分析 ETH 的 CME 未平仓合约和 ETF 持仓变化显示,ETH 的价格上涨(黑线上升)同样和 ETF 的流入存在关联性(蓝线向上)。但与 BTC 不同的是,ETH 的期货持仓变化(紫色柱子)同步上升且占比较大,部分时期甚至达到 ETF 流入的一半以上。表明传统资金在 ETH 上更多是现货叠加期货的组合策略,其中包括:
基差套利:买入现货 ETF,同时做空期货,赚取基差收益(方向中性);
方向性交易:但并非类似 BTC 单纯依赖 ETF 现货驱动。
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