<p><em>文章作者：Kyle Soska</em> <em>文章编译：Block unicorn</em></p>
<p>加密市场已经处于风险规避状态数月，我一直在仔细研究各种市场数据，寻找市场可能反转的迹象。在本文中，我将深入探讨永续合约的市场结构，并利用 Ethena 透明度仪表板提供的数据分析市场风险偏好。</p>
<p>简而言之：Ethena 的部署资本处于多年来的低点，仅为 2025 年低点的 71%。这并不是对 Ethena 的批评，而是反映了当前的市场状况。方向性空头头寸几乎等于方向性多头头寸，这在加密货币领域是极为罕见且历史上不可持续的平衡。</p>
<p><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050139163-412232.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://admin2049.chaincatcher.info/upload/image/20260309/1773050139163-412232.webp"/></p>
<p><em>(图表：Ethena 机制示意图)</em></p>
<p>根据永续合约的结构，每个多头合约对应一个空头合约，比例为 1:1。每个永续合约的未平仓合约代表双方之间的现金流协议。</p>
<p>交易所的角色是促进这些合约的匹配，确保每个合约始终有资金充足的多头和空头持有者。下表说明了交易所促进交易的四种可能结果。</p>
<p><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050157446-638652.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://admin2049.chaincatcher.info/upload/image/20260309/1773050157446-638652.webp"/></p>
<h3>永续合约匹配矩阵</h3>
<p>每笔交易都有买方和卖方。当合约的买方和卖方都是多头或都是空头时，交易所只是将合约的所有权从一方转移到另一方。这种转移不会创造或销毁任何合约。当买方是多头而卖方是空头时，必须创建一个新合约，买方承担多头头寸，卖方承担空头头寸，未平仓合约增加一个。</p>
<p>...另一方面，如果卖方做多而买方做空，交易所可以直接终止双方的合约并删除新释放的合约，未平仓合约减少一个。那么，在典型市场中，实际持有这些合约的是什么人呢？我认为合约持有者主要可以分为四类：[多头] 方向性多头头寸 [空头] 方向性空头头寸 / 对冲 a. 直接资产空头头寸 / 对冲 b. 结构化产品对冲 [空头] 基差交易者（例如，Ethena）[混合] 永续合约套利者 方向性多头寻求敞口。他们是风险寻求型投资者，其风险偏好取决于自身的风险承受能力。方向性空头交易者包括希望承担下行风险的投资者以及那些寻求有效对冲资产的投资者。风险投资家和以代币支付的员工通常希望对当前价格解锁的代币进行对冲。在某些山寨币的情况下，许多市场的交易量太小，无法有效进行直接对冲，甚至根本没有。在这种情况下，像 Cumberland、Wintertermute、FalconX、Flowdesk 和 Amber 这样的公司可以建立动态管理的合成头寸，利用对比特币和以太坊等多个高度相关的流动资产进行卖空，以对冲对流动性较差市场（如 Monad）的敞口。像 Neutrl 这样的项目也采用这种策略，将这种对冲作为收益策略。基差交易者是机会主义的空头。他们对方向性风险敞口不感兴趣，而是积极填补市场供需失衡时对方向性多头头寸的过剩需求。在大多数市场机制下，多头需求超过空头需求，多头头寸的角色是弥合价格差异。他们的头寸规模通常高度灵活。永续合约套利者同时持有永续合约的多头和空头头寸。他们的角色是连接不同的永续合约，并纠正任何小的价格差异，成本不超过交易费用。他们的多头头寸可以在任何给定时刻与空头头寸完美匹配。根据构造，所有永续合约都是 1:1 的比例，多头头寸与空头头寸完美匹配。因此，我们知道：方向性多头 + 套利多头 = 方向性空头 + 基差空头 + 套利空头。此外，永续合约套利的结构告诉我们：套利多头 = 套利空头。从第一个方程中取消这个项，我们得到：方向性多头 = 方向性空头 + 基差空头。Ethena 为我们提供了所有基差空头头寸的代理指标，这有助于我们更深入地理解方向性多头和空头头寸之间的差异。以下图表是 Ethena 自报的资产负债表，按现金和部署资本细分，涵盖 2024 年 12 月 27 日至 2026 年 3 月 7 日的期间：（图表：Ethena 资产负债表 2024-2026）在 “解放日” 期间，下降持续。在此期间，Ethena 的部署资本从超过 50 亿美元暴跌至约 11.08 亿美元，下降超过 75%。值得注意的是，Ethena 的部署资本可以作为市场上过剩多头需求程度的参考指标。虽然 Ethena 并不是唯一参与这种交易的机构，但其庞大的规模（有时约占 Binance 和 Bybit 的 25%）意味着，在充足的现金情况下，他们将扩大头寸以满足任何未满足的多头需求。这表明，尽管到 2025 年 4 月总的多头需求可能没有下降 75%，但未针对空头回补的过剩需求确实减少了 75%。下图显示了 Ethena 的资产负债表部署相对于其总规模的情况，以及其在 2025 年的最低和最高值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050190078-229551.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://admin2049.chaincatcher.info/upload/image/20260309/1773050190078-229551.webp"/></p>
<p><em>(图表：Ethena 部署比较)</em></p>
<p>观察当前市场，Ethena 在所有市场（BTC、ETH、SOL、BNB、XRP、HYPE）的总部署仅约为 7.91 亿美元。这相当于 2025 年最低值的 71%，仅占 10 月 10 日之前最高值的 12.9%。这个数字并不是对 Ethena 的否定，而是反映了当前市场状况：净多头需求处于历史低位。</p>
<p>... 特别值得注意的是，Ethena 在市场崩盘时部署了超过 20 亿美元，当时比特币价格暴跌至 6 万美元。自仅一个月前的 2026 年 2 月 8 日以来，Ethena 的部署资本惊人地减少了 60%！下图放大显示了自今年 1 月以来 Ethena 的部署资本与比特币价格的变化，说明了这一点。</p>
<p><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050205736-672897.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://admin2049.chaincatcher.info/upload/image/20260309/1773050205736-672897.webp"/></p>
<p><em>(图表：Ethena 的部署资本与比特币价格变化 2026)</em></p>
<p>自比特币价格跌至 6 万美元以来，Ethena 的基础头寸已缩减超过 60%，从超过 20 亿美元降至不足 8 亿美元。这一变化令人困惑，因为在此期间市场相对稳定。</p>
