伯恩斯坦：推动 ETH 上涨的三大因素为稳定币和代币化热潮、Layer 2 机构化以及 ETH 空头平仓
2025-05-14 10:24:44
以太坊（ETH）30天暴涨65%！三大核心驱动因素深度解析
据权威加密媒体The Block最新报道，以太坊在经历阶段性表现低迷后迎来强势反弹，过去30天内价格飙升65%，较4月低点涨幅已接近100%。知名投资机构伯恩斯坦（Bernstein）分析师发布专项报告，揭示推动本轮ETH爆发的三大关键因素：
1. 稳定币与代币化浪潮的全面爆发
以太坊网络目前承载着全球51%的稳定币供应量，正从"数字黄金"的价值存储定位，转型为支撑万亿美元级现实世界资产（RWA）代币化的核心基础设施。贝莱德、富兰克林邓普顿等传统金融巨头已在该领域投入超220亿美元，其中绝大多数项目选择以太坊作为底层协议。
2. Layer2解决方案的机构级应用
随着Arbitrum、Optimism等Layer2网络交易量突破历史峰值，机构投资者正通过这些扩容方案构建加密基础设施。数据显示，主流机构在以太坊生态的配置中，Layer2占比已超40%，显著提升了ETH的实际使用需求。
3. 对冲基金空头挤压效应
过去18个月中，加密货币对冲基金普遍采用"做多BTC/SOL+做空ETH"的delta中性策略。但随着机构采用率提升和区块链实用价值凸显，这种做空逻辑正在瓦解。近期大规模空头平仓直接推动ETH价格突破关键阻力位。
【对投资者的关键影响】
1. 需重新评估ETH在投资组合中的定位，其正从"纯价值存储"转向兼具实用价值的核心资产
2. 机构级应用落地可能带来更稳定的长期增长，降低加密货币典型的高波动性
3. Layer2生态爆发将创造新的财富效应，建议关注头部扩容方案原生代币
4. 空头平仓行情可能持续，短期存在超额收益机会
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