以太坊（ETH）着​​火了，这不仅是因为最新的升级

全球第二大加密货币交易所Bybit于5月14日发布的每周见解报告说，ETH表示超过比特币（BTC）

Ethereum (ETH) has been outpacing Bitcoin (BTC) and attracting attention from traders and investors, according to a weekly insights report released on May 14 by Bybit, the world’s second-largest crypto exchange by trading volume. The report, which was created with analytics partner Block Scholes, provides a clear picture of what’s powering ETH’s latest surge and also that it is the start of something bigger.

根据每周通过交易量，全球第二大加密货币交易所Bybit发布的每周见解报告，以太坊（ETH）一直超过比特币（BTC），并吸引了交易者和投资者的关注。该报告是由分析合作伙伴Block Scholes创建的，它清楚地了解了ETH最新激增的动力，这是更大的开始的开始。

The report says that ETH’s 20% single-day price on May 7 was the strongest performance in years. While the recent Pectra upgrade aimed at improving Ethereum’s core infrastructure, which played a big part, it’s not the only reason behind it.

该报告说，ETH在5月7日的单日价格为20％是多年来最强的表现。虽然最近的Pectra升级旨在改善以太坊的核心基础设施，但发挥了很大作用，但这并不是背后的唯一原因。

One of the key factors was the liquidation of over $500 million in ETH short positions. As bets were wiped out, ETH’s price surged. At the same time, the broader market was relieved from global tariff tensions, which were giving crypto assets more room to jump.

关键因素之一是清算超过5亿美元的ETH职位。随着赌注被淘汰，ETH的价格飙升。同时，更广泛的市场摆脱了全球关税紧张局势，这使加密货币资产更加跳跃。

But Bybit’s analysis delves deeper, uncovering a transformation within Ethereum itself. Co-founder Vitalik Buterin recently gave a new roadmap that focuses on boosting network scalability and simplifying Ethereum operation. With a goal of up to 100x throughput, Ethereum’s future could be faster, leaner, and more developer-friendly while keeping decentralization intact.

但是拜比特的分析更加深入研究，揭示了以太坊本身内部的转变。联合创始人Vitalik Buterin最近提供了一个新的路线图，重点是提高网络可扩展性并简化以太坊运行。以多达100倍的吞吐量的目标，以太坊的未来可能更快，更精益且对开发人员更友好，同时保持权力下放。

ETH Didn’t Just Outperform BTC in Price

ETH的价格不仅超过了BTC的价格

The report also notes that ETH has stolen the spotlight from BTC in terms of price performance. However, a broader look at trading activity and sentiment shows that traders are rotating out of Bitcoin and into Ethereum.

该报告还指出，在价格绩效方面，ETH偷走了BTC的焦点。但是，对交易活动和情感的更广泛的看法表明，交易者正在从比特币中旋转并进入以太坊。

The ETH/BTC ratio has been steadily rising since May 7, indicating that traders are placing greater relative value on ETH compared to BTC. This coincides with a period of sustained rally in ETH, contrasting with Bitcoin’s lackluster performance in the past week.

自5月7日以来，ETH/BTC比率一直在稳步上升，表明与BTC相比，交易者对ETH的相对价值更高。这与ETH的持续集会相吻合，与比特币在过去一周的表现不足的表现形成鲜明对比。

In the options market, the numbers speak for themselves. On May 8 alone, ETH traders placed $60 million more in call options, betting on further gains in the world’s second-largest cryptocurrency. In contrast, Bitcoin’s derivatives market remained quiet without any major spikes in bullish or bearish sentiment.

在期权市场中，数字不言而喻。仅在5月8日，ETH交易者就投入了6000万美元的呼叫选择，押注了世界第二大加密货币的进一步收益。相比之下，比特币的衍生品市场保持安静，没有任何看涨或看跌感情的任何重大峰值。

Funding rates, which measure the premium or discount for funding futures compared to spot markets, also shifted in favor of ETH. At the same time, the skew measures trader positioning, which flipped dramatically. In April, there was a 20% skew towards puts, indicating greater interest in bearish positions. But in early May, calls dominated, with a 10% skew toward bullish positions.

与现货市场相比，资金期货期货的溢价或折扣的资金率也转向了ETH。同时，偏斜测量交易者定位，这急剧翻转。在4月，偏向第二个偏斜，表明对看跌地位的兴趣更大。但是在5月初，呼叫主导，偏向看涨的位置10％。

This implied volatility, especially in short-term ETH options, has climbed as well. It shows that traders expect bigger moves from now on. All signs suggest that Ethereum is not only back, but leading the market in momentum recently.

这种暗示的波动性，尤其是在短期ETH选择中，也攀升了。它表明，交易者期望从现在开始更大的动作。所有迹象都表明，以太坊不仅回来了，而且在最近的动量中领先市场。

So, will the rally last? That remains to be seen. Crypto markets are famously volatile, and nothing is guaranteed. But for now, Ethereum is enjoying the spotlight which is fueled by smart upgrades, confident leadership, and positive trader sentiment.

那么，集会会持续吗？这还有待观察。加密货币市场是著名的动荡，没有任何保证。但是就目前而言，以太坊正在享受着聪明的升级，自信领导和积极的交易者情绪所吸引的聚光灯。