以太坊最近的价格回调并非单纯的下跌，而是更广泛的市场重置，杠杆交易者承受了最大的损失。数据显示，在刚刚过去的一周，多家加密货币 交易所的以太坊持仓量大幅下跌。根据链上分析平台 CryptoQuant的数据，上周数十亿美元的以太坊持仓被抹去，其中币安领跌，月平均跌幅最 大。 以太坊正在经历一年多来最重大的回调之一，原因是其价格跌破 4,000 美元。此次回调在期货未平仓合约中表现最为明显，各大交易所数十亿美 元的仓位已全部清空。这种快速平仓正值对数周上涨趋势中过度杠杆的修正，这些杠杆曾将衍生品活动推至不可持续的水平。 主要交易所未平仓合约大幅减少 图表数据显示，期货杠杆和未平仓合约在7月和8月与价格上涨紧密相关，同时又与价格同步下跌。 以太坊跌破 4,000 美元大关，对过度杠杆交易者来说，无疑是一个转折点。这一举动引发了衍生品市场的一波清算浪潮，加剧了抛售压力。 数据显示，9月23日，仅币安一项交易就蒸发了超过30亿美元，仅一天后就蒸发了超过10亿美元。Bybit的持仓也减少了12亿美元，而OKX的持仓 则减少了5.8亿美元。总未平仓合约量也出现了大幅下降，目前已跌至2024年初以来的最低水平。 周末抛售加剧 ...

Core Viewpoint - The recent extreme volatility in the cryptocurrency market, particularly Bitcoin and Ethereum, was triggered by a series of events including a dovish statement from Federal Reserve Chairman Jerome Powell, leading to significant price fluctuations and a large-scale reallocation of funds within the market [1][4][8]. Group 1: Market Movements - Bitcoin surged to nearly $117,200 and Ethereum reached an all-time high of $4,954 following Powell's remarks, but both cryptocurrencies experienced sharp declines shortly after due to a major sell-off by a Bitcoin whale [1][4][5]. - A Bitcoin whale sold 24,000 Bitcoins, causing Bitcoin's price to drop to around $110,500, marking a significant decline and breaking below the 100-day moving average for the first time since April [1][5]. - Ethereum's price fell to $4,400 after reaching its historical peak, with forced liquidations exceeding $570 million across both cryptocurrencies [1][9]. Group 2: Fund Reallocation - Analysts noted a substantial reallocation of funds, with approximately $2 billion in Bitcoin being shifted to Ethereum, indicating a shift in investor sentiment towards Ethereum's growing utility in stablecoins, tokenization, and smart contracts [3][8]. - The whale that sold Bitcoin still holds over 152,874 Bitcoins valued at more than $17 billion, suggesting a strategic move rather than a complete exit from the market [8]. Group 3: Institutional Activity - Reports indicate that institutional investors, including BlackRock and Jane Street, are taking advantage of the market dip to accumulate assets, with significant inflows into ETFs from firms like Fidelity and Bitwise [3][11][12]. - Despite the volatility, analysts maintain a cautiously optimistic outlook for the long-term, with expectations that Bitcoin will remain resilient as long as it stays above $110,000 [12][13].

Core Viewpoint - The recent extreme volatility in the cryptocurrency market, particularly Bitcoin and Ethereum, was triggered by a series of events including a dovish statement from Federal Reserve Chairman Jerome Powell, leading to significant price fluctuations and a large-scale reallocation of funds between the two cryptocurrencies [1][4][7]. Group 1: Market Movements - Bitcoin surged to nearly $117,200 after Powell's remarks but then experienced a sharp decline following a major whale's sale of 24,000 Bitcoins, causing a "flash crash" [1][4]. - Ethereum reached a historical high of $4,954 before dropping to $4,400, with both cryptocurrencies experiencing forced liquidations exceeding $550 million [1][7]. - The price of Bitcoin fell below the 100-day moving average for the first time since April, with a further decline to around $110,500 [1][4]. Group 2: Fund Reallocation - Analysts noted a significant reallocation of funds, with approximately $2 billion in Bitcoin being shifted to Ethereum, indicating a change in market sentiment [3][7]. - The whale that sold 24,000 Bitcoins still holds over 152,874 Bitcoins valued at more than $17 billion, suggesting a strategic shift rather than a complete exit from the market [7]. Group 3: Institutional Activity - Reports indicate that institutional investors, including BlackRock and Jane Street, are taking advantage of the market dip to accumulate assets, with Fidelity and other ETFs seeing substantial inflows [3][8][9]. - Fidelity reportedly achieved a net inflow of $87 million, while Bitwise and 21Shares also recorded inflows, reflecting a potential bullish sentiment among institutional players [9]. Group 4: Market Sentiment and Future Outlook - Despite the short-term volatility, analysts maintain a cautiously optimistic view on the medium to long-term prospects of the market, with expectations that Bitcoin could regain upward momentum if it holds above $110,000 [10]. - The overall sentiment remains resilient, with options data indicating continued bullish sentiment despite recent price corrections [10].

