CoinGecko 第三季加密貨幣產業報告：比特幣 (BTC) 市場主導達到 3 年高點，以太坊 (ETH) 的多個指標正在下滑

CoinGecko 報告描述了幾個有趣的市場趨勢。乍一看，比特幣表現相當不錯，佔整個加密貨幣市場的比重超過 53%。

CoinGecko has released its Q3 Crypto Industry Report, which reveals that the total crypto market has experienced a slight decline of 1.0%. While Bitcoin (BTC) has enjoyed a three-year high in terms of market dominance, Ethereum (ETH) has faced setbacks in several metrics.

CoinGecko發布了第三季加密貨幣產業報告，報告顯示加密貨幣市場整體小幅下滑1.0%。雖然比特幣（BTC）在市場主導地位方面享有三年來的新高，但以太坊（ETH）在多個指標上都面臨挫折。

The report highlights several key observations:

該報告強調了幾個關鍵觀察結果：

* At first glance, BTC is faring well with a total crypto market share above 53%. Moreover, Bitcoin dominance is observed to be over 58% at the time of writing. This would mark BTC’s highest dominance relative to other crypto assets since its bull run in April 2021.

* 乍一看，BTC 表現良好，加密貨幣市場總份額超過 53%。此外，截至撰寫本文時，比特幣的主導地位已超過 58%。這將標誌著 BTC 自 2021 年 4 月牛市以來相對於其他加密資產的最高主導地位。

* However, several points raised by CoinGecko paint a less bullish picture. The total market cap for all crypto assets saw a slight decline in this period. Even BTC underperformed traditional assets like gold and several treasury bonds. British, Japanese, and US treasury bonds all outperformed Bitcoin after early August.

* 然而，CoinGecko 提出的幾點觀點描繪了一幅不太樂觀的景象。在此期間，所有加密資產的總市值略有下降。甚至比特幣的表現也遜於黃金和多種國債等傳統資產。 8月初之後，英國、日本和美國公債的表現均優於比特幣。

* World government policies, especially those of these countries, had a marked influence this quarter. US rate cuts were a particular boon to Bitcoin, as were possible tax cuts in Japan. Stimulus announcements in China also helped buoy the entire crypto market. CoinGecko did not assess Chinese treasury bonds, but analyst Eric Balchunas noted high ETF performance.

* 世界政府政策，尤其是這些國家的政策，對本季產生了顯著影響。美國的降息對比特幣尤其有利，日本可能的減稅也是如此。中國的刺激政策也提振了整個加密貨幣市場。 CoinGecko 並未評估中國公債，但分析師 Eric Balchunas 指出 ETF 表現較高。

“YEAR OF THE BULL: China ETFs’ October inflow total is now up to $11 billion. What a chart. $90 billion of asset purchases by the government will do that…” said Balchunas in a Monday post.

「多頭市場之年：中國 ETF 10 月的流入總額目前已高達 110 億美元。多麼棒的圖表。政府購買 900 億美元的資產就能做到這一點……」巴爾丘納斯在周一的一篇文章中表示。

In short, Bitcoin is taking an outsized advantage over the crypto market, but this isn’t a triumph. The bigger market is floundering, and world economic policies brought this decentralized currency its biggest win.

簡而言之，比特幣相對於加密貨幣市場具有巨大的優勢，但這並不是一場勝利。更大的市場陷入困境，世界經濟政策為這種去中心化貨幣帶來了最大的勝利。

* “Although the price of Bitcoin remained flat in Q3, US Spot Bitcoin ETFs experienced larger net inflows…in Q3 compared to Q2. The resurgence of inflows boosted AUM by 13.2%,” the report claimed.

*「儘管比特幣價格在第三季度保持平穩，但與第二季度相比，美國現貨比特幣 ETF 在第三季度經歷了更大的淨流入。資金流入的復甦使資產管理規模增加了 13.2%。

The report also sheds light on some crucial developments within the Ethereum ecosystem.

該報告還揭示了以太坊生態系統內的一些重要發展。

* ETH lost some of its market share to Bitcoin, but that’s not the only development CoinGecko cared about. Ethereum’s Layer-2 (L2) transactions rose 17.2% this quarter, but nearly half came from Base. This Ethereum L2 has been a breakout success recently, and it was responsible for 42% of ETH L2 transactions.

* ETH 的部分市佔率被比特幣奪走，但這並不是 CoinGecko 關心的唯一發展。以太坊的 Layer-2 (L2) 交易本季成長了 17.2%，但近一半來自 Base。這個以太坊 L2 最近取得了突破性的成功，它佔了 ETH L2 交易的 42%。

* Base has been steadily eating away at Ethereum’s hold over decentralized exchange (DEX) trading, growing while ETH shrinks. Solana has also taken bites out of ETH’s share, as CoinGecko previously noted this chain’s technical advantages.

* Base 一直在穩步蠶食以太坊在去中心化交易所 (DEX) 交易中的地位，在 ETH 萎縮的同時不斷增長。 Solana 也蠶食了 ETH 的份額，CoinGecko 先前曾指出該鏈的技術優勢。

* “In 2024 Q3, Ethereum was the dominant chain for DEX trading, though its market share is now consistently below 40%. DEX trading activity continued to flourish on Solana, buoyed by the multitude of meme coins. Meanwhile, Base continued to grow its market share in Q3, despite being a slow quarter for the crypto market,” CoinGecko claimed.

*「2024 年第三季度，以太坊是 DEX 交易的主導鏈，儘管其市佔率目前一直低於 40%。在大量 Meme 幣的推動下，Solana 上的 DEX 交易活動繼續蓬勃發展。同時，儘管加密貨幣市場成長緩慢，但 Base 在第三季的市佔率仍持續成長。

Both Bitcoin and Ethereum had a quarter that was less than stellar, to put it mildly. The crypto market only shrank slightly in Q3 2024, but it’s still a concerning sign. Bitcoin's successes and failures are influenced by a variety of external factors, while Ethereum is facing increasing competition.

溫和地說，比特幣和以太坊都有一個季度表現不佳。加密貨幣市場在 2024 年第三季僅略有萎縮，但這仍然是一個令人擔憂的跡象。比特幣的成功和失敗受到多種外在因素的影響，而以太坊則面臨日益激烈的競爭。