比特幣（BTC）優於以太坊（ETH），在市場上產生了鮮明的分歧

加密貨幣市場目前目睹了其兩個主要資產的命運（比特幣和以太坊）的命運。

Cryptocurrency market trends indicate a stark divergence in the fortunes of Bitcoin and Ethereum. While Bitcoin has maintained relative resilience, Ethereum is grappling with a confluence of challenges, leading to a five-year low in its performance against Bitcoin.

加密貨幣市場趨勢表明，比特幣和以太坊的命運存在明顯的差異。儘管比特幣保持了相對的彈性，但以太坊仍在努力應對挑戰的融合，導致對比特幣的表現低五年。

According to data from Glassnode, the ETH/BTC ratio has descended to 0.02191, highlighting Ether’s relative weakness. This marks a 39% drop in ETH’s value against BTC from its 2020 highs and signals a significant shift in the market dynamics.

根據GlassNode的數據，ETH/BTC比率已下降到0.02191，強調了Ether的相對弱點。這標誌著ETH對BTC的2020年高點的價值下降了39％，並標誌著市場動態的重大變化。

This disparity is further emphasized by Ethereum’s dismal first-quarter performance, which saw a staggering 45.98% decline, rendering it the worst Q1 showing for the asset since the tumultuous bear market of 2018, when it registered a 46.61% drop.

以太坊慘淡的第一季度表現進一步強調了這一差異，後者下降了45.98％，這使其成為自2018年動蕩的熊市自2018年動蕩的熊市以來最糟糕的Q1，當時它降低了46.61％。

The current downturn is particularly alarming as it marks the first time in Ethereum’s history that it has underperformed Bitcoin in a post-halving year. Typically, post-halving periods are characterized by bullish sentiment and significant price appreciation across the crypto market, including Ethereum. However, the current landscape paints a drastically different picture, with ETH struggling to maintain its footing against its dominant counterpart.

目前的衰退特別令人震驚，因為它標誌著以太坊歷史上第一次，它在稍作後期的比特幣表現不佳。通常，備忘後期的特徵是看漲的情緒和包括以太坊在內的加密貨幣市場的大量價格讚賞。但是，目前的景觀描繪了一個截然不同的圖片，ETH努力維持其占主導地位的地位。

This divergence is a pivotal development, given the traditional narrative surrounding Bitcoin and Ethereum. In years following Bitcoin’s halving, a common theme has been the outperformance of altcoins, with Ethereum leading the charge. This narrative is now being challenged, as Bitcoin’s recent surge and anticipation for the upcoming halving have tipped the scales in favor of the dominant cryptocurrency.

考慮到圍繞比特幣和以太坊的傳統敘事，這種差異是一個關鍵的發展。在比特幣減半後的幾年中，一個共同的主題是替代幣的表現，以太坊領導了這一指控。現在，這種敘述正在受到挑戰，因為比特幣最近對即將到來的減半的激增和期待使鱗片傾斜了，以支持主要的加密貨幣。

A closer examination of the data reveals that Ethereum’s performance in Q1 2025 was significantly worse than usual. According to Coinglass data, Ethereum has historically experienced an average gain of 77% in its first quarters. However, this time around, the asset faced a 45.98% slump, highlighting the severity of the current downturn.

對數據的仔細檢查表明，以太坊在第二季度2025年的表現明顯比平時差得多。根據Coinglass數據，以太坊在第一季度的平均增長率為77％。但是，這次資產面臨45.98％的低迷，突出了當前經濟下滑的嚴重程度。

Furthermore, the recent struggles of Ethereum ETFs add another layer of complexity to the situation. A prolonged period of consecutive outflows, spanning 17 days, only ended on Friday, March 27. This sustained outflow of capital from Ethereum ETFs underscores a lack of investor confidence and a reluctance to allocate funds to the asset.

此外，最近的以太坊ETF的鬥爭為情況增加了另一層複雜性。連續流出的長時間跨越了17天，直到3月27日星期五結束。從以太坊ETF中持續的資本流出強調了投資者的信心缺乏信心，並且不願將資金分配給資產。

The confluence of these factors – the five-year low ETH/BTC ratio, the historic Q1 slump, and the persistent ETF outflows – paints a concerning picture for Ethereum. The asset, once hailed as a leading innovator in the crypto space, is now facing a critical juncture, with its future trajectory hanging in the balance. As the second-largest cryptocurrency by market capitalization, any sustained weakness for Ethereum could have broader implications for the crypto market and the prevailing narrative surrounding the industry’s recovery.

這些因素的匯合處 - 五年低的ETH/BTC比，歷史Q1的低迷和持續的ETF流出 - 繪製了有關以太坊的圖片。該資產曾經被稱為加密貨幣領域的領先創新者，現在正面臨著一個關鍵的關頭，其未來的軌跡懸而未決。作為市值的第二大加密貨幣，以太坊的任何持續弱點都可能對加密貨幣市場以及圍繞該行業復甦的主要敘述具有更大的影響。