隨著以太坊面臨挑戰，ETH/BTC的比率已降至四年低點

加密貨幣市場見證了比特幣和以太坊之間價值關係的重大轉變。 ETH/BTC比率已降至0.027，這是四年來未見的水平。儘管比特幣繼續吸引機構投資者，但與主要競爭者相比，以太坊面臨著限制其增長的技術和經濟挑戰。

The value relationship between Bitcoin and Ethereum has shifted dramatically, with the ETH/BTC ratio dropping to 0.027, a level unseen in over four years. While Bitcoin continues to attract institutional investors, Ethereum faces technical and economic challenges that have limited its growth compared to its main competitor.

比特幣和以太坊之間的價值關係發生了巨大變化，ETH/BTC的比率下降到0.027，這是四年來未見水平。儘管比特幣繼續吸引機構投資者，但與主要競爭者相比，以太坊面臨限制其增長的技術和經濟挑戰。

One key factor is the strong preference for Bitcoin ETFs, which have seen around $35 billion in investments, compared to $2.6 billion in Ethereum-based products. This disparity highlights Bitcoin's continued dominance as the preferred choice for major investors, such as MicroStrategy, while Ethereum has yet to gain similar momentum.

一個關鍵因素是對比特幣ETF的強烈偏愛，該比特幣的投資約為350億美元，而基於以太坊的產品為26億美元。這種差異凸顯了比特幣的持續統治地位，這是主要投資者（例如MicroStrategy）的首選選擇，而以太坊尚未獲得類似的勢頭。

Another concern is Ethereum's worrying trend of increasing supply. Since February 2024, the supply has risen by 5.4%, partially reversing the expected deflationary effect after the Merge upgrade. This has raised doubts among investors, as Ethereum was supposed to become scarcer over time, but in practice, its supply has returned to pre-proof-of-stake transition levels from 2022.

另一個問題是以太坊增加供應的令人擔憂的趨勢。自2024年2月以來，供應量增長了5.4％，部分逆轉了合併升級後的預期放氣效應。這引起了投資者的懷疑，因為以太坊應該隨著時間的流逝而變得稀缺，但實際上，其供應已恢復到2022年以來的供應前過渡水平。

Adding to the challenges, Ethereum's fee revenue has declined, now ranking sixth behind platforms like Solana and USDC, according to Token Terminal. In contrast, Solana has captured over 50% of trading volume in DEXs, thanks to its speed and lower transaction costs, though part of this volume comes from speculative projects like "pumpdotfun."

據Token Terminal稱，除了挑戰外，以太坊的費用收入下降了，現在落後於Solana和USDC等平台的第六名。相比之下，索拉納（Solana）捕獲了DEX的交易量的50％以上，這要歸功於其速度和較低的交易成本，儘管該量的一部分來自諸如“ PumpDotFun”之類的投機項目。

However, Ethereum's ecosystem still has cards to play. The Pectra upgrade, scheduled for March 2025, is set to bring significant improvements in scalability and efficiency. According to Vitalik Buterin, these changes could be key to reversing the bearish trend.

但是，以太坊的生態系統仍然有可以玩的卡片。原定於2025年3月進行的Pectra升級將帶來可擴展性和效率的顯著提高。根據Vitalik Buterin的說法，這些變化可能是扭轉看跌趨勢的關鍵。

Despite these challenges, cryptocurrency history has shown that major opportunities often arise in times of doubt. While Bitcoin continues to dominate institutional interest, Ethereum might be in an accumulation phase before a new bullish move. Will the Pectra upgrade be the catalyst Ethereum needs?

儘管存在這些挑戰，但加密貨幣歷史表明，在懷疑時期通常會出現主要機會。儘管比特幣繼續主導著機構的興趣，但以太坊可能處於新看漲行動之前的積累階段。 Pectra升級會成為以太坊需求的催化劑嗎？