Ether（ETH）今年相對於比特幣（BTC）下降了39％，比率達到了新的4年低點

Ether（ETH）今年相對於比特幣（BTC）（最大的加密貨幣）下降了39％

Ether (ETH) has dropped 39% this year relative to bitcoin (BTC), the largest cryptocurrency, taking the ratio between the two to the lowest in almost five years.

Ether（ETH）今年相對於比特幣（BTC）（最大的加密貨幣）下降了39％，將兩者之間的比率介於近五年內。

At the current level, 1 ETH is the equivalent of 0.02191 BTC. That's the least since May 2020, when ether was trading around $200 and bitcoin just under $10,000. Today the ETH price is about $1,800 and the BTC price around $82,000.

在當前水平上，1個ETH相當於0.02191 BTC。這是自2020年5月以來的最低限額，當時以太交易約200美元，比特幣不到10,000美元。如今，ETH價格約為1,800美元，BTC價格約為82,000美元。

The chart shows the ratio of ether to bitcoin. It now stands at its lowest point since May 2020.

該圖顯示了以太幣與比特幣的比率。現在它是自2020年5月以來的最低點。

The relative weakness of ether is striking because it's the first time the second-largest cryptocurrency has sustained weakness against bitcoin in the 12 months after a BTC reward halving. On April 20, 2024, the payment Bitcoin miners received for confirming blocks on the blockchain was reduced by 50% to 3.125 BTC.

以太的相對弱點令人震驚，因為這是在BTC獎勵減半後的12個月內，第二大加密貨幣第一次對比特幣持續弱。 2024年4月20日，付款比特幣礦工確認區塊鏈上的區塊收到了50％，至3.125 BTC。

In previous halving cycles, ether usually outperformed bitcoin in the first year after a halving. This time, the ratio has dropped by more than 50%.

在以前的一半循環中，在減半後的第一年，以太通常優於比特幣。這次，比率下降了50％以上。

That's partly because the threat of a tariff-driven trade war, persistent inflation and elevated bonds yields globally have driven investors to assets seen as more liquid and less risky. Gold, the ultimate haven, has climbed to record highs, and in the cryptocurrency market bitcoin is seen as a safer bet than ether.

這部分是因為關稅驅動的貿易戰，持續的通貨膨脹和債券收益率提高的威脅使投資者驅使投資者被視為流動性和風險更低的資產。終極避風港黃金已經攀登了高高，而在加密貨幣市場中，比特幣被視為比以太幣更安全的賭注。

This relative performance also marks one of ether’s worst quarterly performances against bitcoin in several years, according to data from Glassnode. The last time ether underperformed bitcoin to a similar degree was in the third quarter of 2019, when the ratio dropped to 0.0164, a quarterly decline of 46%.

根據GlassNode的數據，這種相對性能還標誌著Ether幾年來對比特幣的最差季度表現之一。 Ether上一次表現不佳的比特幣在2019年第三季度，當時比率下降到0.0164，季度下降了46％。

This current slump mirrors the underperformance seen in 2019 and further highlights ether's relative weakness, especially when compared to other layer-1 assets. The SOLETH ratio — measuring the value of Solana’s SOL relative to ether — is up 24% year-to-date to 0.07007. This indicates that SOL has significantly outperformed ether in 2025, despite the token itself itself being down 35% year-to-date.

當前的低迷反映了2019年所見的表現不佳，並進一步凸顯了以太的相對弱點，尤其是與其他第1層資產相比。 soleth比率（測量索拉納溶膠相對於以太醚的價值）的年度為24％，至0.07007。這表明，儘管令牌本身本身下降了35％，但SOL在2025年的表現明顯優於Ether。

UPDATE (March 31, 9:25 UTC): Adds macroeconomic environment in fifth paragraph.

更新（3月31日，9:25 UTC）：在第五段中添加宏觀經濟環境。