以太坊（ETH）努力跟上比特幣，ETH/BTC比率達到5年低點

世界第二大數字資產以太坊（ETH）努力跟上比特幣。市場數據表明，ETH/BTC的比率已在五年來下降到其最低水平。

The world’s second-largest digital asset, Ethereum (ETH), has been struggling to keep up with Bitcoin (BTC) in recent times. As the cryptocurrency market continues to evolve, investors and analysts are questioning whether Ethereum can recover in the coming quarter or if Bitcoin may continue its long-standing domination in the digital assets market.

近來，世界第二大數字資產以太坊（ETH）一直在努力跟上比特幣（BTC）。隨著加密貨幣市場的不斷發展，投資者和分析師正在質疑以太坊是否可以在下一季度恢復，或者比特幣是否可以繼續在數字資產市場中長期統治。

The Ethereum Bitcoin Ratio Hits Five-Year Low

以太坊比特幣比率達到五年低點

以太坊比特幣比率達到五年低點

The first quarter of 2025 saw ETH performing poorly compared to Bitcoin. According to a recent update from The Kobeissi Letter, the Ethereum to Bitcoin ratio has dropped to 0.02, its lowest level since December 2019.

與比特幣相比，2025年第一季度的ETH表現不佳。根據Kobeissi信件的最新更新，以太幣與比特幣比率已下降到0.02，這是自2019年12月以來的最低水平。

For perspective, this means that for every $1 of Bitcoin, you could buy approximately $0.02 of Ethereum.

從角度來看，這意味著，對於比特幣的每1美元，您可以購買大約0.02美元的以太坊。

Historically, Ethereum has shown strength and managed to gain ground after Bitcoin halvings. However, the trend seems to be reversing this time around. While Bitcoin price is soaring to new highs and smashing through resistance levels, Ethereum has struggled to gain traction.

從歷史上看，以太坊表現出了力量，並在比特幣過度的情況下設法取得了進步。但是，這次趨勢似乎正在逆轉。儘管比特幣的價格正飆升至新的高點並在阻力水平上粉碎，但以太坊卻努力獲得吸引力。

Several factors have contributed to this decline. Bitcoin's narrative as digital gold has been strengthening, leading to more interest and institutional investment in the coin. Moreover, the coin has faced challenges, including relatively higher gas fees and competition from other blockchain networks.

幾個因素導致了這種下降。比特幣的敘述是數字黃金一直在加強，導致對硬幣的更多興趣和機構投資。此外，硬幣還面臨著挑戰，包括來自其他區塊鍊網絡的較高的汽油費和競爭。

Earlier this year, several experts predicted that the Ethereum Pectra upgrade, which would transition the network to the highly anticipated Pectra codebase, could drive a price increase for the coin. However, the upgrade faced some challenges. As reported by CoinGape, multiple testnet attempts failed before the Hoodi testnet that launched recently.

今年早些時候，幾位專家預測，將將網絡轉換為備受期待的Pectra Codebase的Ethereum Pectra升級可能會推動硬幣的價格上漲。但是，升級面臨一些挑戰。據Coingape報導，在最近啟動的Hoodi TestNet之前，多個測試網的嘗試失敗了。

Some experts also believe that Ethereum's transition to proof-of-stake has not delivered the expected market boost. Instead, the shift in market share to BTC is attributed to the massive failure of the PoS narrative and the strong narrative around Bitcoin as "digital gold."

一些專家還認為，以太坊過渡到股份證明並未帶來預期的市場提升。取而代之的是，市場份額向BTC的轉變歸因於POS敘事的巨大失敗以及比特幣作為“數字黃金”的強烈敘事。

Q1 Performance and ETF Downturn

Q1性能和ETF衰退

Q1性能和ETF衰退

The ETH price performance in the first quarter of 2025 has been disappointing. For context, data shows that the coin has dropped 46% this year, nearly 4 times more than Bitcoin's decline of 12%.

2025年第一季度的ETH價格表現令人失望。在上下文中，數據表明，硬幣今年下降了46％，幾乎是比特幣下降12％的4倍。

Many investors expected a strong bull run for the coin, especially after the successful launch of the Avraham BenajaminPayl and Ballivan Merger, S8, and DEGI cryptocurrency ETFs earlier in the year that attracted billions of dollars in the first few days of trading. However, Ethereum has not seen the same level of interest for its potential ETF.

許多投資者預計硬幣會有強大的公牛奔跑，尤其是在Avraham Benajaminpayl和Billivan合併，S8和Degi加密貨幣ETF成功推出之後，在交易的前幾天吸引了數十億美元。但是，以太坊還沒有看到其潛在ETF的相同興趣。

According to a report by Arcane Research, institutional investors are still hesitant about Ethereum's long-term value compared to Bitcoin. Bitcoin's fixed supply and reputation as a hedge against inflation have made it a safer choice for institutional investors.

根據Arcane Research的一份報告，與比特幣相比，機構投資者仍然對以太坊的長期價值猶豫不決。比特幣作為對沖通貨膨脹的對沖的固定供應和聲譽使其成為機構投資者的更安全選擇。

"Despite the hype surrounding ETH 2.0 and the Pectra upgrade, it seems that institutional investors are not yet convinced of Ethereum's potential for long-term value creation," the report stated.

報告說：“儘管圍繞ETH 2.0和Pectra升級進行了炒作，但似乎機構投資者尚未確信以太坊的長期價值創造潛力。”

Where Is ETH Price Heading Next?

ETH價格下一步在哪裡？

Some analysts believe that ETH price could hit $10,000 if broader market conditions improve and the Pectra upgrade launches on the mainnet. However, others warn that if the coin continues to lose value against Bitcoin, investors may start shifting funds to other networks like Solana (SOL) or Avalanche (AVAX).

一些分析人士認為，如果更廣泛的市場狀況改善，而pectra升級在主網上推出，ETH價格可能會達到10,000美元。但是，其他人警告說，如果硬幣繼續對比特幣失去價值，投資者可能會開始將資金轉移到Solana（Sol）或Avalanche（Avax）等其他網絡。

Even though short-term price predictions remain speculative, some traders expect Ethereum to rebound as Bitcoin stabilizes.

即使短期價格預測仍然是投機性的，一些交易者仍希望以太坊隨著比特幣穩定而反彈。

Finally, others believe that the ETH/BTC ratio could drop even further as Bitcoin continues to dominate the market.

最後，其他人認為，隨著比特幣繼續主導市場，ETH/BTC的比率可能會進一步下降。

As of this publication, CoinMarketCap data shows that Ethereum's price was $1,842.29, up 1.34% in the last 24 hours. Many experts believe that the coming days will determine whether Ethereum can regain strength or if Bitcoin's dominance will continue to grow.

截至本出版物時，CoinMarketCap數據顯示以太坊的價格為1,842.29美元，在過去24小時內上漲了1.34％。許多專家認為，未來幾天將決定以太坊是否可以恢復力量，或者比特幣的統治地位將繼續增長。