<p>按市值计算的第二大加密货币以太坊似乎悄然跨越了一个重要的临界阈值，这一阈值在历史上曾预示着重大价格扩张。尽管以太坊的价格走势在表面上可能仍显平静，但潜在的市场结构和流动动态表明，正在发生有意义的变化。这种转变通常发生在积累取代分配、波动性压缩以及聪明资金在更广泛的市场认可之前布局时。</p>
<p><strong>通常在剧烈扩张之前的静默转变</strong></p>
<p>以太坊刚刚跨越了一个安静但巨大的阈值。交易员和投资者 Shuarix 在 X 上提到，Zama 已经在 ETH 主网上首次推出了完全加密的首次代币发行（ICO），通过保密的 USDT 进行交易，并完全基于加密数据进行封闭竞标的荷兰拍卖。</p>
<p>仅在 3 天内，超过 1.18 亿美元的资金被承诺，超过 1 亿美元的资金被保护，拍卖的认购率达到了 218%，有超过 11,000 名经过验证的竞标者。在活动的高峰期，Zama 应用成为 ETH 上使用最频繁的应用，超越了 USDT 和 Uniswap，且没有任何停机时间，整个过程保持在 ETH 级别。</p>
<p>加密分析师 Milk Road 透露，BitMine Immersion Technologies 在一次交易中大规模购买了 40,302 个 ETH，使其总持有量达到了巨大的 4,243,338 个 ETH，按当前价格计算价值超过 123 亿美元。从这个角度来看，该公司现在控制着整个 ETH 流通供应的 3.52%，而且他们并没有让这些资产闲置。</p>
<p>根据 Milk Road 的说法，BitMine 已经质押了超过 200 万个 ETH 代币，年化奖励达到了 1.8 亿美元。这意味着该公司不仅仅是在进行买入和持有的游戏，而是在大规模复利其头寸，这对 BitMine 来说是非常有利的。同时，这种持续的购买压力将有助于为长期的 ETH 持有者创造一个价格底线。</p>
<p>此外，这一举动是机构积累的类型，将使 ETH 在其上升通道内持续运行。因此，这将有助于在宏观冲击暂时将其推离通道后，将价格拉回到该通道内。“以下是 2025 年的关税冲击。尽管头条新闻试图模糊你的视野，但这张图表将讲述真实的故事，” Milk Road 指出。</p>
<p><strong>尽管价格接近入场水平，积累仍在继续</strong></p>
<p>以太坊积累地址的实现价格正在作为一个主要支撑位。一个名为 CW 的加密投资者也指出，ETH 在历史上仅在一次达到过这个实现价格，这与当前价格区间非常相似。</p>
<p>然而，鲸鱼购买 ETH 的价格与当前价格并没有显著差异。尽管如此，他们的 ETH 积累仍在增加，这表明鲸鱼仍然将当前价格视为合理价值。这表明他们正在为上涨趋势做准备。</p>

<p>以太坊已突破一个历史上通常预示着重大价格扩张的关键阈值。尽管价格走势平稳，市场动态表明从分配转向积累的变化。值得注意的是，Zama 在以太坊主网上的加密首次代币发行（ICO）筹集了超过 1.18 亿美元，而 BitMine Immersion Technologies 购买了 40,302 个以太坊，使其持有量增加到超过 420 万个以太坊。这种机构的积累预计将支持以太坊的价格，并保持其上升轨迹，因为鲸鱼们继续将当前价格视为合理价值，为潜在的上涨趋势做好准备</p>