Group 1 - Federal Reserve Chairman Jerome Powell's dovish remarks have driven Ethereum prices to a new all-time high, surpassing the previous peak from November 2021 [1] - Ethereum reached approximately $4,880, marking a more than 15% increase in a single day, and has rebounded over 250% since its low in April this year [1] - The approval of U.S. spot Ethereum ETFs has led to over $20 billion in managed assets, with a net inflow of $287.6 million on August 21 after four consecutive days of outflows [1] Group 2 - Bitcoin's dominance in the cryptocurrency market has declined, with its market share dropping below 60% for the first time in four months, indicating a potential "altseason" as funds rotate into alternative tokens like Ethereum [2] - Institutional demand for Ethereum is a core driver of its recent price surge, with U.S. spot Ethereum ETFs attracting over $2.5 billion in net inflows in August, while Bitcoin funds experienced outflows [3] Group 3 - The total value of Ethereum held by enterprises has exceeded $29.75 billion, with companies like BitMine, SharpLink, and Bit Digital being the main contributors to this increase [5] - BitMine is the largest corporate holder of Ethereum, owning 1.15 million ETH, valued at approximately $5.5 billion at current prices [5]

Core Viewpoint - The surge in Ethereum's price is driven by significant corporate accumulation and record inflows into spot Ethereum ETFs, pushing the cryptocurrency to new heights [3][10]. Group 1: Corporate Accumulation - Bitmine Immersion Technologies plans to raise up to $20 billion through an "at-the-market" equity program to purchase more Ethereum, positioning itself as a major player in the Ethereum market [5][7]. - Bitmine currently holds 1.15 million Ethereum, valued at approximately $5 billion, representing about 1% of the total circulating supply, with a goal to eventually hold 5% [7][8]. - SharpLink Gaming has raised $400 million to increase its Ethereum treasury to over $3 billion, holding approximately 280,706 Ethereum valued at just over $1 billion [9]. Group 2: ETF Demand - Since the approval of spot Ethereum ETFs in July 2024, total net inflows have reached $9.4 billion, with over half ($5 billion) coming in the last 30 days [10]. - A record single-day net inflow of over $1 billion was recorded recently, indicating strong market demand for Ethereum as an investment asset [10]. Group 3: Supply and Demand Dynamics - The combined buying from corporate treasuries and ETFs has significantly impacted Ethereum's supply-demand dynamics, with purchases since May estimated to be 32 times the new supply mined during the same period [11]. - Analysts predict that the ongoing supply-demand imbalance could lead to further increases in Ethereum's price [11]. Group 4: Future of Corporate Treasuries - The development of Ethereum treasury companies is just beginning, with potential holdings expected to grow tenfold, possibly reaching 10% of Ethereum's total supply [12]. - Other companies, including Coinbase, are also adopting similar treasury strategies, indicating a broader trend in the cryptocurrency market [12].

作者：叶桢，华尔街见闻 企业以太坊财库公司的疯狂囤币，与创纪录的ETF资金流入形成合力，共同将全球第二大加密货币推向 新的高度。 以太坊（ETH）价格周二一度突破4500美元，创下年内新高，日内涨幅约4.85%。根据The Block的数 据，今年以来，以太坊累计上涨约40%，其年度至今的价格表现已追平比特币。 推动周二上涨的最直接催化剂 Tom Lee在一份新闻稿中表示："无论是在提升每股加密资产净值的速度上，还是在股票的高交易流动 性方面，我们都领先于同行。" 这一增持计划极大地提振了市场情绪。消息公布后，Bitmine股价在周二上涨超过5%，其年内涨幅已超 过750%。 来自市场最大的"以太坊财库公司"——Bitmine Immersion Technologies。该公司周二宣布，计划通过 其"at-the-market"股权计划增发价值高达200亿美元的股票，为购买更多以太坊筹集资金。 与此同时，现货以太坊ETF的资金流入也在同步加速。这些自2024年7月才开始交易的产品，仅在过去 一个月市值就增加了约50亿美元，并在本周一首次录得超过10亿美元的单日净流入，显示出强烈的市场 需求冲击。 "第一财库 ...

企业以太坊财库公司的疯狂囤币，与创纪录的ETF资金流入形成合力，共同将全球第二大加密货币推向新的高度。 Tom Lee在一份新闻稿中表示："无论是在提升每股加密资产净值的速度上，还是在股票的高交易流动性方面，我们都领先于同行。" 以太坊（ETH）价格周二一度突破4500美元，创下年内新高，日内涨幅约4.85%。根据The Block的数据，今年以来，以太坊累计上涨约40%，其年度至今的 价格表现已追平比特币。 推动周二上涨的最直接催化剂来自市场最大的"以太坊财库公司"——Bitmine Immersion Technologies。该公司周二宣布，计划通过其"at-the-market"股权计 划增发价值高达200亿美元的股票，为购买更多以太坊筹集资金。 与此同时，现货以太坊ETF的资金流入也在同步加速。这些自2024年7月才开始交易的产品，仅在过去一个月市值就增加了约50亿美元，并在本周一首次录 得超过10亿美元的单日净流入，显示出强烈的市场需求冲击。 "第一财库"的野心 Bitmine Immersion Technologies（BMNR）正日益成为以太坊市场中一股不容忽视的力量。 该公司将自身定位为" ...