<h2><strong>关键要点</strong></h2>
<h3><em>以太坊面临新的供应紧缩吗？</em></h3>
<p>是的。交易所储备降至 2025 年的低点，接近 608 亿美元，鲸鱼在现货市场的积累正在增加。</p>
<h3><em>目前以太坊的市场情绪如何？</em></h3>
<p>衍生品数据显示，未平仓合约稳定在 190 亿美元附近，资金费率为正，表明谨慎的看涨信心。</p>
<hr/>
<p>以太坊的 [ETH] 下一次重大变动可能在你意识到之前就会到来。</p>
<p>交易所储备正在减少，鲸鱼正在购买。虽然 ETH 保持稳定，但情况并不如表面所见。</p>
<h2><strong>供应收缩与需求增长</strong></h2>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Xk0k12DB_5fd60c8da148758dbd535885fd4b29990b71cfffeb11ad4fe7c8243711476ab8.webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Xk0k12DB_5fd60c8da148758dbd535885fd4b29990b71cfffeb11ad4fe7c8243711476ab8.webp"/></p>
<p>来源：CryptoQuant</p>
<p>交易所储备已降至年度新低，这意味着可供出售的币种减少。</p>
<p>与此同时，大额鲸鱼订单开始主导现货市场。这表明在流动性减少的情况下，需求压力正在上升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/nPUroV96_7b2db3928ef85e364bc18293d90f6eaa00d3df5ea58e2a7f8a41653bbc2fa81e.webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/nPUroV96_7b2db3928ef85e364bc18293d90f6eaa00d3df5ea58e2a7f8a41653bbc2fa81e.webp"/></p>
<p>来源：CryptoQuant</p>
<p>当交易所上的 ETH 代币减少，而大买家进入时，即使是适度的需求激增也能迅速推动价格变动。</p>
<p>这种情况类似于以太坊 2020 年上涨初期的阶段，因此另一个积累阶段可能已经开始。</p>
<h2><strong>未平仓合约稳定，资金费率转为正值</strong></h2>
<p>在本周早些时候急剧下跌后，以太坊的综合未平仓合约在发布时稳定在 191 亿美元附近。这意味着交易者在之前的强制平仓后开始重新开仓。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/image-20.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/image-20.png"/></p>
<p>来源：Coinalyze</p>
<p>与此同时，综合资金费率略微转为正值，达到 0.008%，这表明衍生品市场的谨慎乐观情绪正在回归。</p>
<p>这些指标共同表明，投机需求可能正在随着现货积累的增长而恢复。</p>
<h2><strong>ETH 保持稳定，但动能较弱</strong></h2>
<p>在上周的抛售后，以太坊显示出早期稳定的迹象，交易价格略高于 3900 美元，略有上涨。</p>
<p>相对强弱指数（RSI）约为 42，这意味着 ETH 仍处于中性到弱势区域，而交易量也明显降温。OBV 显示出买入压力平淡，因此积累是渐进的而非激进的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/98668bd7-6c4e-4a49-bed1-4b2baed64868.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/98668bd7-6c4e-4a49-bed1-4b2baed64868.png"/></p>
<p>来源：TradingView</p>
<p>ETH 似乎在 3800 美元和 4000 美元之间整合。这是一个关键区域，可能决定下一步是反弹至 4200 美元还是重新测试较低的支撑位。</p>

