2024 年以太坊 (ETH) 市場回顧：市場對加密貨幣政策的樂觀情緒推動其復甦

以太坊在 2024 年的大部分時間裡都落後於其他加密貨幣，但現在已經堅定地加入了比特幣破紀錄上漲引發的漲勢之中

After trailing behind its cryptocurrency peers for most of 2024, ether joined the rally sparked by bitcoin’s record-breaking climb, crossing the $4,000 mark in December – still well below its all time high of $4,900.

在 2024 年大部分時間落後於其他加密貨幣之後，以太幣加入了比特幣破紀錄攀升引發的漲勢，在 12 月突破了 4,000 美元大關，但仍遠低於 4,900 美元的歷史高點。

Ether gained around 53% in 2024 compared to bitcoin’s 113% surge. However, ether's recent performance showed promise. Since the U.S. election result, ether increased 39%, outperforming bitcoin's 35% gain, signaling a potential resurgence driven by market optimism over president-elect Donald Trump’s anticipated pro-crypto policies.

與比特幣 113% 的飆升相比，以太幣在 2024 年上漲了約 53%。然而，以太坊最近的表現顯示出希望。自美國大選結果公佈以來，以太幣上漲了39%，超過了比特幣35% 的漲幅，這表明市場對當選總統唐納德·川普預期的支持加密貨幣政策的樂觀情緒可能會推動以太幣的複蘇。

Other key factors driving this optimism included robust staking dynamics, steady transaction fees and growing institutional interest, particularly through ETFs.

推動這種樂觀情緒的其他關鍵因素包括強勁的質押動態、穩定的交易費用和不斷增長的機構利益（尤其是透過 ETF）。

Ether futures saw muted volume at the beginning of the year, but CME ether futures became the go-to product for risk management as spot ether ETFs began trading mid-year and volatility returned to the market toward year-end. Nearly 12 million contracts representing a total value of $256 billion traded between ether and micro ether futures in 2024. Thirty-nine percent of notional volume traded was in Q4 2024 as the crypto markets reacted to the U.S. election results, signaling a buoyant sentiment.

以太坊期貨在今年年初成交量較低，但隨著現貨以太坊 ETF 於年中開始交易，波動性在年底回歸市場，芝商所以太坊期貨成為風險管理的首選產品。 2024 年，以太坊和微以太坊期貨之間的交易量接近1,200 萬份合約，總價值達2,560 億美元。出了反應，表示市場情緒活躍。

Large open interest holders (designated by the CFTC as entities holding 25 or more contracts) reached new weekly records throughout December, indicating growing client interest in regulated solutions to manage ether risk.

大型未平倉合約持有者（被 CFTC 指定為持有 25 份或以上合約的實體）在 12 月創下了新的周記錄，表明客戶對管理以太幣風險的受監管解決方案的興趣不斷增長。

The ETH-BTC ratio, which measures ether’s performance relative to bitcoin and shows the number of bitcoin needed to buy one ether, reached its lowest level since launch on Nov. 20 of 0.032857, which may be its bottom as we see improved regulatory outlook and an increase in institutional adoption.

ETH-BTC 比率衡量以太幣相對於比特幣的表現，並顯示購買一種以太幣所需的比特幣數量，該比率達到11 月20 日推出以來的最低水平0.032857，這可能是其底部，因為我們看到監管前景有所改善，並且機構採用率的增加。

1. Ether ETFs outperform bitcoin ETFs

1. 以太幣 ETF 的表現優於比特幣 ETF

U.S. spot ETH ETFs have received a cumulative $577 million in net inflows since their July 2024 launch, an overall success among the broad ETF universe. Between November 25 and November 29, spot ether ETFs even surpassed the daily inflows of bitcoin ETFs, with ether ETFs experiencing a net inflow of $467 million (including net inflows of $428 million in a single day), marking a shift in investor sentiment.

自 2024 年 7 月推出以來，美國現貨 ETH ETF 已累計獲得 5.77 億美元的淨流入，在廣泛的 ETF 領域中取得了整體成功。 11月25日至11月29日期間，現貨以太坊ETF的日流入量甚至超過了比特幣ETF，以太坊ETF淨流入4.67億美元（其中單日淨流入4.28億美元），標誌著投資者情緒的轉變。

The approval of both bitcoin and ether ETFs represents a major milestone in the mainstream adoption of digital assets. Looking ahead, the interest of institutional investors could rise even further if regulatory approval allows asset managers to incorporate Ethereum staking yields into ETFs.

