Odaily星球日报讯 据 CryptoQuant 分析师 CryptoOnchain 表示，以太坊市场杠杆率接近历史高位（ELR 为 0.68），其中币安杠杆率为 0.52，低于其他交易所，显示后者杠杆使用更高。同时，币安净流入显著高于全交易所均值，或意味着局部卖压风险。
分析指出，中期利好因素包括机构需求与网络增长：美国以太坊现货 ETF 单日净流入创纪录达 7.266 亿美元，总持仓突破 500 万枚 ETH（约 203 亿美元）；Ark Invest 与 Fundamental Global 分别购入 30,755 枚 ETH 和分配价值 2 亿美元的以太坊库存，显示机构信心增强。此外，链上交易量创新高、质押参与度持续上升、监管对流动性质押明确支持，以及即将到来的 Pectra 和 Fusaka 升级，预计将提升以太坊可扩展性与实用性。短期内，高杠杆、阻力测试及交易所流入或引发波动，但强劲的机构资金和升级预期或将限制深度回调并支撑长期上涨趋势。
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