以太坊（ETH）價格表現不佳（BTC），加密分析師發現

加密貨幣市場在其兩個最大資產比特幣（BTC）和以太坊（ETH）之間見證了表現的分歧。

Cryptocurrency markets have seen contrasting performances between its two largest assets, Bitcoin (BTC) and Ethereum (ETH), in recent times. While Bitcoin has shown signs of recovery, gaining 3.8% over the past two weeks and reclaiming the $85,000 price level, Ethereum has struggled to keep up.

近期，加密貨幣市場的兩個最大資產（BTC）和以太坊（ETH）之間的表現形成了鮮明的對比。儘管比特幣表現出恢復的跡象，在過去的兩周中佔3.8％並收回了85,000美元的價格水平，但以太坊一直在努力跟上。

ETH remains below the $2,000 mark, a level it fell below last week, currently trading just above $1,900. The disparity in performance between Bitcoin and Ethereum has drawn attention from analysts, particularly regarding Ethereum’s declining strength against Bitcoin in the derivatives market.

ETH仍低於2,000美元的標準，這一水平低於上週，目前交易略高於1,900美元。比特幣和以太坊之間的性能差異引起了分析師的關注，特別是關於以太坊在衍生品市場中對比特幣的強度下降。

> Related Reading: Ethereum Price Consolidates and Eyes Recovery—Is a Bounce Incoming?

>相關閱讀：以太坊價格鞏固和眼睛恢復 - 是彈跳嗎？

Ethereum’s Decline Against Bitcoin: Key Market Trends

以太坊對比特幣的下降：關鍵市場趨勢

CryptoQuant analyst SunflowrQuant recently examined the ETH/BTC market trends, highlighting that Ethereum has been weakening against Bitcoin over the past two years, reflecting a decrease in investor confidence and reduced speculative interest in ETH derivatives.

加密分析師Sunflowrquant最近研究了ETH/BTC市場趨勢，強調以太坊在過去兩年中一直在削弱對比特幣的削弱，這反映了投資者的信心下降和對Eth衍生物的投機興趣的降低。

During the 2021-2022 period, Ethereum outperformed Bitcoin, signaling strong market interest and increasing activity in Ethereum-based derivatives at the time. However, since then, the ETH/BTC ratio and open interest have both declined, suggesting that Ethereum has been losing ground against Bitcoin in terms of market dominance.

在2021 - 2022年期間，以太坊的表現優於比特幣，這表明了當時的以太元素基於以太坊的衍生品的濃厚市場興趣和活動的增加。但是，從那時起，ETH/BTC的比率和開放利益都下降了，這表明以太坊在市場優勢方面一直對比特幣失去立場。

By March 2025, the open interest ratio of ETH futures had fallen to 0.15, while the ETH/BTC price ratio dropped to 0.02. This indicates that the bearish sentiment around Ethereum continues to dominate the market, as traders shift their focus toward Bitcoin.

到2025年3月，ETH期貨的開放利息比下降到0.15，而ETH/BTC的價格比下降到0.02。這表明，隨著交易者將注意力轉移到比特幣時，以太坊周圍的看跌情緒繼續佔據主導地位。

The declining open interest in Ethereum perpetual futures contracts further reinforces the idea that traders are showing less speculative interest in ETH compared to BTC.

以太坊永久期貨合約的開放興趣下降進一步加強了與BTC相比，交易者在ETH中表現出更少的投機興趣的觀念。

What This Means for ETH’s Future

這對ETH的未來意味著什麼

Despite ETH’s underperformance, SunflowrQuant suggests that its current weakness may also reflect broader market fear and uncertainty. The analyst points out that crypto markets are often driven by emotions, and when sentiment reaches an extreme low, a rapid recovery could follow.

儘管ETH表現不佳，但Sunflowrquant認為其目前的弱點也可能反映出更廣泛的市場恐懼和不確定性。分析師指出，加密貨幣市場通常是由情緒驅動的，當情緒達到極端低時，可能會迅速恢復。

Such low-liquidity conditions may lead to unexpected price movements, creating opportunities for ETH to regain strength in the ETH/BTC ratio. Historically, market downturns have been followed by periods of strong recovery, and Ethereum’s fundamentals remain intact. The analyst wrote:

這種低流動性的條件可能會導致意外的價格變動，從而為ETH創造了ETH/BTC比率增強力量的機會。從歷史上看，市場衰退之後是恢復強勁的時期，以太坊的基本面仍然完好無損。分析師寫道：

Emotional fluctuations and market fear could lead investors to act more cautiously and strategically. We may be at the foundations of new beginnings for Ethereum; just like in previous cycles, after tough times, a strong rebound may occur, reaching new highs.

情緒波動和市場恐懼可能會導致投資者採取更加謹慎和戰略性的行動。我們可能是以太坊的新起點的基礎。就像以前的周期一樣，經過艱難的時期，可能會發生強大的反彈，達到新的高點。

If investor confidence returns, ETH could potentially reverse its trend, similar to how it performed against Bitcoin in 2021-2022. However, this will likely depend on broader market dynamics, including institutional adoption, ETH’s network upgrades, and Bitcoin’s price stability. SunflowrQuant concluded:

如果投資者的信心回報，ETH可能會扭轉其趨勢，類似於它在2021 - 2022年對比特幣的表現。但是，這可能取決於更廣泛的市場動態，包括機構採用，ETH的網絡升級和比特幣的價格穩定性。向日葵得出結論：

Looking at the price fluctuations in Ethereum, now could be the perfect time to be part of this transformative process. We are at the bottom of potential new beginnings and opportunities for ETH.

看看以太坊的價格波動，現在可能是成為這種變革過程的一部分的最佳時機。我們處於潛在的新起點和ETH機會的底部。

Featured image created with DALL=E, Chart from TradingView

使用dall = e創建的特徵圖像，來自TradingView的圖表