ETH: Summary of discussions in the CoinAnk Chinese discussion group (22:00:09 ~ 23:00:09)

[Analysis Material Extraction] ETH spot price is $2119.47, contract price is $2118.13. The price fell 0.57% in the past hour and rose 1.27% in the past four hours, indicating alternating pullbacks and rebounds in short-term price fluctuations. [src: @CoinAnk Chinese Discussion Group, 2026-02-08 22:27:16/#2126063; ref: window] ETH funding rate is negative -0.0024%, indicating slightly higher short-selling costs and a short-term bearish sentiment in the market. [src: @CoinAnk Chinese Discussion Group, 2026-02-08 22:27:16/#2126063; ref: window] ETH long/short ratio is 1.7571, showing a significant increase in long positions, indicating an overall bullish bias among market participants. [src: @CoinAnk Chinese Discussion Group, 2026-02-08 22:27:16/#2126063; ref: window] ETH's total 24-hour trading volume was $77.879 billion, and its total open interest was $20.279 billion. Open interest increased by 3.92% in 24 hours, but decreased by 0.79% in one hour, indicating a slight outflow of funds in the short term, but overall accumulation continues. [src: @CoinAnk Chinese Discussion Group, 2026-02-08 22:27:16/#2126063; ref: window] ETH's market capitalization is approximately $255.882 billion, with a circulating supply of 120 million. It belongs to the Ethereum-ecosystem, Layer-1, and Smart-Contracts sectors, and the market focuses on its ecosystem value and underlying technological attributes. [src: @CoinAnk Chinese Discussion Group, 2026-02-08 22:27:16/#2126063; ref: window] 【Question】ETH contract and spot trading volumes fluctuate significantly across different timeframes. Short-term contract trading volume has increased dramatically (e.g., 1-hour contract trading volume reached 172.51M), while spot trading volume has fluctuated inconsistently. This may suggest that contract trading activity is higher than spot trading, indicating short-term speculative behavior in the market. [src: @CoinAnk Chinese Discussion Group, 2026-02-08 21:21:42/#2125816; ref: ctx] ETH contracts saw a net outflow of 9.29B in the past 30 days, while spot trading saw a net outflow of 593.14M, indicating long-term capital withdrawal. However, short-term (within 3 days) contract and spot trading both saw capital inflows, suggesting short-term speculative trading and swing trading. [src: @CoinAnk Chinese Discussion Group, 2026-02-08 21:21:42/#2125816; ref: ctx] ETH short-term trading volume increased by 344.58M in contract trading and 7.22M in spot trading within 6 hours, indicating that the activity in the contract market is significantly higher than in the spot market in the short term, and market speculation is biased towards contract trading. [src: @CoinAnk Chinese Discussion Group, 2026-02-08 21:21:42/#2125816; ref: ctx] ETH price has experienced multiple fluctuations in the short term, rising 1.27% in 4 hours but falling 0.57% in 1 hour, reflecting the interplay of bullish and bearish forces in the short-term market, frequent fund rotation, and fluctuating investor sentiment. [src: @CoinAnk Chinese Discussion Group, 2026-02-08 22:27:16/#2126063; ref: window] The ETH long/short ratio is as high as 1.7571. Combined with a negative funding rate, this suggests that while there are many long positions, short positions face significant cost pressure, indicating intense short-term market competition. [src: @CoinAnk Chinese Discussion Group, 2026-02-08 22:27:16/#2126063; ref: window] 【Key Clues Summary (Optional)】 - ETH price fluctuates frequently in the short term, indicating a complex short-term game between long and short positions. - ETH futures market activity is higher than the spot market, with short-term funds mainly flowing into futures. - Fund flow data shows a net outflow of long-term funds, with signs of short-term swing trading. - The long/short ratio is biased towards long positions, and the funding rate is negative, reflecting a coexistence of bullish sentiment and cost pressure for short positions.