唐納德·特朗普（Donald Trump）連任後，比特幣在歷史新高（ATH）中取得了新的高度（ATH）

唐納德·特朗普（Donald Trump）連任後，比特幣在歷史新高（ATH）中取得了新的高度（ATH）

The price of Bitcoin (BTC) may have hit a new all-time high (ATH) following Donald Trump’s re-election, but the second-largest crypto by market cap, Ethereum (ETH), hasn’t shared the same fate.

唐納德·特朗普（Donald Trump）連任後，比特幣（BTC）的價格可能已經達到了新的歷史最高水平（ATH），但是市值以太坊（ETH）的第二大加密貨幣（ETH）並沒有共享同樣的命運。

After reaching a high of US$4,891.70 (approximately AU$7,794.11 in today’s money) in November 2021, Ether still hasn't reached that level again. This represents a hefty 68% discount, given that ETH trades now for just US$1,803.75 (AU$2,873.81).

2021年11月，在達到4,891.70美元的高價（大約為7,794.11澳元）之後，Ether仍然沒有再次達到該水平。鑑於ETH現在的交易僅為1,803.75（AU $ 2,873.81），這代表了68％的折扣。

And unfortunately for Ether-holders, even today’s price may be too high. Sure, Ethereum has use cases and utility; but it’s not a good investment, says Quinn Thompson, CIO of hedge fund Lekker Capital.

不幸的是，對於以太持有人來說，即使今天的價格也可能太高。當然，以太坊具有用例和效用；對沖基金Lekker Capital的CIO Quinn Thompson說，但這不是一項不錯的投資。

In a post on Crypto Twitter, Thompson stated that “there is no investment case” for Ethereum, adding that there is no activity, users or network fees to speak of.

湯普森在有關加密推特的一篇文章中說，以太坊沒有投資案例”，並補充說沒有活動，用戶或網絡費用可以說。

There is no investment case for #Ethereum.

#Ethereum沒有投資案例。

No one is using it, it has no users, and the network has zero activity or fees. It's being kept alive by a small group of true believers who refuse to accept that the project has failed.

沒有人使用它，沒有用戶，並且網絡的活動或費用為零。一小群真正的信徒拒絕接受該項目失敗，這使它保持活力。

— Quinn (Lekker Capital) (@Quinn_Capital) August 9, 2023

- 奎因（Lekker Capital）（@Quinn_Capital）2023年8月9日

Does Ether Benefit from Layer-2s? Community is Divided

以太是否從2層中受益？社區分歧

When one user on CT argued that the “entire Ethereum ecosystem” is growing, not just the main Ether blockchain, Thompson replied by saying that there is a difference in what the ecosystem does and the value of ETH.

當CT上的一個用戶認為“整個以太坊生態系統”正在增長，而不僅僅是主要的以太區塊鏈，湯普森回答說，生態系統所做的工作和ETH的價值存在差異。

"There's a crucial distinction. The Ethereum ecosystem, encompassing projects like Optimism, Starknet, and Aegis, is indeed expanding with increasing activity and users. This growth, however, doesn't necessarily translate directly to an increase in the price or utility of the native ETH token. It's a common misconception."

“這是一個至關重要的區別。涵蓋樂觀，斯塔克奈特和宙斯盾等項目的以太坊生態系統確實在隨著活動和用戶的增加而擴大。但是，這種增長並不一定會直接轉化為本地善用標記的價格或實用性的提高。

Other users pointed out that once the ecosystem grows, ETH will actually benefit from fees, as other chains use it as a gas token.

其他用戶指出，一旦生態系統生長，ETH實際上將從費用中受益，因為其他鏈條將其用作燃氣令牌。

Maybe learn about the economics of how this all works before jumping to conclusions too fast. Ethereum will profit handsomely from the growth of its ecosystem once it hits its tipping point.

也許在得出結論之前，了解這一切的經濟學，這一切的運作方式太快了。一旦登頂點，以太坊將從生態系統的增長中獲得豐富的利益。

— BlitPay (@BlitPay) August 9, 2023

- 20023年8月9日的閃電戰（@blitpay）

When asked what would make him bullish on Ether, Thompson said it would need to have at least 1 million active users and a median transaction fee of over 0.01 ETH.

當被問及是什麼使他對以太的看漲時，湯普森說，至少需要有100萬活躍用戶和中位交易費用超過0.01 ETH。

For perspective, Bitcoin has around 100,000 active users daily and a median transaction fee of around 0.0004 BTC, which comes out to roughly US$10 (AU$16) today.

從角度來看，比特幣每天約有100,000個活躍用戶，中位交易費用約為0.0004 BTC，今天的價格約為10美元（16美元）。

At the moment, it seems like only a small group of people are interested in keeping the blockchain alive.

目前，似乎只有一小部分人有興趣保持區塊鏈的活力。

"It's being kept alive by a small group of true believers who refuse to accept that the project has failed and continue to pump out articles and analysis about how it's going to make a comeback," said the Lekker CIO.

Lekker CIO說：“一小部分真正的信徒將其保持活力，他們拒絕接受該項目失敗，並繼續抽出文章，並分析其將如何捲土重來。”

When asked if he'd rather invest in Bitcoin, Thompson said he'd prefer to put his money in a high-yield savings account.

當被問及他是否寧願投資比特幣時，湯普森說他更喜歡把錢放在高收益儲蓄帳戶中。

The implication being that even BTC, the largest cryptocurrency by market cap, isn’t a good investment in his book.

這意味著即使是BTC，BTC是市值最大的加密貨幣，也不是他的書的好投資。

This coincides with earlier statements by the CIO, where he said that he's never seen "less active users, less activity, less throughput, less use cases, less interest or higher fees” on any chain other than Ethereum.

這與CIO的早期陳述相吻合，他說他從未見過“活躍的用戶，更少的活動，吞吐量，更少的用例，較少的用例，更少的利息或更高的費用”。

The chain is also entering the final test phase for the Pectra upgrade, following earlier failures with the Holesky and Sepolia upgrades.

隨著Holesky和Sepolia升級的早期失敗，該鏈還進入了Pectra升級的最終測試階段。

Despite these trying times for Ethereum, there is a silver lining. While the start of the US spot Ethereum exchange-traded funds (ETFs) has been underwhelming compared to the Bitcoin ETFs, they still hold up quite well in the history of ETFs.

儘管對以太坊的艱難時期，但仍有一線希望。儘管與比特幣ETF相比，美國現場以太坊交換基金（ETF）的啟動不足，但它們在ETF的歷史上仍然很好。

As BlackRock’s head of digital assets, Robbie Mitchnick, pointed out, there have only been a few ETFs that have seen more than US$4 billion (AU$6.36 billion) in inflows within six months.

正如貝萊德（Blackrock）的數字資產負責人羅比·米奇尼克（Robbie Mitchnick）指出的那樣，只有幾個ETF在六個月內的流入量超過40億美元（63.6億美元）。

However, Mitchnick believes the ETFs would have done even better if they had ETH staking as a feature. And while it won’t be easy to introduce staking to the ETFs, once done it will be “a step change upward” for interest in Ether ETFs.

但是，米奇尼克（Mitchnick）認為，如果ETH將ETH作為一個功能，ETF會做得更好。雖然向ETF介紹Staging並不容易，但一旦完成，它將“向上變化”，以備使Ether ETF的興趣。