比特幣飆升期間以太幣表現落後引發擔憂

儘管最近進行了技術升級，但以太坊（ETH）的表現仍落後於其主要對手比特幣（BTC）。儘管 ETH 今年迄今已上漲 53%，但仍低於 2021 年 11 月的峰值。機構對以太坊 ETF 缺乏需求，且其法律地位不明確（由於其質押機制，它可能被歸類為證券），進一步阻礙了其成長。

Ether's Lagging Performance Amidst Bitcoin's Bull Run Raises Concerns

比特幣牛市中以太幣表現落後引發擔憂

The cryptocurrency market has witnessed a significant surge in recent months, with Bitcoin (BTC) taking the lead. However, Ethereum (ETH), the second largest cryptocurrency by market capitalization, has struggled to keep pace, raising concerns among investors.

近幾個月來，加密貨幣市場大幅上漲，其中比特幣（BTC）處於領先地位。然而，市值第二大加密貨幣以太幣（ETH）卻難以跟上步伐，引發了投資者的擔憂。

As of March 2023, Bitcoin has outperformed Ether, with a gain of approximately 65% in the first three months of the year. In contrast, Ether has experienced a more modest increase of around 53% during the same period. Furthermore, Ether currently trades at around $3,612, remaining at least 26% below its all-time high of $4,867.60 reached in November 2021.

截至 2023 年 3 月，比特幣的表現優於以太幣，今年前三個月漲幅約 65%。相比之下，以太幣同期漲幅較為溫和，約 53%。此外，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 26%。

The recent technical upgrade to the Ethereum blockchain, known as the Dencun upgrade, which aimed to reduce transaction fees, failed to generate significant enthusiasm among investors. This contrasts with the anticipation surrounding Bitcoin's upcoming "halving" event, scheduled for next month, which is expected to slow the supply of the coin.

最近以太坊區塊鏈的技術升級（稱為 Dencun 升級）旨在降低交易費用，但未能引起投資者的極大熱情。這與預計下個月即將到來的比特幣「減半」事件形成鮮明對比，預計該事件將減緩比特幣的供應。

Analysts have attributed Ether's lackluster performance to several factors, including limited name recognition among non-crypto enthusiasts. Joseph Edwards, head of research at Enigma Securities, a London-based crypto firm, emphasized the persistent challenge of Ether's appeal beyond the crypto community.

分析師將以太幣表現不佳歸因於幾個因素，其中包括非加密貨幣愛好者的知名度有限。總部位於倫敦的加密貨幣公司 Enigma Securities 的研究主管 Joseph Edwards 強調了以太幣在加密貨幣社群之外的吸引力所面臨的持續挑戰。

"Ethereum is persistently dogged by its lack of name recognition among non-endemic investors," Edwards said. "There's a lot more economic activity on it compared to 2020... but it reaching all-time highs will likely come fairly late."

愛德華茲表示：“以太坊一直因其在非流行投資者中缺乏知名度而受到困擾。” “與 2020 年相比，今年的經濟活動要多得多……但達到歷史新高可能會相當晚。”

The approval of spot Ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has emerged as a potential catalyst for Ether's growth. The launch of several U.S. spot Bitcoin ETFs has been credited with driving institutional demand and propelling Bitcoin to record highs. Ether ETFs are awaiting similar approval, with VanEck's filing expected to receive a decision on May 23, 2023.

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）已成為以太幣成長的潛在催化劑。美國多個現貨比特幣 ETF 的推出被認為推動了機構需求並推動比特幣創下歷史新高。以太坊 ETF 正在等待類似的批准，VanEck 的文件預計將於 2023 年 5 月 23 日收到決定。

Standard Chartered Bank anticipates that the approval of U.S. Ether ETFs could boost its price to $8,000 by the end of 2024 and $14,000 by the end of 2025. However, not all experts share this optimism, citing concerns about the legal status of Ether.

渣打銀行預計，美國以太坊ETF 的批准可能會使其價格在2024 年底前升至8,000 美元，到2025 年底升至14,000 美元。然而，並非所有專家都持這種樂觀態度，理由是對以太坊法律地位的擔憂。

While the SEC has classified Bitcoin as a commodity, Ether's legal status remains ambiguous. Unlike Bitcoin, Ether operates on a "proof-of-stake" blockchain, which allows users to earn rewards for staking their tokens. This process has led to some speculation that Ether could be considered a security, which would subject it to stricter regulations.

儘管美國證券交易委員會已將比特幣歸類為商品，但以太幣的法律地位仍不清楚。與比特幣不同，以太幣在「權益證明」區塊鏈上運行，允許用戶透過抵押其代幣來獲得獎勵。這個過程引發了一些猜測，即以太幣可能被視為一種證券，這將使其受到更嚴格的監管。

Anders Helset, head of research at K33, a digital assets analytics firm, expressed skepticism about the SEC's approval of staked Ether ETFs.

數位資產分析公司 K33 的研究主管 Anders Helset 對 SEC 核准質押以太 ETF 表示懷疑。

"Getting the SEC on board to allow staked ether ETFs will be a very tough bargain and is, for now, extremely unlikely," Helset said.

Helset 表示：“讓 SEC 允許質押以太 ETF 將是一項非常艱難的交易，而且就目前而言，可能性極小。”

Institutional demand for Ether has also lagged behind that of Bitcoin. Digital asset funds tracking Ether have experienced outflows of $46.4 million in the month leading up to March 23, 2023, according to CoinShares data, while products tracking Bitcoin have seen inflows of over $4 billion.

機構對以太幣的需求也落後於比特幣。根據 CoinShares 的數據，截至 2023 年 3 月 23 日的一個月內，追蹤以太幣的數位資產基金流出了 4,640 萬美元，而追蹤比特幣的產品則流入了超過 40 億美元。

Despite the challenges, some market participants remain optimistic about Ether's long-term prospects. They emphasize the significance of Ethereum's technology, which serves as the foundation for many "Web3" decentralized applications, including decentralized finance and blockchain gaming.

儘管面臨挑戰，一些市場參與者仍然對以太坊的長期前景持樂觀態度。他們強調以太坊技術的重要性，該技術是許多「Web3」去中心化應用程式的基礎，包括去中心化金融和區塊鏈遊戲。

Last month, BlackRock unveiled its first tokenized fund on the Ethereum blockchain, sparking discussions 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 commodities and government securities have been tokenized on various networks, with 80% of those tokens being issued on the Ethereum blockchain.

上個月，貝萊德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 億美元的商品和政府證券已在各種網路上進行代幣化，其中 80% 的代幣是在以太坊區塊鏈上發行的。

As the cryptocurrency market continues to evolve, it remains to be seen whether Ether will be able to catch up to Bitcoin or if its unique characteristics will lead it down a different path.

隨著加密貨幣市場的不斷發展，以太坊是否能夠趕上比特幣，或者其獨特的特性是否會引導其走上不同的道路，還有待觀察。