儘管以太坊升級，但以太幣在比特幣的陰影下動搖

儘管以太坊區塊鏈最近進行了升級並且機構對基於加密貨幣的 ETF 產生了興趣，但第二大加密貨幣以太坊 (ether) 在 2022 年第一季的表現仍遜於比特幣。以太幣的法律地位及其在質押中的作用可能會阻礙現貨以太幣 ETF 在美國的批准，從而限制其成長潛力。然而，以太坊底層技術繼續在各種 Web3 應用程式、代幣化和去中心化金融中發揮作用。

Ether Struggles to Match Soaring Bitcoin, Despite Ethereum Upgrade

儘管以太坊升級，以太坊仍難以追趕比特幣的飆升

In the ever-evolving cryptocurrency market, Ethereum's native cryptocurrency, Ether, has been struggling to keep pace with its dominant sibling, Bitcoin. While Ether's market capitalization of approximately $2.7 trillion is significant, it accounts for less than a fifth of the broader crypto market.

在不斷發展的加密貨幣市場中，以太坊的原生加密貨幣以太幣一直在努力跟上其主導的兄弟比特幣的步伐。儘管以太坊的市值約為 2.7 兆美元，但僅佔更廣泛的加密貨幣市場的不到五分之一。

During the first three months of 2023, Ether's value increased by approximately 53%, significantly lagging behind Bitcoin's 65% surge. In contrast to Bitcoin's recent ascent to record highs, Ether currently trades around $3,612, at least 26% below its all-time high of $4,867.60 established in November 2021.

2023 年頭三個月，以太幣的價值成長了約 53%，明顯落後於比特幣 65% 的漲幅。與比特幣最近升至歷史新高相比，以太坊目前的交易價格約為 3,612 美元，比 2021 年 11 月創下的歷史高點 4,867.60 美元至少低了 26%。

A recent technical upgrade to the Ethereum blockchain, dubbed the "Dencun upgrade," aimed at reducing transaction fees, failed to generate substantial excitement beyond the circle of crypto enthusiasts. This lack of enthusiasm stands in stark contrast to the anticipation surrounding Bitcoin's upcoming "halving," a technical adjustment scheduled for next month that is designed to slow the issuance of new coins.

最近對以太坊區塊鏈進行的一項名為「Dencun 升級」的技術升級旨在降低交易費用，但未能在加密貨幣愛好者圈子之外產生實質性的興奮。這種缺乏熱情與圍​​繞比特幣即將到來的「減半」的預期形成了鮮明對比，比特幣計劃於下個月進行技術調整，旨在減緩新幣的發行。

Upon the implementation of the Dencun upgrade on March 13, Ether experienced a 12% dip, as markets reacted negatively to the event. This decline highlights a persistent challenge for Ether: its lack of widespread recognition among non-cryptocurrency investors.

3 月 13 日實施 Dencun 升級後，由於市場對此事件反應消極，以太幣下跌了 12%。這種下跌凸顯了以太坊面臨的持續挑戰：它缺乏非加密貨幣投資者的廣泛認可。

"Ethereum continues to face challenges in gaining widespread recognition among non-endemic investors," observed Joseph Edwards, head of research at London-based crypto firm Enigma Securities. "The economic activity on Ethereum has grown significantly since 2020, but it is likely to take some time before it reaches all-time highs."

總部位於倫敦的加密貨幣公司 Enigma Securities 的研究主管約瑟夫·愛德華茲 (Joseph Edwards) 表示：“以太坊在獲得非流行投資者的廣泛認可方面繼續面臨挑戰。” “自 2020 年以來，以太坊上的經濟活動顯著增長，但可能需要一段時間才能達到歷史新高。”

The approval of spot Ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) is widely seen as a potential catalyst for Ether's growth. The approval and launch of similar spot Bitcoin ETFs in the U.S. spurred institutional demand and drove Bitcoin to record highs.

美國證券交易委員會（SEC）批准現貨以太幣交易所交易基金（ETF）被廣泛視為以太幣成長的潛在催化劑。美國批准並推出類似的比特幣現貨ETF，刺激了機構需求，推動比特幣創下歷史新高。

Ether ETF filings are currently pending with the SEC, with VanEck's filing scheduled for a decision on May 23. Standard Chartered Bank has projected that the potential approval of U.S. Ether ETFs could propel its value to $8,000 by the end of 2024 and $14,000 by the end of 2025.

