Ether（ETH）表現不佳的比特幣（BTC）在最新的公牛週期中，命中四年低點

Ether（ETH）是第二大加密貨幣，相對於比特幣（BTC），投資者失敗了

Ether (ETH) has underperformed relative to bitcoin (BTC) in the current bull cycle, delivering the worst performance against its larger rival since the Ethereum blockchain was launched in 2015.

Ether（ETH）在當前的公牛週期中相對於比特幣（BTC）表現不佳，自2015年以太坊區塊鏈發射以來，與其更大的競爭對手相比，其表現最差。

A comparison of the ether to bitcoin ratio across past cycles from the tokens' respective lows shows a consistent underperformance. The black line in the chart above represents the current cycle that started in November 2022, when bitcoin bottomed at around $15,500 during the collapse of crypto exchange FTX.

從代幣各自的低點的過去循環中以太與比特幣比的比較表明表現不佳。上圖中的黑線代表了2022年11月開始的當前週期，當時比特幣在加密交易所FTX倒閉期間的底部約為15,500美元。

With each cycle, ether's return against bitcoin has diminished.

在每個週期中，以太幣對比特幣的回報都在減少。

On Wednesday, the ratio dropped below 0.0300 to touch 0.02993, a four-year low. The previous low was recorded on Jan. 19, a day before President Trump's inauguration. This month, the ratio — the exchange rate between the two largest cryptocurrencies — is down 15%. It has declined 44% over the past year.

週三，該比率下降到0.0300以下，觸及0.02993，這是四年低點。前低點記錄在1月19日，即特朗普總統就職典禮前一天。本月，這兩個最大的加密貨幣之間的匯率（匯率）下降了15％。在過去的一年中，它下降了44％。

Bitcoin is currently trading around $105,000, having recovered from the slump to $98,000 caused by the release of DeepSeek, a Chinese artificial intelligence (AI) program. Ether, currently at $3,202, would need to reach roughly $3,360 to undo the DeepSeek damage.

比特幣目前的交易約為105,000美元，從低迷中恢復到中國人工智能（AI）計劃DeepSeek造成的98,000美元。 Ether目前的價格為3,202美元，需要達到約3,360美元，以消除DeepSeek損失。

"My general take is that the ether to bitcoin ratio underperformance is more due to a strength of bitcoin rather than a weakness of ether," said Andre Dragosch, head of research at Bitwise's European desk. "Ether tends to suffer from 'middle child syndrome,' it is not as scalable as smart contract competitors like solana (SOL) while it is not really competing with bitcoin as the prime store-of-value."

Bitwise的歐洲辦公桌研究主管Andre Dragosch說：“我的總體認為，比特幣比的表現不佳是由於比特幣的力量而不是以太弱點的力量。” “以太傾向於遭受'中間兒童綜合症的困擾，它不像Solana（Sol）這樣的智能合同競爭對手那麼可擴展，而它並沒有真正與比特幣作為主要商店的競爭。”