<p><em><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050218659-762995.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://admin2049.chaincatcher.info/upload/image/20260309/1773050218659-762995.webp"/></em></p>
<p><em>(图表：未平仓合约和资金费率趋势)</em></p>
<p>在我看来，真相主要由因素 1 和因素 2 决定，而因素 3 的影响微乎其微。如上图所示，在以太坊项目撤回期间，比特币（及其他主要加密货币）的整体未平仓合约保持相对稳定。同时，资金费率持续为负，许多加密货币（如 SOL）在多个交易所的累计资金费率为负。这表明市场对做空或对冲某些风险敞口的需求在增加。</p>
<p><em><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050218659-762995.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://admin2049.chaincatcher.info/upload/image/20260309/1773050218659-762995.webp"/></em></p>
<p><em>在我看来，真相主要由因素 1 和因素 2 决定，而因素 3 的影响微乎其微。</em></p>

GLXY

COIN

RIOT

<p>目前，加密货币市场处于风险规避状态，Ethena 的部署资本处于多年来的低点，反映了整体市场情况。多头和空头头寸之间的平衡在历史上是不可持续的。Ethena 对永续合约的分析显示，市场结构的多头与空头合约比例为 1:1，表明投资者之间存在风险寻求与对冲策略的复杂互动。Ethena 的资本从超过 50 亿美元下降至约 11.08 亿美元，突显了市场上多头需求的过剩</p>

<p><em>Article Author: Kyle Soska</em> <em>Article Compilation: Block unicorn</em></p>
<div class="lb-trans"><p><em>文章作者：Kyle Soska</em> <em>文章编译：Block unicorn</em></p>
</div><p>The crypto market has been in a risk-off state for several months, and I have been carefully studying various market data, looking for signs that the market may be turning around. In this article, I will delve into the market structure of perpetual futures and analyze market risk appetite using data provided by the Ethena Transparency Dashboard.</p>
<div class="lb-trans"><p>加密市场已经处于风险规避状态数月，我一直在仔细研究各种市场数据，寻找市场可能反转的迹象。在本文中，我将深入探讨永续合约的市场结构，并利用 Ethena 透明度仪表板提供的数据分析市场风险偏好。</p>
</div><p>In short: Ethena's deployed capital is at a multi-year low, only 71% of the low point in 2025. This is not a criticism of Ethena, but rather reflects the current market situation. Directional short positions are almost equal to directional long positions, which is an extremely rare and historically unsustainable balance in the cryptocurrency space.</p>
<div class="lb-trans"><p>简而言之：Ethena 的部署资本处于多年来的低点，仅为 2025 年低点的 71%。这并不是对 Ethena 的批评，而是反映了当前的市场状况。方向性空头头寸几乎等于方向性多头头寸，这在加密货币领域是极为罕见且历史上不可持续的平衡。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050139163-412232.webp" alt="" original-src="https://admin2049.chaincatcher.info/upload/image/20260309/1773050139163-412232.webp"/></p>
<p><em>(Chart: Ethena Mechanism Illustration)</em></p>
<div class="lb-trans"><p><em>(图表：Ethena 机制示意图)</em></p>
</div><p>According to the structure of perpetual contracts, each long contract corresponds to one short contract, with a 1:1 ratio. The open interest of each perpetual contract represents a cash flow agreement between the two parties.</p>
<div class="lb-trans"><p>根据永续合约的结构，每个多头合约对应一个空头合约，比例为 1:1。每个永续合约的未平仓合约代表双方之间的现金流协议。</p>
</div><p>The exchange's role is to facilitate the matching of these contracts, ensuring that each contract always has a well-funded long and short holder. The table below illustrates the four possible outcomes of the exchange facilitating the trade.</p>
<div class="lb-trans"><p>交易所的角色是促进这些合约的匹配，确保每个合约始终有资金充足的多头和空头持有者。下表说明了交易所促进交易的四种可能结果。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050157446-638652.webp" alt="" original-src="https://admin2049.chaincatcher.info/upload/image/20260309/1773050157446-638652.webp"/></p>
<h3>Perpetual Contract Matching Matrix</h3>
<div class="lb-trans"><h3>永续合约匹配矩阵</h3>
