截至2025年4月1日，以太坊（ETH）發現自己在十字路口

截至2025年4月1日，以太坊（ETH）發現自己處於十字路口，其大部分持有人面臨著大量未實現的損失。

As of April 1, 2025, Ethereum (ETH) is in a dire state, with an overwhelming majority of its holders in the red. On-chain data from Chainalysis shows that only 25% of Ethereum holders are currently in profit, while a staggering 74% are underwater.

截至2025年4月1日，以太坊（ETH）處於一個可怕的狀態，其絕大多數持有人在紅色中。鏈分析的鏈上數據表明，目前只有25％的以太坊持有人在獲利，而驚人的74％在水下。

This potentially spells doom for the cryptocurrency as it navigates one of its most critical moments in recent history. With macroeconomic conditions worsening and regulatory scrutiny intensifying, Ethereum’s future hangs in the balance.

由於加密貨幣是最近歷史上最關鍵的時刻之一，這可能會使厄運命令厄運。隨著宏觀經濟條件的惡化和監管審查的加劇，以太坊的未來懸而未決。

The cryptocurrency is known for its smart contract capabilities, which have enabled the development of various decentralized applications (dapps) and a vibrant ecosystem of developers and users. However, these advantages might not be enough to save Ethereum from an impending doom.

加密貨幣以其智能合同功能而聞名，該功能使各種分散應用程序（DAPP）和開發人員和用戶的生態系統的開發。但是，這些優勢可能不足以使以太坊免於即將來臨的厄運。

The current state of Ethereum raises questions about market sentiment, investor behavior, and the broader implications for the cryptocurrency industry. Will Ethereum recover from this slump, or are we on the verge of a major sell-off?

以太坊的當前狀態引發了有關市場情緒，投資者行為以及對加密貨幣行業的更廣泛影響的問題。以太坊會從這個低迷中恢復過來，還是我們正處於重大拋售的邊緣？

To understand the severity of the situation, consider this: if an investor purchased one Bitcoin (BTC) at the beginning of 2024 for $48,000 and held onto it until April 1, 2025, they would have experienced a 25% return on investment (ROI) as Bitcoin’s price reached $60,000 during this period.

要了解情況的嚴重性，請考慮以下方面：如果投資者在2024年初以48,000美元的價格購買了一個比特幣（BTC），並將其保留到2025年4月1日之前，他們將經歷25％的投資回報率（ROI），因為在此期間，比特幣的價格達到了60,000美元。

However, if they had invested in Ethereum at the beginning of 2024 with the same initial capital, they would have experienced a 75% loss as Ethereum’s price floundered around $1,000. This stark difference in profitability underscores the varying fortunes of cryptocurrency investors.

但是，如果他們在2024年初以相同的初始資本投資以太坊，那麼他們將遭受75％的損失，因為以太坊的價格會在1,000美元左右掙扎。盈利能力的這種明顯差異突出了加密貨幣投資者的各種命運。

This analysis will delve into Ethereum’s on-chain metrics, market trends, and the factors that could shape its future.

該分析將深入以太坊的鍊鍊指標，市場趨勢以及可能影響其未來的因素。

Percentage of Holders in Profit

持有人的利潤百分比

The profitability metric is a significant indicator of market sentiment. When a majority of holders are in profit, there is less selling pressure and the market tends to move upwards. Conversely, when a large number of holders are in the red, panic selling follows, leading to further price declines.

盈利能力指標是市場情緒的重要指標。當大多數持有者盈利時，銷售壓力較小，市場往往會向上移動。相反，當大量持有人處於紅色時，恐慌出售會導致進一步的價格下降。

According to Chainalysis, a majority of Bitcoin holders are in profit, which bodes well for the market’s stability. As of April 1, 2025, 58% of Bitcoin holders were experiencing profit, while 42% were in the red.

