以太坊期货开放利息创纪录的$ 20B随着杠杆的建造

以太坊的衍生品市场刚刚达到了一个重大的里程碑，现金弥补的期货开放利息达到了历史最高的200亿美元

Ethereum's derivatives market just reached a significant milestone, with cash-margined futures open interest hitting an all-time high of over $20 billion, according to on-chain analytics platform Glassnode.

根据On-Chain Analytics Platform Platform glassnode的数据，以太坊的衍生品市场刚刚达到了一个重大的里程碑，现金弥补的期货开放利息达到了超过200亿美元的历史最高水平。

This spike, highlighting a strong resurgence in leveraged trading activity, comes despite ETH's spot price remaining largely flat, having recently dipped below the $2,800 mark.

尽管ETH的现货价格仍然很平坦，但该尖峰强调了杠杆交易活动的强烈复兴，最近跌至2,800美元以下。

The new record is part of a broader uptick in Ethereum market activity. As highlighted by Glassnode, traders are increasingly deploying stablecoins to gain exposure to ETH via futures contracts. This dynamic indicates growing risk appetite and speculative positioning, even in the face of modest price consolidation.

新记录是以太坊市场活动的更广泛上升的一部分。正如GlassNode所强调的那样，交易者越来越多地部署Stablecoins，通过期货合约获取ETH。这种动态表明，即使面对适度的价格合并，这种风险食欲不断增长和投机定位。

The accompanying chart shows a sharp and sustained rise in open interest since early 2025, surpassing previous peaks seen during the 2021 and 2022 bull markets.

随附的图表显示，自2025年初以来，开放兴趣的急剧增长，超过了2021年和2022年牛市的先前山峰。

Notably, the current leverage build-up is occurring in a more stable pricing environment, reflecting increased structural participation from traders using cash collateral instead of crypto-based margins.

值得注意的是，当前的杠杆率正在发生在更稳定的定价环境中，反映出使用现金抵押品而不是基于加密货币的利润率提高了交易者的结构性参与。

This structureless participation, often linked to institutions engaging in the crypto markets, might be spurring the creation of new all-time highs in cash-margined futures open interest.

这种无结构的参与通常与从事加密货币市场的机构有关，可能会激发创造新历史上新的现金弥补期货开放兴趣。

The rapid growth in these types of contracts speaks to the surging institutional and stablecoin-heavy retail engagement, further cementing Ethereum's position as a core asset in the crypto derivatives landscape.

这些类型的合同的快速增长表明，机构和稳定的零售零售业的激增，进一步巩固了以太坊在加密衍生品景观中作为核心资产的地位。

However, with leverage piling up, market participants remain on alert for potential volatility if long positions become overcrowded or if prices sharply reverse.

但是，随着杠杆作用的增加，如果长期人满为患或价格急剧倒转，市场参与者仍会警惕潜在的波动性。

As Ethereum's futures open interest scales to new highs, all eyes remain on whether the elevated leverage will fuel further upside—or set the stage for sharp unwinding.

随着以太坊的未来开放兴趣量表达到新的高点，所有人的目光都集中在较高的杠杆率是否会进一步加油，或者为急剧放松的舞台奠定基础。