隨著後者的區塊鏈引入新的第2層解決方案，比特幣和以太坊正在競爭捕獲Solana的流動性

本週，以太坊達到了12天的高度，而Solana的流動性大幅下降了7.72億美元。

Bitcoin and Ethereum are vying for liquidity as Solana integrates new Layer 2 solutions. While Ethereum reached a 12-day high this week, Solana experienced a substantial liquidity loss of $772 million.

隨著索拉納（Solana）整合新的第2層解決方案，比特幣和以太坊正在爭奪流動性。儘管以太坊在本周達到12天的高度，但索拉納經歷了7.72億美元的流動性損失。

Prominent rug pulls and controversies involving the LIBRA and MELANIA tokens have hindered the recent surge in meme coins, further complicating Solana's situation. At press time, Solana (SOL) trades at $172.98, down over 40% from its peak of $295.83.

涉及天秤座和梅拉尼亞代幣的突出地毯拉力和爭議阻礙了最近的模因硬幣激增，這進一步使Solana的情況變得更加複雜。發稿時，Solana（Sol）的交易價格為172.98美元，比其峰值295.83美元下降了40％以上。

Coinciding with Solana's liquidity loss, Ethereum's price surged to a 12-day high of $2,849.50 this week. Both platforms have been closely matched in decentralised exchange (DEX) metrics since the launch of Pump.fun, a meme coin launchpad on Solana. However, the recent controversies surrounding meme tokens have negatively impacted market capitalisation on the Solana blockchain.

與Solana的流動性損失相吻合，以太坊的價格飆升至本週2,849.50美元的12天高點。自從Solana上的M​​eme Coin Coin Launchpad推出以來，這兩個平台都與分散交易所（DEX）的指標密切匹配。但是，最近圍繞模因令牌的爭議對Solana區塊鏈的市值產生了負面影響。

After months of underperformance relative to Ethereum, there are signs that Ethereum may be poised for a rally, as indicated by derivatives market data. The long/short ratio across derivatives exchanges has surpassed 1, suggesting bullish sentiment among traders for Ether on Binance and OKX markets.

在相對於以太坊的表現不佳之後，有跡象表明，如衍生品市場數據所示，以太坊可能會有所準備參加集會。衍生品交流之間的長/短比例已超過1，這表明交易者對Ether的Binance和OKX市場的看法。

While Bitcoin exchange-traded funds (ETFs) continue to dominate the market, Ethereum ETFs have also seen a rise in institutional adoption. According to “The Institutional Crypto Newsletter” by Coin Stack, institutional ownership of Ether has increased quarter-on-quarter, with overall Ether ETF ownership climbing from 4.8% to 14.5%. Recent 13F filings reveal a growing demand for Ethereum ETFs from institutional investors.

儘管由比特幣交易所交易的資金（ETF）繼續主導著市場，但以太坊ETF也看到了機構採用的增加。根據Coin Stack的“機構加密通訊”的“機構加密通訊”，Ether的機構所有權增加了四分之一的季度，總體ETHER ETH所有權從4.8％攀升至14.5％。最近的13F文件顯示，機構投資者對以太坊ETF的需求不斷增長。

As Layer 2 protocols are introduced on Bitcoin, the cryptocurrency is entering the competition for DeFi liquidity that has long been associated with Ethereum. This comes as institutional interest in Bitcoin remains strong, while Ethereum may face challenges in maintaining its dominance in the DeFi market.

由於第2層協議是在比特幣上引入的，因此加密貨幣正在進入長期與以太坊相關的DEFI流動性競爭。這是因為對比特幣的機構興趣仍然很強，而以太坊可能在維持在Defi市場中的統治地位時面臨挑戰。

With the introduction of Layer 2 solutions aiming to enhance transaction speeds on the Ethereum blockchain, a similar ecosystem may emerge on Bitcoin. As more dApps and DeFi protocols integrate with Bitcoin, it could become a major player in the DeFi space.

隨著旨在提高以太坊區塊鏈的交易速度的第2層解決方案的引入，可以在比特幣上出現類似的生態系統。隨著越來越多的DAPP和DEFI協議與比特幣集成，它可能成為Defi空間中的主要參與者。

Dom Harz, co-founder of BOB (“Build on Bitcoin”), had this to say about the recent developments in the meme coin market:

鮑勃（Bob）的聯合創始人唐·哈茲（Dom Harz）（“在比特幣上建造”）就模因硬幣市場的最新發展說了這一點：

“The broad appeal of meme coins is undeniable, but following high-profile incidents, the frenzy may be cooling. The recent rug-pull accusations surrounding the $LIBRA token and other controversies may have significantly impacted the memecoin bull run.”

“模因硬幣的廣泛吸引力是不可否認的，但是在引人注目的事件之後，狂熱可能正在冷卻。最近圍繞$ libra代幣和其他爭議的地毯扣指控可能會嚴重影響memecoin公牛的運行。”

And on the shifting landscape in crypto:

以及在加密貨幣的轉變景觀上：

“Despite Ethereum's underwhelming performance in this cycle, it remains the preferred chain for builders, as opportunities attract both developers and investors. With the upcoming Pectra upgrade, there is potential for a renewed focus on Ethereum as the memecoin era winds down.”

“儘管以太坊在這個週期中表現出色，但它仍然是建築商的首選連鎖店，因為機會吸引了開發商和投資者。隨著即將到來的Pectra升級，隨著Memecoin時代的結束，人們可能會重新關注以太坊。”

“The most exciting developments are currently occurring on Bitcoin, with innovations like BitVM and Bitcoin DeFi gaining momentum in 2025. The notion that investors must look beyond Bitcoin for DeFi opportunities is rapidly changing as more builders and institutions turn their attention to crypto’s most secure asset.”

“目前，最令人興奮的發展是在比特幣上發生的，諸如BITVM和比特幣Defi之類的創新在2025年獲得了勢頭。隨著越來越多的建築商和機構將注意力轉移到Crypto最安全的資產，投資者必須超越比特幣尋求比特幣的觀念正在迅速發生變化。 。”

Harz also added that as the meme coin trend subsides, there could be a shift back to Bitcoin, which is attracting builders and institutions with its secure asset and DeFi capabilities.

Harz還補充說，隨著Meme Coin趨勢的消退，可能會轉移到比特幣，該比特幣以其安全的資產和Defi功能吸引了建築商和機構。