以太坊ETF 文件目前正在等待美國證券交易委員會(SEC) 的備案，VanEck 的備案計劃於5 月23 日做出決定。渣打銀行預計，美國以太坊ETF 的潛在批准可能會將其價值推至2024 年底前的8,000 美元和14,000 美元。2025 年。

However, not all experts are optimistic about the prospect of the SEC approving Ether ETFs. Some lawyers and industry insiders have raised concerns about Ether's legal status, arguing that its ambiguous nature may lead regulators to proceed cautiously.

然而，並非所有專家都對 SEC 批准以太坊 ETF 的前景持樂觀態度。一些律師和業內人士對以太幣的法律地位表示擔憂，認為其模糊性可能會導致監管機構謹慎行事。

Unlike Bitcoin, which is considered a commodity by the SEC, Ether is traded on a proof-of-stake blockchain, which allows users to earn yield by locking up their tokens for a certain period. This unique feature has led to speculation that Ether could be classified as a security, triggering stricter disclosure requirements that run counter to the decentralized ethos of cryptocurrencies.

與被 SEC 視為商品的比特幣不同，以太幣是在權益證明區塊鏈上進行交易的，該區塊鏈允許用戶透過在一定時期內鎖定其代幣來賺取收益。這項獨特的功能引發了人們的猜測，即以太坊可以被歸類為證券，從而引發更嚴格的揭露要求，這與加密貨幣的去中心化精神背道而馳。

"Convincing the SEC to approve staked Ether ETFs would be an extremely challenging negotiation and is highly unlikely at this time," said Anders Helset, head of research at digital assets analytics firm K33.

數位資產分析公司 K33 研究主管 Anders Helset 表示：“說服 SEC 批准質押以太 ETF 將是一項極具挑戰性的談判，目前可能性很小。”

Institutional demand for Ether has remained a fraction of that for Bitcoin. In the month leading up to March 23, digital asset funds tracking Ether experienced outflows of $46.4 million, while similar products tracking Bitcoin saw inflows exceeding $4 billion, according to CoinShares data.

機構對以太幣的需求仍然只是比特幣的一小部分。根據 CoinShares 的數據，截至 3 月 23 日的一個月，追蹤以太幣的數位資產基金流出了 4,640 萬美元，而追蹤比特幣的類似產品則流入超過 40 億美元。

Some market participants prefer to focus on Ethereum's underlying technology rather than its token's value. Ethereum is the backbone of much of the internet's "Web3" vision, supporting applications related to decentralized finance, blockchain gaming, and other crypto-native developments.

一些市場參與者喜歡專注於以太坊的底層技術，而不是其代幣的價值。以太坊是大部分網路「Web3」願景的支柱，支援與去中心化金融、區塊鏈遊戲和其他加密原生開發相關的應用程式。

BlackRock's recent launch of its first tokenized fund on the Ethereum blockchain has sparked conversations about the platform's potential in the broader tokenization of real-world assets. According to 21Shares, a Swiss cryptocurrency manager, over $2 billion worth of traditional assets, including commodities and government securities, have been tokenized on various networks, with over 80% of these assets residing on the Ethereum blockchain.

貝萊德最近在以太坊區塊鏈上推出了首個代幣化基金，引發了有關該平台在更廣泛的現實世界資產代幣化方面潛力的討論。據瑞士加密貨幣管理公司21Shares 稱，價值超過20 億美元的傳統資產（包括商品和政府證券）已在各種網路上進行代幣化，其中超過80% 的資產駐留在以太坊區塊鏈上。

While Ether's performance has lagged behind Bitcoin in recent months, the Ethereum platform's technological advancements and potential applications in Web3 and real-world asset tokenization could provide long-term advantages. As the regulatory landscape evolves and the crypto market matures, the trajectory of Ether and its underlying blockchain remains uncertain but potentially promising.

雖然近幾個月來以太幣的表現落後於比特幣，但以太坊平台的技術進步以及在 Web3 和現實世界資產代幣化中的潛在應用可以提供長期優勢。隨著監管環境的發展和加密貨幣市場的成熟，以太坊及其底層區塊鏈的發展軌跡仍然不確定，但潛力巨大。