以太坊（ETH）終於顯現出生命的跡象，但它能否重拾昔日的輝煌？

以太坊在 2024 年的大部分時間裡都遠遠落後於同業。儘管比特幣和 solana 在本週期創下歷史新高（比特幣 99,655 美元，solana 263 美元），但以太坊區塊鏈的原生代幣以太坊 (ETH) 仍深陷陰影之中。

Ether has lagged behind its peers for most of 2024, but the token is finally showing signs of life.

在 2024 年的大部分時間裡，以太幣都落後於同類貨幣，但該代幣終於顯示了生命的跡象。

While bitcoin and solana hit new all-time highs this cycle ($99,655 for bitcoin and $263 for solana), ether (ETH) has remained stuck in their shadows.

儘管比特幣和 solana 在本週期創下歷史新高（比特幣 99,655 美元，solana 263 美元），但以太坊 (ETH) 仍處於陰影之中。

Trading at around $3,600 at press time, ether is still down 26% from its November 2021 peak of $4,891. Even in terms of market dominance, ether has struggled, going from commanding over 20% of the total crypto market cap in 2021 to just 13% today.

截至發稿時，以太幣的交易價格約為 3,600 美元，較 2021 年 11 月的峰值 4,891 美元仍下跌 26%。即使就市場主導地位而言，以太幣也舉步維艱，從 2021 年佔加密貨幣總市值的 20% 以上下降到如今的 13%。

But over the past week, ether is finally showing signs of life. The ETH/BTC ratio — a metric that compares ether’s performance to bitcoin (BTC) — jumped 19%, marking its strongest weekly performance in months.

但在過去的一周裡，以太幣終於顯示了生命的跡象。 ETH/BTC 比率（一種將以太幣與比特幣 (BTC) 的表現進行比較的指標）躍升 19%，創下數月來最強勁的每週表現。

The surge is notable not just for its size but for what it represents: a potential shift in sentiment toward Ethereum, which many had written off for this year.

這一激增不僅因其規模而引人注目，而且因其所代表的意義：人們對以太坊的情緒可能發生轉變，而許多人今年已經取消了以太坊的投資。

“A consensus is starting to form among smart money that ETH/BTC has bottomed and will perform well in Q1 [2025],” macro and crypto trader Alex Krüger noted on Monday.

宏觀和加密貨幣交易員 Alex Krüger 週一指出：“聰明的投資者開始形成共識，認為 ETH/BTC 已經觸底，並將在 [2025 年]第一季表現良好。”

“There could be a gradual rotation from BTC to ETH and other alts if BTC keeps rejecting 100k,” crypto trading firm QCP Capital said in a market note on Nov. 25. “In fact we are already starting to see this play out as BTC dominance dropped from 62% to 59% over the past week.”

加密貨幣交易公司QCP Capital 在11 月25 日的市場報告中表示：「如果BTC 繼續拒絕10 萬美元，那麼BTC 可能會逐漸轉向ETH 和其他替代品。」「事實上，我們已經開始看到這種情況隨著BTC 的出現而出現。” 過去一周，主導地位從 62% 下降到 59%。”

This comes as inflows into spot Ethereum exchange-traded funds (ETFs) hit new highs. Over the past three days, spot Ethereum ETFs attracted $133 million, with total assets under management crossing $10 billion for the first time, according to data from SoSoValue.

同時，以太坊交易所交易基金（ETF）現貨流入量創下新高。 SoSoValue的數據顯示，過去三天，現貨以太坊ETF吸引了1.33億美元，管理總資產首次突破100億美元。

Yesterday alone, the spot Ethereum ETFs pulled in $90 million — almost matching the $103 million in inflows to Bitcoin ETFs.

光是昨天，現貨以太幣 ETF 就吸收了 9,000 萬美元的資金，幾乎與比特幣 ETF 流入的 1.03 億美元持平。

Earlier in the year, bitcoin-focused ETFs dominated investor attention. But now, monthly spot Ethereum ETF inflows have reached $745 million, making November the most successful month for spot ether ETFs on record, per SoSoValue.

今年早些時候，以比特幣為中心的 ETF 吸引了投資者的注意。但現在，根據 SoSoValue，每月現貨以太坊 ETF 流入量已達到 7.45 億美元，使 11 月成為現貨以太坊 ETF 有史以來最成功的月份。

“The strong performance of ETH/BTC in the past week is likely due to a combination of factors, including the recent strength in ether prices and the launch of spot Ethereum ETFs,” Jay Su, CEO of crypto market data firm Chainnode, told Blockworks.

加密市場數據公司 Chainnode 首席執行官 Jay Su 告訴 Blockworks：“過去一周 ETH/BTC 的強勁表​​現可能是多種因素共同作用的結果，包括近期以太幣價格的走強以及以太坊 ETF 現貨的推出。” 。

“Traders may now be seeing the ETH/BTC ratio’s low levels as an opportunity, especially after months of ether underperforming bitcoin,” Su added.

Su 補充道：“交易者現在可能將 ETH/BTC 比率的低水平視為一個機會，尤其是在以太幣連續幾個月表現不佳比特幣之後。”

Despite this week’s rally, ether is still a long way from its former glory. The ETH/BTC ratio now sits at 0.038, far below its 2017 peak of 0.08. To reach that high again, ether would need to climb another 130% against bitcoin, which would push ether’s price to around $8,300 — an ambitious leap by any measure.

儘管本週出現上漲，但以太坊距離昔日的輝煌仍有很長的路要走。 ETH/BTC 比率目前為 0.038，遠低於 2017 年的峰值 0.08。為了再次達到這個高點，以太幣相對於比特幣需要再上漲 130%，這將把以太幣的價格推至 8,300 美元左右——無論以何種標準衡量，這都是一個雄心勃勃的飛躍。

Meanwhile, ether’s supply growth has also raised concerns among some analysts. The token’s issuance rate has surged since the launch of spot ether ETFs and the burning mechanism introduced by the Ethereum Improvement Proposal 1559 has failed to keep pace.

同時，以太幣供應的成長也引起了一些分析師的擔憂。自現貨以太坊 ETF 推出以來，該代幣的發行率飆升，而以太坊改進提案 1559 引入的銷毀機制卻未能跟上步伐。

“The launch of spot ether ETFs has caused ether to become inflationary again,” said Su. “This is because the burning mechanism introduced by EIP-1559 is not keeping up with the issuance rate of ether.”

「以太坊現貨ETF的推出導致以太幣再次通膨，」蘇說。 “這是因為 EIP-1559 引入的銷毀機制跟不上以太幣的發行速度。”

“If ether’s supply continues to grow at this rate, it could put downward pressure on ether prices in the long term,” he added.

他補充說：“如果以太幣供應繼續以這種速度增長，從長遠來看可能會對以太幣價格造成下行壓力。”