Аналитики рассказали о радикальных изменениях 14 ключевых метрик Ethereum за последние 4 года

cryptonews.ruPublished on 2025-08-03Last updated on 2025-09-04

Новый отчет OnChain сравнил ключевые показатели Ethereum на пиках 2021 и 2025 годов. Исследование охватывает 14 метрик, которые показывают, как изменилась структура рынка за последние 4 года. Данные свидетельствуют, что Ethereum превратился из криптовалюты внутри экосистемы в полноценный финансовый актив, который регулярно используют крупнейшие инвестиционные фонды.

Они увеличили свои запасы ETH почти в 2 раза (98,77%), а средний объем торгов вырос в 12,83 раз. Это подчеркивает, что институциональные участники сделали эфир значимой частью своих портфелей. Если в 2021 году рынок ETH оставался в основном розничным, то к 2025, криптовалюта приобрела статус актива, признанного крупнейшими управляющими компаниями, включая BlackRock.

Ситуация на централизованных биржах (CEX) тоже изменилась. Резервы ETH на торговых платформах упали на 38,89%, а доля предложения снизилась на 39,18%. Это означает, что доступное количество монет на спотовом рынке стало значительно меньше. Такой дефицит формирует долгосрочный бычий сценарий, поскольку сокращение ликвидности повышает давление на рост котировок.

Главным драйвером стал рост показателей стейкинга. За 4 года количество заблокированных монет увеличилось с 8,53 млн до 36,15 млн ETH, то есть на 323,5%. При этом общее предложение эфира на рынке выросло всего на 2,78%. Это делает Ethereum активом с низкой эмиссией и высокой доходностью, где все больше монет замораживается для обеспечения работы сети и получения вознаграждений.

Рынок деривативов также значительно изменился. Открытый интерес вырос в 3,68 раза, что подтверждает резкий рост спекулятивной активности. Однако снижение средних ставок фондирования на 39,23% говорит о более сбалансированном распределении позиций между покупателями и продавцами. При этом увеличились ликвидации как лонгов (92,87%), так и шортов (333,88%), что указывает на повышенную волатильность и давление в обе стороны.

Сетевые метрики остались относительно стабильными. Количество активных адресов сократилось на 16,29%, а число транзакций выросло на 12,54%. По словам аналитиков, это говорит о том, что использование сети не подвержено резким колебаниям, оставаясь устойчивым без признаков чрезмерного ажиотажа или спада. В совокупности же данные демонстрируют, что Ethereum за 4 года прошел путь от «экспериментального актива» до зрелой инфраструктуры с институциональным капиталом.

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