Coinbase的杰弗裡·肯德里克（Geoffrey Kendrick）週四警告說，公司硬幣基礎網絡上的活動正在影響以太坊ETH/USD價格動態

肯德里克（Kendrick）解釋說，儘管基礎上的較高活動最初會提高ETH需求（以ETH支付的交易費用），但基本產生的利潤最終會轉換為美元，並權衡ETH的價格。

Standard Chartered's Geoffrey Kendrick has warned that activity on Coinbase's (NASDAQ:COIN) Base network is impacting Ethereum (CRYPTO:ETH) price dynamics through indirect selling pressure.

Standard Charter的Geoffrey Kendrick警告說，Coinbase（NASDAQ：COIN）基礎網絡的活動正在影響以太坊（Crypto：ETH）的價格動態，這是通過間接銷售壓力的。

What Happened: Kendrick explained that while higher activity on Base boosts ETH demand initially—as transaction fees are paid in ETH—the profits generated by Base are ultimately converted to U.S. dollars, putting downward pressure on ETH's price.

發生的事情：肯德里克（Kendrick）解釋說，儘管基本上的較高活動最初是在ETH上提高ETH的需求（作為交易費用是在ETH中支付的），但基本產生的利潤最終會轉變為美元，對ETH的價格施加了向下壓力。

According to Kendrick, Base, which has become the dominant Layer-2 on Ethereum, funnels about 80% of its revenue back to Coinbase.

根據肯德里克（Kendrick）的說法，Base已成為以太坊的主要第2層，其收入約為Coinbase的80％。

The exchange, in turn, does not hold onto Base's ETH profits for long.

反過來，交換不會長期持續到基本的ETH利潤。

"Coinbase is not in the business of holding (sic) Base's ETH profits," said Kendrick, highlighting data that shows the company proactively selling ETH in the past three quarters, especially during periods when ETH prices were higher.

肯德里克（Kendrick）說：“ Coinbase不在持有（SIC）基地的ETH利潤。”該數據強調了該公司在過去四個季度中主動出售ETH的數據，尤其是在ETH價格更高時期。

Coinbase's quarterly filings disclose how much ETH it holds, divided into operational and investment purposes.

Coinbase的季度文件揭示了其持有多少ETH，分為運營和投資目的。

Since Ethereum's Dencun upgrade in 2024, Base's profits—paid in ETH—have likely been regularly sold off as Coinbase manages risk in response to market conditions.

由於以太坊在2024年的Dencun升級以來，Base的利潤（以ETH為單位）可能會經常出售，因為Coinbase管理著對市場狀況的風險。

Kendrick deduced that Coinbase proactively sold 12,652 ETH in the final quarter of 2024, with net proactive selling of 1,558 ETH over the three preceding quarters.

肯德里克（Kendrick）推測了Coinbase在2024年的最後一個季度主動售出了12,652 ETH，在前三個季度中，淨主動銷售淨額為1,558 ETH。

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Why It Matters: Kendrick's remarks expand on an earlier Standard Chartered report, where he argued that Base's emergence has removed as much as $50 billion from Ethereum's market capitalization.

為什麼重要的是：肯德里克（Kendrick）的言論擴展了一份較早的標準憲章報告，他認為基地的出現已從以太坊的市值中消除了多達500億美元。

"Base now extracts super-profits from the Ethereum ecosystem," wrote Kendrick in the previous note, where he also highlighted Ethereum's broader structural challenges.

肯德里克（Kendrick）在上一句話中寫道：“基地現在從以太坊生態系統中提取了超級營養。”他還強調了以太坊的更廣泛的結構性挑戰。

He stated that Ethereum's transition to proof-of-stake and its Layer-2 scaling model—designed to reduce fees—have unintentionally shifted economic value away from Ethereum to its Layer-2s, primarily Base.

他說，以太坊向股份證明及其2層規模模型（設計以降低費用）的過渡已無意間將經濟價值從以太坊轉移到其2層，主要是基礎。

The report also lowered Standard Chartered's ETH-USD price target to $4,000 by the end of 2025, compared to a previously projected $10,000.

該報告還將標準Charter的ETH-USD價格目標降低到2025年底的4,000美元，而先前預計的10,000美元。

While Kendrick acknowledged that Ethereum still leads in areas like stablecoins, DeFi, and tokenization, he said the Ethereum Foundation may need to consider new economic models, such as taxing Layer-2 networks, to reverse the trend.

儘管肯德里克（Kendrick）承認，以太坊仍在Stablecoins，Defi和Sigkenization等領域領先，但他說，以太坊基金會可能需要考慮新的經濟模式，例如徵稅2層網絡，以扭轉趨勢。

Without such measures, Kendrick anticipates ETH to continue underperforming relative to Bitcoin. He projects ETH-BTC could fall to 0.015 by the end of 2027, marking its weakest level since early 2017.

沒有這樣的措施，肯德里克（Kendrick）預計ETH將繼續相對於比特幣的表現不佳。他預測，到2027年底，ETH-BTC可能會降至0.015，這是其自2017年初以來最弱的水平。

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