<h2><strong>關鍵要點</strong></h2>
<h3><em>以太坊面臨新的供應緊縮嗎？</em></h3>
<p>是的。交易所儲備降至 2025 年的低點，接近 608 億美元，鯨魚在現貨市場的積累正在增加。</p>
<h3><em>目前以太坊的市場情緒如何？</em></h3>
<p>衍生品數據顯示，未平倉合約穩定在 190 億美元附近，資金費率為正，表明謹慎的看漲信心。</p>
<hr/>
<p>以太坊的 [ETH] 下一次重大變動可能在你意識到之前就會到來。</p>
<p>交易所儲備正在減少，鯨魚正在購買。雖然 ETH 保持穩定，但情況並不如表面所見。</p>
<h2><strong>供應收縮與需求增長</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>來源：CryptoQuant</p>
<p>交易所儲備已降至年度新低，這意味着可供出售的幣種減少。</p>
<p>與此同時，大額鯨魚訂單開始主導現貨市場。這表明在流動性減少的情況下，需求壓力正在上升。</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>來源：CryptoQuant</p>
<p>當交易所上的 ETH 代幣減少，而大買家進入時，即使是適度的需求激增也能迅速推動價格變動。</p>
<p>這種情況類似於以太坊 2020 年上漲初期的階段，因此另一個積累階段可能已經開始。</p>
<h2><strong>未平倉合約穩定，資金費率轉為正值</strong></h2>
<p>在本週早些時候急劇下跌後，以太坊的綜合未平倉合約在發佈時穩定在 191 億美元附近。這意味着交易者在之前的強制平倉後開始重新開倉。</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>來源：Coinalyze</p>
<p>與此同時，綜合資金費率略微轉為正值，達到 0.008%，這表明衍生品市場的謹慎樂觀情緒正在迴歸。</p>
<p>這些指標共同表明，投機需求可能正在隨着現貨積累的增長而恢復。</p>
<h2><strong>ETH 保持穩定，但動能較弱</strong></h2>
<p>在上週的拋售後，以太坊顯示出早期穩定的跡象，交易價格略高於 3900 美元，略有上漲。</p>
<p>相對強弱指數（RSI）約為 42，這意味着 ETH 仍處於中性到弱勢區域，而交易量也明顯降温。OBV 顯示出買入壓力平淡，因此積累是漸進的而非激進的。</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>來源：TradingView</p>
<p>ETH 似乎在 3800 美元和 4000 美元之間整合。這是一個關鍵區域，可能決定下一步是反彈至 4200 美元還是重新測試較低的支撐位。</p>

ETHE

<p>以太坊正面臨潛在的供應緊縮，因為交易所的儲備已降至 2025 年的低點，接近 608 億美元，這與鯨魚在現貨市場的增持相吻合。市場情緒保持謹慎看漲，未平倉合約穩定在約 190 億美元，資金利率呈現積極態勢。交易所上以太坊的供應減少，加上需求上升，表明即使是小幅的需求激增也可能對價格產生顯著影響。目前，以太坊的交易價格在 3900 美元以上，正在 3800 美元和 4000 美元之間整合，表明其下一步價格走勢的關鍵區域</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>關鍵要點</strong></h2>
</div><h3><em>Is Ethereum facing a new supply squeeze?</em></h3>
<div class="lb-trans"><h3><em>以太坊面臨新的供應緊縮嗎？</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。交易所儲備降至 2025 年的低點，接近 608 億美元，鯨魚在現貨市場的積累正在增加。</p>
</div><h3><em>What does Ethereum’s market sentiment look like now?</em></h3>
<div class="lb-trans"><h3><em>目前以太坊的市場情緒如何？</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>衍生品數據顯示，未平倉合約穩定在 190 億美元附近，資金費率為正，表明謹慎的看漲信心。</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] 下一次重大變動可能在你意識到之前就會到來。</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>交易所儲備正在減少，鯨魚正在購買。雖然 ETH 保持穩定，但情況並不如表面所見。</p>
</div><h2><strong>Shrinking supply meets growing demand</strong></h2>
<div class="lb-trans"><h2><strong>供應收縮與需求增長</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>來源：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>交易所儲備已降至年度新低，這意味着可供出售的幣種減少。</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>與此同時，大額鯨魚訂單開始主導現貨市場。這表明在流動性減少的情況下，需求壓力正在上升。</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>來源：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>當交易所上的 ETH 代幣減少，而大買家進入時，即使是適度的需求激增也能迅速推動價格變動。</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>這種情況類似於以太坊 2020 年上漲初期的階段，因此另一個積累階段可能已經開始。</p>
</div><h2><strong>OI steadies, funding turns positive</strong></h2>
<div class="lb-trans"><h2><strong>未平倉合約穩定，資金費率轉為正值</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>在本週早些時候急劇下跌後，以太坊的綜合未平倉合約在發佈時穩定在 191 億美元附近。這意味着交易者在之前的強制平倉後開始重新開倉。</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>來源：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>與此同時，綜合資金費率略微轉為正值，達到 0.008%，這表明衍生品市場的謹慎樂觀情緒正在迴歸。</p>
</div><p>Together, these metrics show that speculative appetite may be recovering alongside growing Spot accumulation.</p>
<div class="lb-trans"><p>這些指標共同表明，投機需求可能正在隨着現貨積累的增長而恢復。</p>
</div><h2><strong>ETH holds steady, but momentum is weak</strong></h2>
<div class="lb-trans"><h2><strong>ETH 保持穩定，但動能較弱</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>在上週的拋售後，以太坊顯示出早期穩定的跡象，交易價格略高於 3900 美元，略有上漲。</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>相對強弱指數（RSI）約為 42，這意味着 ETH 仍處於中性到弱勢區域，而交易量也明顯降温。OBV 顯示出買入壓力平淡，因此積累是漸進的而非激進的。</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>來源：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 美元之間整合。這是一個關鍵區域，可能決定下一步是反彈至 4200 美元還是重新測試較低的支撐位。</p>
</div>

以太坊儲備正在枯竭，鯨魚正在大量購買——是否即將出現供應緊縮？