由於網路活動暴跌，ETH 落後於 BTC，ETF 希望停滯

自 3 月中旬以來，由於網路活動減少、對現貨以太坊 ETF 的樂觀情緒減弱以及比特幣即將供應量減半，以太坊 (ETH) 的表現遜於比特幣 (BTC)。鏈上數據顯示，以太坊上的 DApp 使用量和交易量下降，導致其相對於 BTC 的表現不佳。儘管以太坊是領先的 DeFi 網絡，但在鏈上活動方面卻面臨著來自 Solana 的日益激烈的競爭。此外，美國證券交易委員會 (SEC) 對 5 月潛在的以太坊 ETF 現貨批准缺乏溝通，也打擊了投資者的情緒。

Ethereum Underperforms Bitcoin Amid Declining Network Activity, Stalled Ethereum ETF Hopes

由於網路活動下降，以太坊表現遜於比特幣，以太坊 ETF 希望陷入停滯

Since the onset of 2023, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has embarked on an upward trajectory, only to witness a downturn in mid-March. Compared to Bitcoin's (BTC) 57% surge against the US dollar (USD) year-to-date, ETH has registered a more modest gain of approximately 48%, lagging behind its dominant counterpart.

自進入 2023 年以來，市值第二大加密貨幣以太幣 (ETH) 一直走上上漲軌道，但在 3 月中旬出現下滑。與比特幣 (BTC) 兌美元 (USD) 年初至今飆升 57% 相比，ETH 的漲幅較為溫和，約為 48%，落後於其主要貨幣。

Reasons for Ethereum's Lagging Performance

以太坊表現落後的原因

Several factors have contributed to ETH's underperformance against BTC in recent weeks:

最近幾週，有幾個因素導致 ETH 相對於 BTC 的表現不佳：

1. Decreased Network Activity: Ethereum's network activity, including that of its scaling solutions, has exhibited a decline. Decentralized applications (DApps), the cornerstone of the Ethereum ecosystem, have experienced a reduction in both user count and transaction volume, signaling diminished demand for ETH.
2. Weakening Sentiment Surrounding Ethereum ETFs: The prospect of spot Ethereum exchange-traded funds (ETFs) being approved in May has waned, adding to the bearish sentiment around ETH and contributing to its lackluster performance against BTC.

Evidence of Network Activity Decline

網路活動減少：以太坊的網路活動，包括其擴容解決方案的網路活動，都出現了下降。作為以太坊生態系統基石的去中心化應用程式(DApp) 的用戶數量和交易量均出現減少，這表明對ETH 的需求減少。圍繞以太坊ETF 的情緒減弱：現貨以太坊交易所交易基金(ETF ) 的前景正在惡化5 月份批准的協議已經減弱，加劇了 ETH 的看跌情緒，並導致其相對 BTC 的表現黯淡。網絡活動下降的證據

Data from DappRadar, a Web3 data aggregator, indicates a 6.42% decrease in the number of active addresses across Ethereum's top DApps over the past 30 days. The decline has been particularly pronounced in popular DApps such as Uniswap, MetaMask Swap, Blur, and OpenSea, with transaction volumes plummeting by 26.51%.

Web3 資料聚合器 DappRadar 的資料表明，過去 30 天內以太坊頂級 DApp 的活躍位址數量減少了 6.42%。 Uniswap、MetaMask Swap、Blur、OpenSea 等熱門 DApp 下降尤為明顯，交易量暴跌 26.51%。

Coinglass data corroborates this trend, revealing a decline in several key network activity metrics for Ethereum. Daily active addresses have dropped significantly, falling from 622,963 on March 20th to 499,448 on April 10th.

Coinglass 數據證實了這一趨勢，揭示了以太坊的幾個關鍵網路活動指標的下降。日活躍地址大幅下降，從3月20日的622,963下降至4月10日的499,448。

Ethereum's Weakening DeFi Dominance

以太坊 DeFi 主導地位減弱

Despite Ethereum's continued prominence in the DeFi sector, Solana has made significant inroads in recent times, capturing market share in terms of on-chain activity. This shift has been driven by the popularity of memecoins and an increase in stablecoin transfer volume on Solana.

儘管以太坊在 DeFi 領域持續佔據主導地位，但 Solana 最近取得了重大進展，在鏈上活動方面佔據了市場份額。這種轉變是由 memecoin 的流行和 Solana 上穩定幣轉帳量的增加所推動的。

Stalled Ethereum ETF Hopes

以太坊 ETF 希望陷入停滯

The prospects of a spot Ether ETF being approved by the U.S. Securities and Exchange Commission (SEC) in May have dwindled, furtherdampening enthusiasm for ETH. VanEck CEO Jan van Eck has expressed skepticism regarding the imminent approval of such ETFs, citing a lack of regulatory engagement on the matter.

以太幣現貨 ETF 5 月獲得美國證券交易委員會 (SEC) 批准的前景已經黯淡，進一步削弱了人們對 ETH 的熱情。 VanEck 執行長 Jan van Eck 對此類 ETF 即將獲得批准表示懷疑，理由是監管機構對此事缺乏參與。

In an interview with CNBC, van Eck stated that VanEck's Ethereum ETF application is likely to be rejected. Bloomberg ETF Analyst Eric Blachunas, who initially estimated a 70% likelihood of Ethereum ETF approval by May, has recently reduced his optimism to 35% due to the SEC's lack of communication with issuers.

van Eck在接受CNBC採訪時表示，VanEck的以太坊ETF申請很可能會被拒絕。彭博 ETF 分析師 Eric Blachunas 最初估計 5 月以太坊 ETF 獲得批准的可能性為 70%，但由於 SEC 缺乏與發行人的溝通，最近他的樂觀情緒降低至 35%。

Fellow analyst James Seyffart has also raised concerns, questioning the SEC's silence on the ETF applications, which were anticipated to garner substantial regulatory attention.

分析師 James Seyffart 也提出了擔憂，質疑 SEC 對 ETF 申請保持沉默，預計這些申請將引起監管機構的大力關注。

Conclusion

結論

Ethereum's underperformance against Bitcoin, supported by dwindling network activity and diminished optimism surrounding spot Ethereum ETFs, underscores the challenges facing the cryptocurrency in the near term. While Ethereum remains a prominent player in the DeFi landscape, its dominance is under threat from competitors such as Solana. The SEC's stance on Ethereum ETFs remains a crucial factor in determining ETH's trajectory in the coming months.

在網路活動減少和對現貨以太坊 ETF 的樂觀情緒減弱的支撐下，以太坊相對於比特幣的表現不佳，凸顯了加密貨幣在短期內面臨的挑戰。儘管以太坊仍然是 DeFi 領域的重要參與者，但其主導地位正受到 Solana 等競爭對手的威脅。美國證券交易委員會對以太坊 ETF 的立場仍然是決定 ETH 未來幾個月走勢的關鍵因素。