#比特币衍生品与交割 I just saw the news that Ethereum's contract trading volume hit a record high, and I was stunned 🤯 $6.74 trillion? That number is mind-blowing...

Even more outrageous is the ratio of spot to futures, which is actually 1:5? This means that for every $1 invested in spot, there are $5 in futures contracts. My first reaction was—Is this safe? It feels like leverage is being used so aggressively that a single liquidation could trigger a chain reaction 😰

No wonder the news says Ethereum's price swings are so large; it turns out futures largely determine the price trend. Is this good news or bad news for us newbies? On one hand, the market is very hot, but on the other hand, prices seem more easily manipulated?

The most interesting part is that even though trading volume hit a new high, Ethereum only reached a new record with a "slight advantage of a few dollars." It feels like excessive leverage actually suppresses the price; this logic is a bit confusing, but it seems to suggest that over-speculation isn't necessarily a good thing 🤔

Can someone knowledgeable help me explain—does this extreme speculation have a big impact on long-term holders? Or is this just the daily turbulence in the crypto world?