以太坊关键市场动态
周三,以太坊(ETH)价格下跌约 3.6%,报 2,424 美元,跌幅大于比特币(BTC)的 2.1%。受此影响,ETH/BTC 汇率跌破 10 月 8 日创下的低点 0.0299。
Farside Investors 数据显示,美国现货以太坊 ETF 在周二录得 2,480 万美元的资金流入,终结了此前连续 10 个交易日累计 7.828 亿美元的资金流出态势。然而,这一笔流入仅抵消了部分流出量。作为最大的企业级 ETH 持有者,Bitmine Immersion Technologies 表示,其已接近实现持有 5% 供应量目标的 99%,周二的资金流入大致相当于弥补了这一连串流出中的 3%。
技术面分析:反弹信号与潜在风险
Bitfinex 分析师指出,“确认趋势反转需要两个条件:一是 ETH/BTC 汇率维持在 10 月 8 日低点 0.0298 上方;二是为期九天的以太坊 ETF 资金流出态势结束。”目前,CoinMarketCap 数据显示,截至美东时间上午 11:09,ETH/BTC 交易价格约为 0.0297。这意味着上述两个条件中,仅有一个已经达成。
如果比特币跌破关键支撑位,Bitfinex 的分析模型显示,山寨币的跌幅可能会比比特币更深。具体而言,若比特币失守 81,300 美元并向 77,400 美元附近滑落,中位数大型山寨币预计将下跌约 11% 至 14%。
市场背景:通胀数据与杠杆清算
This sell-off occurred after US inflation data exceeded expectations, which increased the likelihood of the Fed raising interest rates this month. Historically, Ethereum has performed better than other major altcoins. According to data from Bitfinex, during recent corrections, the average decline in Ethereum was about 1.2 times that of Bitcoin.
Since September 28, the ETH/BTC ratio has fallen by approximately 8%, reaching its lowest level since mid-August last year. Bitfinex attributed the significant losses of altcoins to high leverage effects. The proportion of bets on major altcoins in futures contracts reached its highest relative to market value since October 2025. On October 8, there were more ETH positions liquidated than BTC positions.
Buyer trends: A brief rebound in ETFs and peak corporate holdings
US spot Ethereum funds saw their first inflows since late September on Tuesday. However, Bitfinex noted that the lack of sustained strong buyers was one of the reasons why altcoin prices fell nearly twice as much as Bitcoin last week.
In terms of corporate buyers, Bitmine Immersion Technologies purchased 12,532 ETH within a week ending October 11. The company stated on Monday that it was close to achieving its goal of holding 5% of the total supply, citing a statement from management indicating that the company had “almost completed its purchase of ETH.” Bitmine’s chairman, Tom Lee, said late Monday that the sell-offs in the Korean stock market might be spreading to the crypto market, but this is only a short-term issue.
Sentiment indicators and outlooks
The trading trends in the spot market also suggest a similar direction. Woominkyu, a contributor from CryptoQuant, analyzed the buying and selling activities on a major exchange during October. He wrote, “Overall, although there is some support for buying actions recently, the selling pressure remains relatively strong.”
Social media sentiment, however, shows a different trend. Santiment found on Tuesday that Ethereum has become a hot topic on platforms such as X (formerly Twitter), Reddit, and Telegram. Santiment commented, “From a contrarian investment perspective, if prices start to recover, the ‘fear’ sentiment surrounding Bitcoin and XRP will be more significant than the ‘group excitement’ surrounding Ethereum.”
It would take approximately 30 consecutive days of positive net inflows like those seen on Tuesday to completely reverse the previous outflows of funds.

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