</div><p>Each trade has a buyer and a seller. When both the buyer and seller of a contract are long or both are short, the exchange simply transfers ownership of the contract from one party to the other. This transfer does not create or destroy any contracts. When the buyer is long and the seller is short, a new contract must be created, with the buyer assuming the long position and the seller assuming the short position, increasing the open interest by one contract.</p>
<div class="lb-trans"><p>每笔交易都有买方和卖方。当合约的买方和卖方都是多头或都是空头时，交易所只是将合约的所有权从一方转移到另一方。这种转移不会创造或销毁任何合约。当买方是多头而卖方是空头时，必须创建一个新合约，买方承担多头头寸，卖方承担空头头寸，未平仓合约增加一个。</p>
</div><p>... On the other hand, if the seller goes long and the buyer goes short, the exchange can directly terminate the contracts of both parties and delete the newly released contracts, reducing the open interest by one contract. So, in a typical market, who are the actual holders of these contracts? I believe contract holders can be mainly divided into four categories: [Long] Directional Long Positions [Short] Directional Short Positions / Hedging a. Direct Asset Short Positions / Hedging b. Structured Product Hedging [Short] Basis Traders (e.g., Ethena) [Hybrid] Perpetual Contract Arbitrageurs Directional longs seek exposure. They are risk-seeking investors whose risk appetite depends on their own risk tolerance. Directional short traders include investors looking to take on downside risk as well as those seeking to hedge their assets tax-efficiently. Venture capitalists and employees paid in tokens often want to hedge tokens unlocked at current prices. In the case of altcoins, many markets have too little trading volume for effective direct hedging, or even none at all. In such cases, companies like Cumberland, Wintertermute, FalconX, Flowdesk, and Amber can build dynamically managed synthetic positions, using short selling of multiple highly correlated liquid assets like Bitcoin and Ethereum to hedge exposure to less liquid markets (such as Monad). Projects like Neutrl also employ this strategy, using such hedging as a yield strategy. Basis traders are opportunistic short sellers. They are not interested in directional risk exposure, but rather actively fill excess demand for directional long positions when market supply and demand are imbalanced. Under most market mechanisms, long demand exceeds short demand, and the role of long positions is to bridge price differences. Their position sizes are typically highly flexible. Perpetual contract arbitrageurs simultaneously hold both long and short positions in perpetual contracts. Their role is to connect different perpetual contracts and correct for any minor price discrepancies at a cost not exceeding transaction fees. Their long positions can be perfectly matched with their short positions at any given time. According to the construction, all perpetual contracts are in a 1:1 ratio, with long positions perfectly matched to short positions. Therefore, we know: Directional Long + Arbitrage Long = Directional Short + Basis Short + Arbitrage Short. Furthermore, the structure of perpetual contract arbitrage tells us: Arbitrage Long = Arbitrage Short. Canceling this term from the first equation, we get: Directional Long = Directional Short + Basis Short. Ethena provides us with a proxy indicator for all basis short positions, which helps us gain a deeper understanding of the differences between directional long and short positions. The following chart is Ethena's self-reported