ETHE

<p>以太坊正面临潜在的供应紧缩，因为交易所的储备已降至 2025 年的低点，接近 608 亿美元，这与鲸鱼在现货市场的增持相吻合。市场情绪保持谨慎看涨，未平仓合约稳定在约 190 亿美元，资金利率呈现积极态势。交易所上以太坊的供应减少，加上需求上升，表明即使是小幅的需求激增也可能对价格产生显著影响。目前，以太坊的交易价格在 3900 美元以上，正在 3800 美元和 4000 美元之间整合，表明其下一步价格走势的关键区域</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>关键要点</strong></h2>
</div><h3><em>Is Ethereum facing a new supply squeeze?</em></h3>
<div class="lb-trans"><h3><em>以太坊面临新的供应紧缩吗？</em></h3>
</div><p>Yes. Exchange Reserves hit 2025 lows near $60.8 billion as whale accumulation grows across spot markets.</p>
<div class="lb-trans"><p>是的。交易所储备降至 2025 年的低点，接近 608 亿美元，鲸鱼在现货市场的积累正在增加。</p>
</div><h3><em>What does Ethereum’s market sentiment look like now?</em></h3>
<div class="lb-trans"><h3><em>目前以太坊的市场情绪如何？</em></h3>
</div><p>Derivatives data show Open Interest steady near $19 billion and Funding Rates positive, signaling cautious bullish confidence.</p>
<div class="lb-trans"><p>衍生品数据显示，未平仓合约稳定在 190 亿美元附近，资金费率为正，表明谨慎的看涨信心。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p>Ethereum’s [ETH] next big move might be here before you know it.</p>
<div class="lb-trans"><p>以太坊的 [ETH] 下一次重大变动可能在你意识到之前就会到来。</p>
</div><p>Exchange Reserves are drying up and whales are buying. While ETH holds steady, there’s more to it than what meets the eye.</p>
<div class="lb-trans"><p>交易所储备正在减少，鲸鱼正在购买。虽然 ETH 保持稳定，但情况并不如表面所见。</p>
</div><h2><strong>Shrinking supply meets growing demand</strong></h2>
<div class="lb-trans"><h2><strong>供应收缩与需求增长</strong></h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/Xk0k12DB_5fd60c8da148758dbd535885fd4b29990b71cfffeb11ad4fe7c8243711476ab8.webp" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/10/Xk0k12DB_5fd60c8da148758dbd535885fd4b29990b71cfffeb11ad4fe7c8243711476ab8.webp"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>Exchange Reserves have dropped to new yearly lows, which means fewer coins available for sale.</p>
<div class="lb-trans"><p>交易所储备已降至年度新低，这意味着可供出售的币种减少。</p>
</div><p>At the same time, large whale orders have started dominating spot markets. This indicates rising demand pressure during thinning liquidity.</p>
<div class="lb-trans"><p>与此同时，大额鲸鱼订单开始主导现货市场。这表明在流动性减少的情况下，需求压力正在上升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/nPUroV96_7b2db3928ef85e364bc18293d90f6eaa00d3df5ea58e2a7f8a41653bbc2fa81e.webp" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/10/nPUroV96_7b2db3928ef85e364bc18293d90f6eaa00d3df5ea58e2a7f8a41653bbc2fa81e.webp"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>When fewer ETH tokens sit on exchanges and big buyers step in, even modest demand spikes can move prices quickly.</p>
<div class="lb-trans"><p>当交易所上的 ETH 代币减少，而大买家进入时，即使是适度的需求激增也能迅速推动价格变动。</p>
</div><p>The setup is similar to the early stages of Ethereum’s 2020 rally, so another accumulation phase may already be underway.</p>
<div class="lb-trans"><p>这种情况类似于以太坊 2020 年上涨初期的阶段，因此另一个积累阶段可能已经开始。</p>
</div><h2><strong>OI steadies, funding turns positive</strong></h2>
<div class="lb-trans"><h2><strong>未平仓合约稳定，资金费率转为正值</strong></h2>
</div><p>After a sharp drop earlier in the week, Ethereum’s Aggregated Open Interest stabilized around $19.1 billion at press time. This meant traders have begun reopening positions after prior liquidations.</p>
<div class="lb-trans"><p>在本周早些时候急剧下跌后，以太坊的综合未平仓合约在发布时稳定在 191 亿美元附近。这意味着交易者在之前的强制平仓后开始重新开仓。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/image-20.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/10/image-20.png"/></p>
<p>Source: Coinalyze</p>
<div class="lb-trans"><p>来源：Coinalyze</p>
</div><p>Meanwhile, the Aggregated Funding Rate turned slightly positive at 0.008%, suggesting cautious optimism returning to the Derivatives market.</p>
<div class="lb-trans"><p>与此同时，综合资金费率略微转为正值，达到 0.008%，这表明衍生品市场的谨慎乐观情绪正在回归。</p>
</div><p>Together, these metrics show that speculative appetite may be recovering alongside growing Spot accumulation.</p>
<div class="lb-trans"><p>这些指标共同表明，投机需求可能正在随着现货积累的增长而恢复。</p>
</div><h2><strong>ETH holds steady, but momentum is weak</strong></h2>
<div class="lb-trans"><h2><strong>ETH 保持稳定，但动能较弱</strong></h2>
</div><p>Ethereum showed early signs of stabilization after last week’s sell-off, trading just above $3,900 with mild gains.</p>
<div class="lb-trans"><p>在上周的抛售后，以太坊显示出早期稳定的迹象，交易价格略高于 3900 美元，略有上涨。</p>
</div><p>The RSI was around 42, which means ETH remained in neutral-to-weak territory, while trading volume also cooled notably. OBV proved muted buying pressure, so accumulation is gradual rather than aggressive.</p>
<div class="lb-trans"><p>相对强弱指数（RSI）约为 42，这意味着 ETH 仍处于中性到弱势区域，而交易量也明显降温。OBV 显示出买入压力平淡，因此积累是渐进的而非激进的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/10/98668bd7-6c4e-4a49-bed1-4b2baed64868.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/10/98668bd7-6c4e-4a49-bed1-4b2baed64868.png"/></p>
<p>Source: TradingView</p>
<div class="lb-trans"><p>来源：TradingView</p>
</div><p>ETH seems to be consolidating between $3,800 and $4,000. This is a key zone that could decide whether the next move is a rebound toward $4,200 or a retest of lower support levels.</p>
<div class="lb-trans"><p>ETH 似乎在 3800 美元和 4000 美元之间整合。这是一个关键区域，可能决定下一步是反弹至 4200 美元还是重新测试较低的支撑位。</p>
</div>

以太坊储备正在枯竭，鲸鱼正在大量购买——是否即将出现供应紧缩？