<p>The second-largest cryptocurrency by market capitalization, Ethereum, appears to have quietly crossed an important critical threshold that has historically signaled major price expansions. While the Ethereum price action may still appear calm on the surface, underlying market structure and flow dynamics suggest a meaningful shift is underway. This type of transition typically occurs when accumulation replaces distribution, volatility compresses, and smart money positions ahead of broader market recognition.</p>
<div class="lb-trans"><p>按市值计算的第二大加密货币以太坊似乎悄然跨越了一个重要的临界阈值，这一阈值在历史上曾预示着重大价格扩张。尽管以太坊的价格走势在表面上可能仍显平静，但潜在的市场结构和流动动态表明，正在发生有意义的变化。这种转变通常发生在积累取代分配、波动性压缩以及聪明资金在更广泛的市场认可之前布局时。</p>
</div><p><strong>A Silent Shift That Usually Comes Before Violent Expansion</strong></p>
<div class="lb-trans"><p><strong>通常在剧烈扩张之前的静默转变</strong></p>
</div><p>Ethereum just crossed a quiet but massive threshold. Trader and investor Shuarix has mentioned on X that Zama has gone live with the first fully encrypted Initial Coin Offering (ICO) ever executed on the ETH mainnet, moving a confidential USDT and running a sealed-bid Dutch auction entirely on encrypted data.</p>
<div class="lb-trans"><p>以太坊刚刚跨越了一个安静但巨大的阈值。交易员和投资者 Shuarix 在 X 上提到，Zama 已经在 ETH 主网上首次推出了完全加密的首次代币发行（ICO），通过保密的 USDT 进行交易，并完全基于加密数据进行封闭竞标的荷兰拍卖。</p>
</div><p>In just 3 days, more than $118 million was committed, over $100 million was shielded, and the auction was 218% oversubscribed with more than 11,000 verified bidders. At peak activity, the Zama application became the most-used app on ETH, surpassing both USDT and Uniswap during the event, with zero downtime and full ETH-level throughout.</p>
<div class="lb-trans"><p>仅在 3 天内，超过 1.18 亿美元的资金被承诺，超过 1 亿美元的资金被保护，拍卖的认购率达到了 218%，有超过 11,000 名经过验证的竞标者。在活动的高峰期，Zama 应用成为 ETH 上使用最频繁的应用，超越了 USDT 和 Uniswap，且没有任何停机时间，整个过程保持在 ETH 级别。</p>
</div><p>Crypto analyst Milk Road revealed that BitMine Immersion Technologies has made a large purchase of 40,302 ETH in a single move, which brings their total stack holdings to a massive 4,243,338 ETH, worth over $12.3 billion at the current price. In perspective, the company now controls 3.52% of the entire ETH circulating supply, and they’re not just letting it sit idle.</p>
<div class="lb-trans"><p>加密分析师 Milk Road 透露，BitMine Immersion Technologies 在一次交易中大规模购买了 40,302 个 ETH，使其总持有量达到了巨大的 4,243,338 个 ETH，按当前价格计算价值超过 123 亿美元。从这个角度来看，该公司现在控制着整个 ETH 流通供应的 3.52%，而且他们并没有让这些资产闲置。</p>
</div><p>According to Milk Road, BitMine has over 2 million ETH tokens already staked, generating $180 million in annualized rewards. This means the company is not just playing the buy-and-hold game, but compounding its position at scale, which is all well and good for BitMine. Meanwhile, this sustained buying pressure will help create a price floor for the long-term ETH holders.</p>
<div class="lb-trans"><p>根据 Milk Road 的说法，BitMine 已经质押了超过 200 万个 ETH 代币，年化奖励达到了 1.8 亿美元。这意味着该公司不仅仅是在进行买入和持有的游戏，而是在大规模复利其头寸，这对 BitMine 来说是非常有利的。同时，这种持续的购买压力将有助于为长期的 ETH 持有者创造一个价格底线。</p>
</div><p>Furthermore, this move is the type of institutional accumulation that will keep ETH moving inside its ascending channel. Thus, this will help to pull the price back into that channel after the macro shocks temporarily push it out. “Below is the 2025 tariff shock. While the headlines try to muddy your view of things, this chart will tell the real story,” Milk Road noted.</p>
<div class="lb-trans"><p>此外，这一举动是机构积累的类型，将使 ETH 在其上升通道内持续运行。因此，这将有助于在宏观冲击暂时将其推离通道后，将价格拉回到该通道内。“以下是 2025 年的关税冲击。尽管头条新闻试图模糊你的视野，但这张图表将讲述真实的故事，” Milk Road 指出。</p>
</div><p><strong>Accumulation Continues Despite Price Being Near Entry Levels</strong></p>
<div class="lb-trans"><p><strong>尽管价格接近入场水平，积累仍在继续</strong></p>
</div><p>The realized price of the Ethereum accumulation address is acting as a major support level. A crypto investor known as CW has also pointed out that ETH has only reached this realized price once in history, which is very similar to the current price range.</p>
<div class="lb-trans"><p>以太坊积累地址的实现价格正在作为一个主要支撑位。一个名为 CW 的加密投资者也指出，ETH 在历史上仅在一次达到过这个实现价格，这与当前价格区间非常相似。</p>
</div><p>However, the whale’s purchase price for ETH is not significantly different from the current price. Despite that, their ETH accumulation is increasing, indicating that whales still view the current price as fair value. This shows that they are preparing for an upward trend.</p>
<div class="lb-trans"><p>然而，鲸鱼购买 ETH 的价格与当前价格并没有显著差异。尽管如此，他们的 ETH 积累仍在增加，这表明鲸鱼仍然将当前价格视为合理价值。这表明他们正在为上涨趋势做准备。</p>
</div>

Ethereum Just Hit A Hidden Threshold That Often Precedes Explosive Moves

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以太坊刚刚触及一个隐藏的门槛，这通常是爆发性走势的前兆