以太幣的緩慢攀升落後於比特幣的快速崛起

儘管最近對其區塊鏈進行了技術升級，但加密貨幣以太幣仍然落後於比特幣。以太幣今年的成長速度慢於比特幣，仍低於歷史高點。儘管美國現貨以太坊 ETF 的批准可能會帶來提振，但由於以太坊在權益證明區塊鏈中的作用，其監管狀況仍然不確定。儘管機構需求低於比特幣，但以太坊的底層技術以太坊作為現實世界資產代幣化的潛在平台正在引起人們的注意。

The Stalled Ascension of Ether: Struggling to Keep Pace with Bitcoin's Meteoric Rise

以太幣的崛起停滯不前：努力跟上比特幣的快速崛起

Amidst the tumultuous cryptocurrency landscape, Ether, the second-largest cryptocurrency by market capitalization, has found itself overshadowed by its behemoth counterpart, Bitcoin. While Ether has exhibited a modest appreciation in value, its performance has lagged significantly behind Bitcoin's remarkable gains.

在動盪的加密貨幣格局中，市值第二大加密貨幣以太幣發現自己被其龐然大物比特幣所掩蓋。儘管以太幣的價值出現了小幅升值，但其表現卻遠遠落後於比特幣的顯著漲幅。

Diminished Returns

回報減少

In the first three months of 2023, Ether has registered an increase of approximately 53%, a figure that pales in comparison to Bitcoin's impressive 65% surge. Bitcoin's dominance in the cryptocurrency market remains unwavering, with Ether commanding a mere 20% of its colossal $2.7 trillion market capitalization.

在 2023 年前三個月，以太幣的漲幅約為 53%，這一數字與比特幣令人印象深刻的 65% 的飆升相比顯得相形見絀。比特幣在加密貨幣市場的主導地位仍然堅定不移，而以太幣僅佔其 2.7 兆美元市值的 20%。

Ether's Allure Wanes

以太幣的魅力減弱

Ether, the native token of the Ethereum blockchain, has failed to generate the same level of excitement as Bitcoin ahead of its upcoming "halving" event. Despite a recent upgrade to the Ethereum blockchain aimed at reducing transaction costs, Ether's price has remained subdued, currently hovering around $26% below its all-time high of $4,867.60, set in November 2021.

在即將到來的「減半」事件之前，以太坊區塊鏈的原生代幣以太幣未能像比特幣那樣引起人們的興奮。儘管最近對以太坊區塊鏈進行了旨在降低交易成本的升級，但以太坊的價格仍然低迷，目前徘徊在比 2021 年 11 月創下的歷史高點 4,867.60 美元低 26% 左右。

Institutional Hesitance

制度上的猶豫

The approval of spot Bitcoin ETFs (exchange-traded funds) in the United States has been a major catalyst for institutional investment in the cryptocurrency. However, Ether ETFs are still awaiting regulatory approval, with VanEck's filing facing a decision deadline of May 23. The absence of these ETFs has dampened institutional demand for Ether, contributing to its slower growth.

美國批准現貨比特幣 ETF（交易所交易基金）一直是機構投資加密貨幣的主要催化劑。然而，以太坊 ETF 仍在等待監管機構批准，VanEck 的申請面臨 5 月 23 日的決定截止日期。這些 ETF 的缺席抑制了機構對以太坊的需求，導致其成長放緩。

Regulatory Enigma

監理之謎

The legal status of Ether remains a subject of debate. While the SEC has classified Bitcoin as a commodity, it has yet to provide a definitive ruling on Ether. The ambiguity surrounding its regulatory status has made investors wary of investing in Ether-based ETFs.

以太幣的法律地位仍然是一個爭論的話題。儘管美國證券交易委員會已將比特幣歸類為商品，但尚未對以太坊做出明確裁決。其監管地位的模糊性使投資者對投資基於以太坊的 ETF 持謹慎態度。

Security versus Commodity

安全與商品

Unlike Bitcoin, Ether operates on a "proof-of-stake" blockchain, which allows users to earn yield by locking up their tokens for a specified period. This staking mechanism has raised concerns that Ether could be classified as a security, which would impose stricter disclosure requirements that run counter to the decentralized ethos of cryptocurrencies.

與比特幣不同，以太幣在「權益證明」區塊鏈上運行，它允許用戶透過在指定期限內鎖定其代幣來賺取收益。這種質押機制引起了人們的擔憂，即以太幣可能被歸類為證券，這將施加更嚴格的揭露要求，這與加密貨幣的去中心化精神背道而馳。

Diminished Institutional Interest

機構興趣減弱

Institutional demand for Ether has lagged behind that for Bitcoin. Data from CoinShares reveals that digital asset funds tracking Ether experienced outflows of $46.4 million in the month ending March 23, while products tracking Bitcoin saw inflows exceeding $4 billion.

機構對以太幣的需求落後於比特幣。 CoinShares 的數據顯示，截至 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超過 40 億美元。

Ethereum's Technological Significance

以太坊的技術意義

Despite the challenges facing Ether, the underlying Ethereum blockchain remains a significant player in the rapidly evolving Web3 landscape. Ethereum powers a wide range of decentralized applications, including decentralized finance (DeFi) and blockchain gaming. Its technological relevance has attracted interest from institutional investors, such as BlackRock, which recently launched a tokenized fund on the Ethereum blockchain.

儘管以太坊面臨挑戰，但底層的以太坊區塊鏈仍然是快速發展的 Web3 領域的重要參與者。以太坊為廣泛的去中心化應用提供支持，包括去中心化金融（DeFi）和區塊鏈遊戲。其技術相關性吸引了機構投資者的興趣，例如貝萊德最近在以太坊區塊鏈上推出了代幣化基金。

Tokenization of Real-World Assets

現實世界資產的代幣化

The Ethereum blockchain has also emerged as a major platform for the tokenization of real-world assets. Over $2 billion worth of commodities and government securities have been tokenized on the blockchain, with 80% of these assets residing on the Ethereum network.

以太坊區塊鏈也已成為現實世界資產代幣化的主要平台。價值超過 20 億美元的商品和政府證券已在區塊鏈上進行代幣化，其中 80% 的資產駐留在以太坊網路上。

Conclusion

結論

Ether's growth trajectory has been overshadowed by Bitcoin's stellar performance and the absence of regulatory clarity surrounding its status. While the Ethereum blockchain continues to gain traction in the Web3 realm and attract institutional interest, Ether's price has remained subdued relative to its larger counterpart. The upcoming approval decision on VanEck's spot Ether ETF remains a pivotal moment that could potentially propel Ether's value and narrow the gap with Bitcoin's dominance.

以太幣的成長軌跡被比特幣的出色表現和缺乏對其地位的監管明確性所掩蓋。雖然以太坊區塊鏈繼續在 Web3 領域獲得關注並吸引機構興趣，但以太坊的價格相對於其較大的同類產品仍然處於低迷狀態。 VanEck 現貨以太 ETF 即將獲得批准的決定仍然是一個關鍵時刻，可能會推動以太幣的價值並縮小與比特幣主導地位的差距。