MICA Daily|ETH 未平倉約合創一年新低,可能預示市場復甦

ETH-2,56%

根據幣安 ETH 未平倉合約 30 天 Z-Score 數據表現,近幾個月來 ETH 衍生品市場的結構發生了顯著變化,最新數據顯示,幣安上以太坊合約的總未平倉量約為 42.6 億美元,而 30 日移動平均值約為 41.8 億美元。同期標準差約為 2.858 億美元,Z-Score 約為 0.29,這種溫和的數值顯示,未平倉量正趨近於歷史平均水平,市場並未出現過度槓桿的情況。

然而,數據中最值得注意的進展之一,是未平倉合約的 30 天移動平均值已跌至 2025 年 5 月以來的最低水平,這種下降反映了近幾個月來總持倉量逐漸減少,暗示市場內部的槓桿使用率有所下降。

此類下降通常發生在市場經歷高波動或價格修正之後,因為交易者傾向於降低風險並平倉部分部位,同時對槓桿的需求也會減弱。這也可能反映了短期投機流動性正從衍生品市場流出,或是部分交易者在市場不確定性增加的情況下,轉向採取更保守的策略。

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