根據鏈分析，大多數比特幣持有人都在獲利，這對市場的穩定構成了很好的體現。截至2025年4月1日，有58％的比特幣持有人獲得了利潤，而42％的比特幣持有人處於紅色中。

This finding is surprising given the common perception that Bitcoin is in a bear market with prices below the 2017 all-time high (ATH). However, considering that Bitcoin's price varied between $16,000 and $60,000 during this period, it becomes clear that those who bought high, around $60,000, are likely to be in the red.

考慮到比特幣在熊市中的普遍看法，價格低於2017年曆史最高水平（ATH），這一發現令人驚訝。但是，考慮到在此期間，比特幣的價格在16,000美元至60,000美元之間，很明顯，那些高高購買的人（約60,000美元）可能會處於紅色狀態。

In contrast to Bitcoin, a significantly smaller portion of Ethereum holders were in profit. The on-chain data showed that only 25% of Ethereum holders were in the green, while a staggering 74% were holding at a loss.

與比特幣相比，以太坊持有人的較小部分是有利可圖的。鏈上的數據表明，只有25％的以太坊持有人處於綠色狀態，而驚人的74％的人則遭受了損失。

This disparity in profitability could be attributed to the different price movements of the two cryptocurrencies. While Bitcoin experienced a net gain in 2024, moving from $16,000 at the beginning of the year to $60,000 by April 1, Ethereum's price at the beginning of the year was $1,200, and it had since decreased to $1,000.

盈利能力的這種差異可以歸因於兩種加密貨幣的不同價格變動。雖然比特幣在2024年獲得淨收益，從年初的16,000美元轉移到4月1日到4月1日的60,000美元，而以太坊的價格為1,200美元，此後降至1,000美元。

The high percentage of Bitcoin holders in profit could be due to the recent price surge, which saw Bitcoin rally from $48,000 to $60,000 in a matter of months. This price increase likely pushed a greater proportion of Bitcoin holders into profitability compared to Ethereum.

比特幣持有人利潤的高百分比可能是由於最近的價格漲幅，該價格上漲的額度從幾個月內從48,000美元升至60,000美元。與以太坊相比，這種價格上漲可能使比特幣持有人更大的​​比特幣持有人進入了盈利能力。

Exchange Inflows and Outflows

交換流入和流出

The movement of cryptocurrencies to and from exchanges provides valuable insights into investor behavior. When there are large outflows from exchanges, it suggests that investors are buying and holding, which usually leads to a bullish price trend. Conversely, significant inflows into exchanges may indicate selling pressure and an upcoming bearish market.

往返交流的加密貨幣的運動為投資者行為提供了寶貴的見解。當交流中有大量流出時，這表明投資者正在購買和持有，這通常會導致看漲的價格趨勢。相反，交流的大量流入可能表明銷售壓力和即將到來的看跌市場。

As of April 1, 2025, the majority of Bitcoin outflows belonged to Coinbase, with a total outflow of 10,000 BTC, which is equivalent to approximately $600 million. These outflows could be attributed to several factors, including institutional investors moving their Bitcoin holdings to private wallets or hardware wallets to avoid market cycles, thereby reducing market volatility.

截至2025年4月1日，大多數比特幣流出屬於Coinbase，總流出為10,000 BTC，相當於約6億美元。這些流出可能歸因於幾個因素，包括機構投資者將其比特幣持有量轉移到私人錢包或硬件錢包以避免市場週期，從而降低市場波動。

The remaining outflows were observed on Binance, Huobi, and FTX, with each exchange reporting outflows of 1,000 BTC, 500 BTC, and 500 BTC, respectively.

在二元，huobi和ftx上觀察到其餘流出，每個交換報告分別為1,000 BTC，500 BTC和500 BTC。

In terms of inflows, Binance saw the largest inflows with 5,000 BTC, potentially indicating selling pressure from a large investor or an institution. The remaining inflows belonged to Coinbase and Hu

在流入方面，Binance的流入最多，有5,000 BTC，可能表明大型投資者或機構的銷售壓力。其餘的流入屬於Coinbase和Hu