balance sheet, broken down by cash and deployed capital, covering the period from December 27, 2024 to March 7, 2026: (Chart: Ethena Balance Sheet 2024-2026) The decline continued during the &#34;liberation day&#34; period in the month. During this period, Ethena's deployed capital plummeted from over $5 billion to just around $1.108 billion, a drop of over 75%. It's important to note that Ethena's deployed capital can serve as a reference indicator of the extent of excess long demand in the market. While Ethena is not the only institution engaging in such trading, its sheer size (sometimes around 25% of Binance and Bybit) means that, given ample cash, they will expand their positions to meet any unmet long demand. This suggests that while total long demand may not have decreased by 75% by April 2025, excess demand not being targeted for short covering has indeed decreased by 75%. The chart below shows Ethena's balance sheet deployment relative to its total size, its lowest and highest values ​​in 2025.</p>
<div class="lb-trans"><p>...另一方面，如果卖方做多而买方做空，交易所可以直接终止双方的合约并删除新释放的合约，未平仓合约减少一个。那么，在典型市场中，实际持有这些合约的是什么人呢？我认为合约持有者主要可以分为四类：[多头] 方向性多头头寸 [空头] 方向性空头头寸 / 对冲 a. 直接资产空头头寸 / 对冲 b. 结构化产品对冲 [空头] 基差交易者（例如，Ethena）[混合] 永续合约套利者 方向性多头寻求敞口。他们是风险寻求型投资者，其风险偏好取决于自身的风险承受能力。方向性空头交易者包括希望承担下行风险的投资者以及那些寻求有效对冲资产的投资者。风险投资家和以代币支付的员工通常希望对当前价格解锁的代币进行对冲。在某些山寨币的情况下，许多市场的交易量太小，无法有效进行直接对冲，甚至根本没有。在这种情况下，像 Cumberland、Wintertermute、FalconX、Flowdesk 和 Amber 这样的公司可以建立动态管理的合成头寸，利用对比特币和以太坊等多个高度相关的流动资产进行卖空，以对冲对流动性较差市场（如 Monad）的敞口。像 Neutrl 这样的项目也采用这种策略，将这种对冲作为收益策略。基差交易者是机会主义的空头。他们对方向性风险敞口不感兴趣，而是积极填补市场供需失衡时对方向性多头头寸的过剩需求。在大多数市场机制下，多头需求超过空头需求，多头头寸的角色是弥合价格差异。他们的头寸规模通常高度灵活。永续合约套利者同时持有永续合约的多头和空头头寸。他们的角色是连接不同的永续合约，并纠正任何小的价格差异，成本不超过交易费用。他们的多头头寸可以在任何给定时刻与空头头寸完美匹配。根据构造，所有永续合约都是 1:1 的比例，多头头寸与空头头寸完美匹配。因此，我们知道：方向性多头 + 套利多头 = 方向性空头 + 基差空头 + 套利空头。此外，永续合约套利的结构告诉我们：套利多头 = 套利空头。从第一个方程中取消这个项，我们得到：方向性多头 = 方向性空头 + 基差空头。Ethena 为我们提供了所有基差空头头寸的代理指标，这有助于我们更深入地理解方向性多头和空头头寸之间的差异。以下图表是 Ethena 自报的资产负债表，按现金和部署资本细分，涵盖 2024 年 12 月 27 日至 2026 年 3 月 7 日的期间：（图表：Ethena 资产负债表 2024-2026）在 “解放日” 期间，下降持续。在此期间，Ethena 的部署资本从超过 50 亿美元暴跌至约 11.08 亿美元，下降超过 75%。值得注意的是，Ethena 的部署资本可以作为市场上过剩多头需求程度的参考指标。虽然 Ethena 并不是唯一参与这种交易的机构，但其庞大的规模（有时约占 Binance 和 Bybit 的 25%）意味着，在充足的现金情况下，他们将扩大头寸以满足任何未满足的多头需求。这表明，尽管到 2025 年 4 月总的多头需求可能没有下降 75%，但未针对空头回补的过剩需求确实减少了 75%。下图显示了 Ethena 的资产负债表部署相对于其总规模的情况，以及其在 2025 年的最低和最高值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050190078-229551.webp" alt="" original-src="https://admin2049.chaincatcher.info/upload/image/20260309/1773050190078-229551.webp"/></p>
<p><em>(Chart: Ethena Deployment Comparison)</em></p>
<div class="lb-trans"><p><em>(图表：Ethena 部署比较)</em></p>
</div><p>Observing the current market, Ethena's total deployment across all markets (BTC, ETH, SOL, BNB, XRP, HYPE) is only around $791 million. This is equivalent to 71% of the lowest value in 2025 and only 12.9% of the highest value before October 10th. This figure is not a negation of Ethena, but rather reflects the current market situation: net long demand is at a historical low.</p>
<div class="lb-trans"><p>观察当前市场，Ethena 在所有市场（BTC、ETH、SOL、BNB、XRP、HYPE）的总部署仅约为 7.91 亿美元。这相当于 2025 年最低值的 71%，仅占 10 月 10 日之前最高值的 12.9%。这个数字并不是对 Ethena 的否定，而是反映了当前市场状况：净多头需求处于历史低位。</p>
