对于希望通过杠杆放大回报的交易者来说，以太坊 (ETH) 正在成为首选货币，甚至超过比特币 (BTC)

ETH 期货市场的杠杆率达到创纪录的 0.57，它带来了机遇，但也存在巨大的风险。

Cryptocurrency markets have seen a growing sophistication of trading strategies in recent years. Among these, the use of leverage has established itself as one of the main tools to amplify gains (and losses).

近年来，加密货币市场的交易策略日益复杂。其中，杠杆的使用已成为放大收益（和损失）的主要工具之一。

In this context, Ether (ETH) has recently stood out, reaching a record leverage ratio of 0.57, positioning itself as the main choice for the more daring traders.

在此背景下，以太坊（ETH）最近脱颖而出，杠杆率达到创纪录的0.57，成为更大胆交易者的主要选择。

We remind you that the leverage ratio measures the level of risk exposure of traders compared to the capital actually available.

我们提醒您，杠杆比率衡量的是交易者相对于实际可用资金的风险敞口水平。

Calculated by dividing the open interest in standard and perpetual futures by the total number of ETH held in exchange wallets, this indicator provides a clear view of leveraged trading activity.

该指标通过将标准期货和永续期货的未平仓合约除以交易所钱包中持有的 ETH 总数来计算，可以清晰地了解杠杆交易活动。

A high value, such as 0.57 for Ether, suggests that traders are taking on significant risks, using relatively small margins to control much larger market positions.

较高的价值（例如以太坊的 0.57）表明交易者正在承担重大风险，使用相对较小的保证金来控制更大的市场头寸。

This can generate exceptional profit opportunities, but it also increases the likelihood of forced liquidations in the event of unfavorable market movements.

这可以产生非凡的盈利机会，但也增加了在市场出现不利走势时被迫平仓的可能性。

While Bitcoin (BTC) continues to dominate institutional narratives, Ether stands out for its use by retail and professional traders looking to make the most of market volatility.

虽然比特币（BTC）继续主导机构叙述，但以太币因其被希望充分利用市场波动的零售和专业交易者的使用而脱颖而出。

At the moment, the leverage ratio of Bitcoin stands at approximately 0.269, significantly lower compared to the all-time high of 0.36 recorded in 2022. This comparison highlights how traders are more willing to bet on ETH compared to BTC.

目前，比特币的杠杆率约为0.269，远低于2022年创下的历史高点0.36。这一比较凸显出，与BTC相比，交易者更愿意押注于ETH。

The risks of a high leverage ratio

高杠杆率的风险

In any case, a leverage ratio above 0.5 involves considerable risks for the market. When leveraged trading reaches these levels, the possibility of sudden and dramatic price swings increases.

无论如何，杠杆率高于0.5会给市场带来相当大的风险。当杠杆交易达到这些水平时，价格突然大幅波动的可能性就会增加。

A mass liquidation can trigger a domino effect, leading to even greater volatility.

大规模清算可能会引发多米诺骨牌效应，导致更大的波动。

For example, a trader who uses a leverage of 10:1 can control a position worth $10,000 with a deposit of only $1,000.

例如，使用10:1杠杆的交易者只需存入1,000美元即可控制价值10,000美元的头寸。

However, a negative market variation of 10% would be enough to completely erase the margin, forcing the exchange to liquidate the position.

然而，10% 的负市场变化就足以完全消除保证金，迫使交易所清算头寸。

This type of dynamic is particularly common in bull and bear cryptocurrency markets, known for their unpredictable nature.

这种动态在牛市和熊市加密货币市场中尤为常见，因其不可预测性而闻名。

Ether offers a robust and diversified ecosystem, thanks to the Ethereum network, which supports decentralized applications (dApp), decentralized finance (DeFi) and non-fungible tokens (NFT).

得益于以太坊网络，以太坊提供了强大且多元化的生态系统，支持去中心化应用程序（dApp）、去中心化金融（DeFi）和不可替代代币（NFT）。

This versatility has made ETH an attractive option for traders looking to capitalize not only on price swings but also on the investment opportunities offered by the underlying blockchain.

这种多功能性使 ETH 对于那些不仅希望利用价格波动，而且还希望利用底层区块链提供的投资机会的交易者来说成为一个有吸引力的选择。

Furthermore, the Ethereum community is highly innovative, constantly introducing technological updates that keep investors’ attention high.

此外，以太坊社区具有高度创新性，不断推出技术更新，让投资者保持高度关注。

The appeal of Ether, combined with the intensive use of leverage, has created a dynamic and high-risk trading environment.

以太币的吸引力，加上杠杆的密集使用，创造了一个动态且高风险的交易环境。

What to expect in the future?

未来会发生什么？

With a record leverage ratio, it is likely that Ether will continue to show higher volatility compared to Bitcoin in the short term. This could attract an even greater number of speculative traders, but also test the resilience of the market.

由于杠杆率创历史新高，与比特币相比，以太坊在短期内可能会继续表现出更高的波动性。这可能会吸引更多的投机交易者，但也会考验市场的弹性。

In the long term, the success or failure of Ether as an asset for high-leverage trading will depend on the ability of the Ethereum community to maintain investor trust and manage the risks associated with speculation.

从长远来看，以太坊作为高杠杆交易资产的成功或失败将取决于以太坊社区维护投资者信任和管理投机相关风险的能力。

In other words, the record leverage ratio of Ether of 0.57 represents a turning point for the bull and bear cryptocurrency market.

换句话说，以太坊杠杆率创纪录的0.57，代表着加密货币牛熊市场的转折点。

While it offers traders unprecedented opportunities, it also raises important questions about market stability and the sustainability of high-leverage trading.

虽然它为交易者提供了前所未有的机会，但它也引发了有关市场稳定性和高杠杆交易可持续性的重要问题。

In a continuously evolving ecosystem, Ether confirms itself as a key player, both for traders and long-term investors. The question now is: will the market be able to handle this new wave of risk?

在不断发展的生态系统中，以太坊证实了自己作为交易者和长期投资者的关键参与者。现在的问题是：市场能否应对这波新的风险？