比特幣和以太坊 ETF 的批准代表了數位資產主流採用的一個重要里程碑。展望未來，如果監管機構批准允許資產管理公司將以太坊質押收益納入 ETF，機構投資者的興趣可能會進一步上升。

2. Alt Season

2. 另類季節

After months of ether underperforming bitcoin, traders may now see the ETH/BTC ratio’s lower level as an opportunity with a potential gradual rotation from BTC to ETH and other alt coins.

經過幾個月的以太坊表現落後於比特幣之後，交易者現在可能會將 ETH/BTC 比率的較低水平視為一個機會，可能會逐漸從 BTC 轉向 ETH 和其他替代幣。

Typically, bitcoin leads the rally, then consolidates as ether and other alt coins catch up. This has been true this cycle where bitcoin’s dominance dropped from 61.7% in October to 57.4% in November and to 56.5% in December, suggesting that altcoins may have begun gaining momentum for a potential alt season.

通常情況下，比特幣引領漲勢，然後隨著以太幣和其他替代幣的追趕而整合。本週期情況就是如此，比特幣的主導地位從 10 月的 61.7% 下降到 11 月的 57.4%，再下降到 12 月的 56.5%，這表明山寨幣可能已經開始為潛在的山寨幣季節獲得動力。

3. Staking yields

3. 質押收益

Ether investors can generate extra returns on top of their holdings by staking or locking their coins in the network in return for rewards. As of the time of writing, 28% of ether’s supply is locked in staking contracts with the annualized reward rate averaging 3%. Under a new administration, together with anticipated Federal Reserve interest rate cuts and continued upgrades to the blockchain, there could be an uptick in ETH’s staking yield.

以太幣投資者可以透過將其代幣質押或鎖定在網路中以換取獎勵，從而在其持有的基礎上產生額外回報。截至撰寫本文時，28% 的以太幣供應量被鎖定在質押合約中，年化獎勵率為平均 3%。在新政府的領導下，加上預期的聯準會降息和區塊鏈的持續升級，ETH 的質押收益率可能會上升。

4. DeFi, smart contracts, DAPPS and NFTs

4. DeFi、智能合約、DAPPS 和 NFT

Ethereum's value proposition extends beyond being a digital currency, as it remains the dominant blockchain for building decentralized finance (DeFi) applications (DAPPS), smart contract platforms, NFT (non-fungible token) tokenized assets and Web3 applications.

以太坊的價值主張超越了數位貨幣的範疇，因為它仍然是建立去中心化金融(DeFi) 應用程式(DAPPS)、智慧合約平台、NFT（不可替代代幣）代幣化資產和Web3 應用程式的主導區塊鏈。

The total value locked (TVL) in Ethereum-based DeFi projects has grown over the past few weeks, reaching $69.4 billion, according to DefiLlama. The surge suggests rising confidence in Ethereum as a platform for financial innovation.

根據 DefiLlama 的數據，基於以太坊的 DeFi 項目的鎖定總價值（TVL）在過去幾週不斷增長，達到 694 億美元。這一激增顯示人們對以太坊作為金融創新平台的信心不斷增強。

5. Ether upgrades

5. 以太幣升級

On March 24, Ethereum implemented the Dencun upgrade, which reduced transaction costs for Layer 2’s and increased the Transactions per Second (TPS) at which they could post to the Layer 1. The adoption of Layer 2’s has shifted noticeably over the last year.

3 月24 日，以太坊實施了Dencun 升級，降低了第2 層的交易成本，並提高了可以發佈到第1 層的每秒交易數(TPS)。變化。

In addition, the Pectra upgrade, expected in Q1 2025, is one of the largest hard forks ever in terms of the Ethereum Improvement Proposal (EIP) count. It aims to improve protocol efficiency, enhance the user experience and expand data capacity, as well as pave the way for future scalability enhancements.

此外，就以太坊改進提案 (EIP) 數量而言，預計將於 2025 年第一季進行的 Pectra 升級是有史以來最大的硬分叉之一。它旨在提高協議效率，增強用戶體驗並擴展數據容量，並為未來的可擴展性增強鋪平道路。

Conclusion

結論

All eyes are on what the Trump administration will bring and the implications for the entire crypto market. The

所有的目光都集中在川普政府將帶來什麼以及對整個加密市場的影響。這