进入 2026 年后，全球市场风险偏好明显回暖，美股迅速收复去年 12 月跌幅，宏观情绪改善也推动加密市场重新站上关键十字路口。在“继续持有还是提前离场”的分歧中，以太坊（ETH）的链上数据却释放出偏向牛市的明确信号。
最新数据显示，以太坊验证者退出队列已降至约 1.5 万，较 2025 年 9 月中旬高达 260 万的峰值大幅回落，降幅超过 99%。这一变化意味着，在此前价格回调与市场波动中，以太坊质押者并未出现大规模恐慌性退出，反而选择继续锁仓，展现出对 ETH 中长期走势的高度信心。
值得注意的是，尽管 ETH 在第四季度较 4200 美元阶段高点回调约 30%，且相较比特币（BTC）在年末表现略显弱势，但验证者行为并未随价格走弱而动摇。同时，以太坊质押年化收益率（APR）已从 3% 以上下滑至约 2.54%，激励下降却未引发退出潮，进一步凸显 HODL 情绪的稳固。
从历史角度看，验证者退出队列持续收缩，往往出现在牛市启动前夕。2024 年第一季度，以太坊也曾出现类似结构，随后当季价格上涨超过 60%。这一背景下，市场开始重新评估 2026 年一季度 ETH 进入上行周期的可能性。
链上基本面同样提供支撑。数据显示，以太坊在第四季度的稳定币交易额突破 8 万亿美元，创下历史新高；日均交易笔数超过 200 万笔，网络活跃度持续攀升。这表明，以太坊并非依赖情绪驱动，而是在真实使用需求和流动性推动下稳步运转。
综合来看，验证者退出骤降、质押承诺增强、网络活跃度上行等多重因素，正在为以太坊价格构筑坚实底部。在市场空头流动性逐步累积的背景下，ETH 于本季度末进入新一轮价格发现阶段的预期正在升温，以太坊牛市是否重演，已成为当前市场最值得关注的核心变量之一。
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Articoli correlati
SUI Will Overtake Ethereum: Mysten Labs Co-Founder Makes Bold Call
A bold statement from Mysten Labs has pushed Sui back into the spotlight, especially as the conversation around scalability and real-world crypto payments continues to evolve. The claim centers on one idea. Future financial systems will demand fast and near-free transactions, and that
CaptainAltcoin24m fa
以太坊基金会已出售 3,750 枚 ETH，均价 2,214 美元
Gate News 消息，4 月 9 日，据链上分析师余烬监测，以太坊基金会本次计划卖出 5,000 枚 ETH，目前已完成 3,750 枚的出售，价值 830 万美元，出售均价为 2,214 美元。
GateNews2h fa
Bitmine 單周狂買 7.1 萬枚以太幣，創去年 12 月以來最大增持紀錄
Bitmine Immersion Technologies上周增持71,252枚以太幣，使持有量達到480.3萬枚，總值約103億美元。董事長Tom Lee認為以太幣正處於寒冬的尾聲，並指出其在伊朗戰事中的避險價值。以太幣自戰爭爆發以來累計上漲6.8%。
区块客3h fa
以太坊基金會攜手 Biconomy 推 ERC-8211：AI 代理可在單筆交易搞定多個 DeFi 合約交互
以太坊基金會與Biconomy聯手推出ERC-8211標準，使AI代理在單筆簽名交易中能動態執行多步DeFi操作，實時根據鏈上狀態決定引數，克服ERC-4337的靜態限制。此標準不需協議層分叉，方便開發者採用，將推動AI與DeFi的自動化進一步整合。
動區BlockTempo4h fa
SUI Will Overtake Ethereum: Mysten Labs Co-Founder Makes Bold Call
A bold statement from Mysten Labs has pushed Sui back into the spotlight, especially as the conversation around scalability and real-world crypto payments continues to evolve. The claim centers on one idea. Future financial systems will demand fast and near-free transactions, and that
CaptainAltcoin6h fa
Bitmine Acquires 71,252 ETH, Nears 4% of Ethereum Supply With Massive Holdings
Bitmine has accumulated 4.8M ETH, nearly 4% of the supply, while expanding staking operations to generate up to $282M annually. With $11.4B in total holdings, the firm plans to list on the NYSE, solidifying its status as a leading Ethereum holder.
CryptoFrontNews9h fa
