以太坊传来“噩耗”:期货ETF不达预期,链上数据处于低位

PanewsОпубликовано 2023-10-10Обновлено 2023-10-11

Введение

ETH期货ETF首日的资金净流入不到2021年首支BTC期货ETF(BITO)的2%。

熊市背景下以太坊的机构兴趣有限
在加密熊市的背景中,从10月2日开始,有6种不同的以太坊期货金融工具正式开始交易,但目前并未重新点燃机构投资者对ETH的热情。ETH期货ETF首日的总交易量不到150万美元,相比之下,根据彭博社数据,2021年首支BTC期货ETF(BITO)的首日交易量超10亿美元。也就是说,ETH期货ETF首日的资金净流入不到BITO的2%。
Coinbase Research负责人Duong认为造成上述差异有以下几个主要原因:
首先,ETF推出的市场时机不同。Proshares的BTC期货ETF是在2021年加密牛市周期中推出的,市场流动性资金充裕,而ETH期货 ETF是在目前的熊市周期推出的,资金严重匮乏。
其次,投资顾问的熟悉程度不同。投资顾问通常对BTC更熟悉,BTC更容易融入其客户的投资组合。ETH通常被认为是更复杂的投资品,在传统投资界尚未得到很好的理解和接纳。
第三,法律层面的期望值变化。Katherine Polk Failla法官在最近Risely vs Uniswap的法院裁决中,将ETH标记为加密商品。这可能抬高了市场对ETH现货ETF的期望值,而对ETH期货ETF反而失去了热烈的市场反应。

以太坊传来“噩耗”:期货ETF不达预期,链上数据处于低位

从资金流动情况来看,加密熊市仍在对机构资本产生巨大的影响。根据Coinshares的统计,自2022年以来的39周内,有24周出现资金的净流出,占整个期间的61.5%。从资金流动数据也可以看到机构对加密资产的兴趣变化:截至10月4日,ETH今年的资金流出达1.01亿美元,而BTC在同一时间范围内则有2.19亿美元的资金流入。不过,最近BTC和ETH的周资金净流入比较类似,分别为1640万美元和1290万美元。
总体而言,尽管ETH期货ETF遇冷,但其交易量对于新的ETF来说仍属于正常水平,对于机构投资兴趣也起到了正面的作用,但是受制于熊市背景等原因,需要加密市场整体转暖之后才能吸引更多机构资金的流入。
以太坊质押的潜在风险
10月5日,JP Morgan发布了一份研究报告,指出以太坊的网络的中心化问题,并指出ETH质押收益率从上海升级之前的7.3%下降到5.5%,与仍在上升的传统金融市场收益率相比,ETH作为投资标的的吸引力有所下降。

以太坊传来“噩耗”:期货ETF不达预期,链上数据处于低位

该报告指出,排名前五的流动性质押提供商Lido,Lido,Coinbase,Figment,Binance和Kraken控制了50%的ETH 质押量,而其中Lido几乎占了ETH总质押量的三分之一。
流动性质押平台Lido被加密货币社区视为中心化交易所质押平台的更优替代品。目前,为了减轻中心化风险,Lido一直在扩大其节点运营商的名单,旨在防止任何单个实体控制大部分质押的ETH。
此外,为了对抗以太坊区块链的中心化风险,以太坊社区开始推广分布式验证器技术(DVT),如SSV、Obol等。DVT允许多个节点运营者运行一个验证器。这样做是为了在不影响区块链的情况下降低与验证者相关的风险。
JP Morgan提出的另一个担忧是流动性质押资产再抵押的做法。这涉及将流动性token作为各种DeFi协议中的抵押物重复使用的问题。如果质押资产的价值突然暴跌,或者由于恶意攻击或协议漏洞而遭到损害,这种做法可能会触发清算的连锁反应。
以太坊gas费触底

以太坊传来“噩耗”:期货ETF不达预期,链上数据处于低位

根据链上分析平台Santiment的统计,以太坊gas费已跌至近一年来的最低水平。近一周以太坊链上交易的平均成本仅为1.13美元,与5月初相比明显降低。值得注意的是,上一次gas费处于1.15美元以下时,ETH价格正好处于底部位置。
L2正在为扩展以太坊铺平道路
以太坊gas费用显著下降,和L2扩展解决方案的采用有关。 由于在成本和效率占据优势,大量用户涌入L2,造成L2的区块空间需求大幅上升。

以太坊传来“噩耗”:期货ETF不达预期,链上数据处于低位

根据L2Beat的数据,L2扩展解决方案的交易活动在2023年出现了明显上升。从最近一周的数据来看,L2的TPS已经达到了以太坊区块链的5.78倍。
从本质上讲,L2正在完成其初衷,即使以太坊主链的交易负担得以缓解,并且并协助其扩展。Santiment认为,较低的gas费可以促进以太坊网络的使用率,吸引更多的去中心化应用程序和智能合约。从长期来看,当以太坊网络得到更多采用,ETH的价格也会得到提升。
最近,灰度研报也指出L2正在为扩展以太坊铺平道路。从功能上看,L2可增强以太坊的可扩展性,使用户的网络成本降低100倍。今年8月份Coinbase推出了BASE(以太坊的L 2区块链),也标志着对以太坊生态系统的大力认可,并向1亿Coinbase用户开放其去中心化应用程序。
Coinbase 正在尝试为基于自己推出的以太坊L2 BASE,上面的DAPP大规模采用扫清道路。如果某些替代的L1由于安全预算少和缺乏流动性而无法获得吸引力,那么整合为以太坊L2可能会成为更有吸引力的选择。

以太坊传来“噩耗”:期货ETF不达预期,链上数据处于低位

以太坊L2扩展解决方案的使用量在过去一年中一直在增长,L2的总日活跃地址已经超过了领先的L1。

以太坊传来“噩耗”:期货ETF不达预期,链上数据处于低位

除了活跃地址,总价值锁定(TVL)也同样重要,它可以反映用户将其资金信任于特定区块链的程度。表现最好的L2(包括Arbitrum和Optimism) 的TVL均超过了以太坊竞争对手L1(Solana和Avalanche),这说明了市场对以太坊生态系统整体的普遍信任以及扩展解决方案的吸引力。
随着网络规模的扩大,更多的活动将转移到更便宜的L2。作为回报,L2直接将价值积累回以太坊。具体来说,对于L2上的每笔交易,用户都要支付交易费。L2保留一部分费用(目前平均利润率约为1/4),而以太坊网络验证者们捕获到剩余的约3/4。
对于L2发送的每笔交易,以太坊网络也会燃烧ETH总供应量的一小部分。因此,以太坊L2的增量活动直接为ETH积累价值。若以太坊的L2继续保持积极的发展轨迹,它们将巩固以太坊作为领先的L1区块链的地位。
中心化平台的ETH余额创5年来新低

以太坊传来“噩耗”:期货ETF不达预期,链上数据处于低位

根据Santiment 10月5日数据,加密货币交易平台中的ETH数量已降至1066万枚,创下自2018年5月份以来的最低值。与此形成对比的是,有1.1588亿枚ETH储存在中心化交易平台之外,也是历史上的最高值。
10月4日,大约有11万枚 ETH(价值超过1.8亿美元)从中心化交易平台中提出,这是中心化交易平台自8月21日以来最大的单日ETH流出。以上这些现象通常被视为市场对ETH资产估值的长期看好,彰显了投资者的长期信心。

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