以太坊（ETH）在关键指标上优于比特币（BTC），标志着市场动态的潜在转变

这一趋势是在 SEC 主席 Gary Gensler 宣布计划于 2025 年 1 月离职之际出现的，这提振了以太坊和其他山寨币的情绪。

Cryptocurrency ETH/USD has outperformed BTC/USD in several key metrics over the past week, signaling a potential shift in market dynamics, according to a Bybit and Block Scholes report.

根据 Bybit 和 Block Scholes 的报告，加密货币 ETH/USD 在过去一周的几个关键指标上都跑赢了 BTC/USD，这表明市场动态可能发生转变。

This trend comes amid the announcement of SEC Chair Gary Gensler’s planned departure in January 2025, which has boosted sentiment around Ethereum and other altcoins.

这一趋势是在 SEC 主席 Gary Gensler 宣布计划于 2025 年 1 月离职之际出现的，这提振了以太坊和其他山寨币的情绪。

Here's a snapshot of the key observations from the report:

以下是该报告的主要观察结果的快照：

Ethereum futures open interest has seen growth, while Bitcoin futures open interest has declined.

以太坊期货未平仓合约有所增长，而比特币期货未平仓合约有所下降。

Short-dated ETH futures contracts are trading at a steep premium, with one-week contracts showing nearly 25% annualized yields over spot prices, indicating strong trader optimism toward Ethereum.

短期 ETH 期货合约的交易溢价极高，一周合约的年化收益率较现货价格高出近 25%，这表明交易者对以太坊抱有强烈的乐观态度。

"ETH has sustained its outperformance over the week."

“ETH 本周继续保持优异的表现。”

This statement highlights the stark contrast in sentiment and positioning between the two largest cryptocurrencies, with Ethereum showing strength in futures and perpetual markets, while Bitcoin’s futures show a different trend.

这一声明凸显了两种最大的加密货币之间的情绪和定位之间的鲜明对比，以太坊在期货和永续市场上表现出强势，而比特币期货则表现出不同的趋势。

In the perpetual contracts segment, Ethereum also recorded an increase in open interest, while Bitcoin perpetuals saw a decline.

在永续合约领域，以太坊的未平仓合约也有所增加，而比特币永续合约则有所下降。

These trends suggest traders are shifting their focus toward Ethereum, evidenced by the rising perpetuals open interest for the second-largest cryptocurrency.

这些趋势表明交易者正在将注意力转向以太坊，第二大加密货币的永续未平仓合约不断上升就证明了这一点。

Options market activity further supports this narrative, with Ethereum's showing inversion in its term structure, indicating higher demand for short-term bullish bets, while Bitcoin's term structure has flattened, suggesting cooling speculative interest.

期权市场活动进一步支持了这一说法，以太坊的期限结构出现倒挂，表明对短期看涨押注的需求增加，而比特币的期限结构趋于平缓，表明投机兴趣降温。

The report connects these developments to broader market conditions, including regulatory tailwinds, with Gensler set to step down as SEC Chair early next year.

该报告将这些发展与更广泛的市场状况联系起来，包括监管顺风，Gensler 将于明年初辞去 SEC 主席一职。

Many crypto assets, especially altcoins like Ethereum, faced increased scrutiny during Gensler's tenure, and the announcement of his departure is seen as a positive signal for the crypto market, boosting confidence in Ethereum's longer-term prospects.

许多加密资产，尤其是像以太坊这样的山寨币，在 Gensler 任职期间面临着越来越严格的审查，他离职的宣布被视为加密市场的积极信号，增强了人们对以太坊长期前景的信心。

"Ethereum's outperformance this week reflects not just favorable market conditions but also a broader shift in sentiment as regulatory pressures ease," an analyst from the report adds.

报告中的一位分析师补充道：“以太坊本周的优异表现不仅反映出有利的市场条件，还反映出随着监管压力的缓解，市场情绪发生了更广泛的转变。”

The report also highlights Ethereum's growing potential to attract institutional inflows, a trend observed with Bitcoin during its ETF-related surges.

该报告还强调了以太坊吸引机构资金流入的潜力不断增长，这是比特币在 ETF 相关飙升期间观察到的趋势。

However, it cautions against extrapolating short-term trends too far, as both Ethereum and Bitcoin remain sensitive to macroeconomic factors and market volatility.

然而，它警告不要过度推断短期趋势，因为以太坊和比特币仍然对宏观经济因素和市场波动敏感。