以太坊的表現持續落後於比特幣

今天，以太坊原生 ETH 代幣兌 BTC 進一步下滑，創下 0.0365 的低點，抹去了自 2021 年 4 月以來兌比特幣的所有漲幅。

Ethereum (ETH) continues to struggle against Bitcoin (BTC) as the second-largest digital asset by market cap hit new lows against the top cryptocurrency.

以太坊（ETH）繼續與比特幣（BTC）作鬥爭，因為按市值計算的第二大數位資產相對於頂級加密貨幣觸及新低。

Ethereum Loses Steam Against Bitcoin

以太坊對比特幣失去動力

以太坊對比特幣失去動力

Data from Coinglass shows that ETH slid further against BTC on Monday, hitting a low of 0.0365 and erasing all its gains against Bitcoin since April 2021. This multi-year low is bound to dampen the expectations of ETH permabulls.

Coinglass 的數據顯示， ETH 兌 BTC 週一進一步下滑，觸及 0.0365 的低點，抹去了自 2021 年 4 月以來兌比特幣的所有漲幅。

At one point, ETH reached a local high of 0.0865 BTC. However, since then, the smart contract token has been on a continuous downward trajectory, declining by almost 58% against the premier digital asset.

ETH一度達到0.0865 BTC的局部高點。然而，從那時起，智能合約代幣一直處於持續下跌的軌道，相對於主要數位資產下跌了近 58%。

Notably, the last monthly green candle that ETH posted against BTC was in May 2024. It is highly likely that by the end of October, ETH will have posted five consecutive monthly red candles against Bitcoin.

值得注意的是，ETH 對 BTC 的最後一次月度綠色蠟燭是在 2024 年 5 月。

On a year-to-date (YTD) basis, ETH is down by over 30% against BTC. Interestingly, within the last three months, the ETH/BTC trading pair has declined by over 22%, indicating that major losses against BTC are more recent.

從年初至今 (YTD) 來看，ETH 相對於 BTC 下跌了 30% 以上。有趣的是，在過去三個月內，ETH/BTC 交易對下跌了 22% 以上，這表明 BTC 的重大損失是最近發生的。

While various factors could be blamed for ETH’s lackluster price performance, a major reason is the rapidly increasing competition from rival smart contract blockchains such as Solana (SOL).

雖然 ETH 價格表現不佳的原因有很多，但主要原因是來自 Solana (SOL) 等競爭對手智能合約區塊鏈的競爭迅速加劇。

The chart below shows that SOL has been on an upward trajectory against ETH after a brief consolidation in June 2024. On a YTD basis, SOL has recorded almost 60% gains against ETH. At the time of writing, the SOL/ETH ratio is trading close to a new all-time high (ATH) at 0.069.

下圖顯示，在 2024 年 6 月短暫盤整後，SOL 兌 ETH 一直處於上升軌道。截至撰寫本文時，SOL/ETH 比率接近 0.069 的歷史新高 (ATH)。

What Is Holding ETH Back?

是什麼阻礙了 ETH 的發展？

是什麼阻礙了 ETH 的發展？

Although Ethereum adoption continues to grow – boosted by the recent Ethereum exchange-traded fund (ETF) approval by the US Securities and Exchange Commission (SEC) – the effects are not entirely reflected in the price action of the native ETH token.

儘管在美國證券交易委員會 (SEC) 最近批准以太坊交易所交易基金 (ETF) 的推動下，以太坊的採用率持續增長，但其影響並未完全反映在原生 ETH 代幣的價格走勢中。

A recent report found that more than 34 million ETH – close to 30% of its supply – is currently staked. Despite the lower circulating supply as a result of staking, ETH’s price continues to perform poorly against other digital assets.

最近的一份報告發現，目前有超過 3,400 萬枚 ETH（接近其供應量的 30%）被質押。儘管由於質押導致流通量下降，但 ETH 的價格相對於其他數位資產仍然表現不佳。

In addition, the extraordinary growth witnessed by Ethereum layer-2 (L2) solutions such as Optimism, Arbitrum, and Base, has taken the attention away from the smart contract platform. In August, Justin Bons, founder of Cyber Capital said “Ethereum is dying while L2’s dance on its grave.”

此外，Optimism、Arbitrum 和 Base 等以太坊第 2 層 (L2) 解決方案見證了非凡的成長，吸引了人們對智慧合約平台的關注。 8 月，Cyber​​ Capital 創始人賈斯汀·邦斯 (Justin Bons) 表示，“以太坊正在消亡，而 L2 則在墳墓上起舞。”

Despite the growing pessimism toward its price action, ETH whales remain unfazed as they continue to scoop more tokens to benefit from potential future price appreciation. Recent analysis found that Ethereum whales now control about 43% of ETH’s entire supply.

儘管人們對其價格走勢越來越悲觀，但 ETH 鯨魚仍然不為所動，因為他們繼續挖取更多代幣，從未來潛在的價格升值中受益。最近的分析發現，以太坊鯨魚目前控制著 ETH 總供應量的 43% 左右。

Similarly, earlier this month, asset manager BlackRock was found to be selling its BTC holdings for ETH, suggesting the firm’s bullish outlook on the token. At press time, ETH trades at $2,532, up 0.2% in the past 24 hours.

同樣，本月早些時候，資產管理公司貝萊德被發現正在出售其持有的 BTC 來換取 ETH，這表明該公司對該代幣的看漲前景。截至發稿，ETH 交易價格為 2,532 美元，過去 24 小時上漲 0.2%。