opening up new positions in the futures and options market at that given time. It basically indicates that investors are pouring money into ETH derivatives at the time. When the metric falls, on the other hand, it means that derivatives traders are closing their positions or getting liquidated in the market.

该指标值的增加意味着投资者在特定时间在期货和期权市场上开设新头寸。这基本上表明投资者当时正在将资金投入 ETH 衍生品。另一方面，当该指标下降时，则意味着衍生品交易者正在平仓或在市场上清算。

As shown in the chart above, the Ethereum open interest has been in a downward trend since the start of August, bottoming out on Monday following the general market downturn. According to data from CryptoQuant, the open interest of ETH stands at around $7.67 billion, as of this writing.

如上图所示，自8月初以来，以太坊持仓量一直呈下降趋势，在市场整体低迷后于周一触底。根据 CryptoQuant 的数据，截至本文撰写时，ETH 的未平仓合约约为 76.7 亿美元。

Although it has demonstrated some good signs of recovery in the past day, a low open interest does not look healthy for the Ethereum price — especially if viewed from a historical standpoint. Decreased positions in the derivatives markets could cause a fall in liquidity, which could lead to substantial price fluctuations due to market inefficiency.

尽管过去一天表现出了一些良好的复苏迹象，但低持仓量对于以太坊价格来说并不健康——尤其是从历史角度来看。衍生品市场头寸减少可能导致流动性下降，从而可能因市场效率低下而导致价格大幅波动。

At the same time, the falling open interest could dampen volatility in the Ethereum market in the short term, especially as fewer investors are betting on the ETH price. A low volatility suggests that the price of Ethereum might not witness any large movement any time soon.

与此同时，未平仓合约的下降可能会在短期内抑制以太坊市场的波动，尤其是在押注以太坊价格的投资者减少的情况下。低波动性表明以太坊的价格可能不会很快出现任何大幅波动。

At the time of writing, the price of Ethereum is hovering around $2,600, reflecting an almost 4% decline in the past 24 hours. According to data from CoinGecko, the altcoin’s value is down by more than 13% in the last seven days.

截至撰写本文时，以太坊的价格徘徊在 2,600 美元左右，过去 24 小时内下跌了近 4%。根据 CoinGecko 的数据，该山寨币的价值在过去 7 天内下跌了 13% 以上。