</div><p>... Of particular note is that Ethena deployed over $2 billion during the market crash when Bitcoin's price plummeted to $60,000. Since just one month ago, on February 8, 2026, Ethena's deployed capital has decreased by a staggering 60%! The chart below, enlarged to show Ethena's deployed capital and Bitcoin's price movement since January of this year, illustrates this point.</p>
<div class="lb-trans"><p>... 特别值得注意的是，Ethena 在市场崩盘时部署了超过 20 亿美元，当时比特币价格暴跌至 6 万美元。自仅一个月前的 2026 年 2 月 8 日以来，Ethena 的部署资本惊人地减少了 60%！下图放大显示了自今年 1 月以来 Ethena 的部署资本与比特币价格的变化，说明了这一点。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050205736-672897.webp" alt="" original-src="https://admin2049.chaincatcher.info/upload/image/20260309/1773050205736-672897.webp"/></p>
<p><em>(Chart: Ethena's Deployed Capital vs. Bitcoin Price Movement 2026)</em></p>
<div class="lb-trans"><p><em>(图表：Ethena 的部署资本与比特币价格变化 2026)</em></p>
</div><p>Since the price of Bitcoin fell to $60,000, Ethena's basis position has shrunk by more than 60%, from over $2 billion to less than $800 million. This change is puzzling, as the market has been relatively stable during this period.</p>
<div class="lb-trans"><p>自比特币价格跌至 6 万美元以来，Ethena 的基础头寸已缩减超过 60%，从超过 20 亿美元降至不足 8 亿美元。这一变化令人困惑，因为在此期间市场相对稳定。</p>
</div><p><em><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050218659-762995.webp" alt="" original-src="https://admin2049.chaincatcher.info/upload/image/20260309/1773050218659-762995.webp"/></em></p>
<div class="lb-trans"><p><em><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050218659-762995.webp" alt="" original-src="https://admin2049.chaincatcher.info/upload/image/20260309/1773050218659-762995.webp"/></em></p>
</div><p><em>(Chart: Open Interest and Funding Rate Trends)</em></p>
<div class="lb-trans"><p><em>(图表：未平仓合约和资金费率趋势)</em></p>
</div><p>In my opinion, the truth is mainly determined by Factor 1 and Factor 2, while the impact of Factor 3 is negligible. As shown in the chart above, during the period of Ethereum project withdrawal, the overall open interest of Bitcoin (and other major cryptocurrencies) remained relatively stable. At the same time, funding rates remained negative for an extended period, with many cryptocurrencies (such as SOL) having negative cumulative funding rates across multiple exchanges. This indicates an increasing demand in the market for shorting or hedging certain risk exposures.</p>
<div class="lb-trans"><p>在我看来，真相主要由因素 1 和因素 2 决定，而因素 3 的影响微乎其微。如上图所示，在以太坊项目撤回期间，比特币（及其他主要加密货币）的整体未平仓合约保持相对稳定。同时，资金费率持续为负，许多加密货币（如 SOL）在多个交易所的累计资金费率为负。这表明市场对做空或对冲某些风险敞口的需求在增加。</p>
</div><p><em><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050218659-762995.webp" alt="" original-src="https://admin2049.chaincatcher.info/upload/image/20260309/1773050218659-762995.webp"/></em></p>
<div class="lb-trans"><p><em><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260309/1773050218659-762995.webp" alt="" original-src="https://admin2049.chaincatcher.info/upload/image/20260309/1773050218659-762995.webp"/></em></p>
</div><p><em>In my view, the truth is mainly determined by Factor 1 and Factor 2, while Factor 3 has a negligible impact.</em></p>
<div class="lb-trans"><p><em>在我看来，真相主要由因素 1 和因素 2 决定，而因素 3 的影响微乎其微。</em></p>
</div>

What information does Ethena's price movement reveal about the cryptocurrency market?

- 加密市场风险偏好下降，Ethena 的部署资本降至多年来低点。  
- 市场的多头需求处于历史低位，仅为 2025 年最低点的 71%。  
- Ethena 在过去一个月资本大减 60%，显示出市场不稳定的现状。

Ethena 的价格变动揭示了加密货币市场的哪些信息？