#以太坊生态发展 Ethereum's recent moves are truly remarkable, with contract trading volume reaching $6.74 trillion, double that of 2024. But there's also a lot of hype involved.

The spot to futures ratio is 0.2:1, meaning for every 1 dollar invested in spot, 5 dollars are poured into futures. What does this mean? The entire market is playing a leverage game—who gets liquidated, who takes the hit.

What’s the result? Price volatility is exaggerated to an absurd degree, with chaotic surges and crashes. In the end, the new all-time high is only a few dollars higher than the previous one. Isn’t this a classic leverage game—trading volume hitting new highs, but the price increase being quite modest?

Honestly, the current price of Ethereum is not really determined by fundamentals, but by futures contracts and liquidation events playing a roller coaster. No matter how high the trading volume, it’s all for show; the key issue is the overly speculative atmosphere. Everyone is gambling, but no one is truly using it.