儘管出現了新的 ATH，以太坊 (ETH) 的表現仍遜於比特幣 (BTC)，引發了對其相對強度的質疑

隨著比特幣 (BTC) 今天創下歷史新高 (ATH) 98,310 美元，ETH/BTC 交易對跌至多年低點，引發質疑

Bitcoin (BTC) hit a new all-time high (ATH) of $98,310 on Monday, while the ETH/BTC trading pair fell to multi-year lows.

比特幣 (BTC) 週一觸及 98,310 美元的歷史新高 (ATH)，而 ETH/BTC 交易對跌至多年低點。

What Happened: BTC’s new ATH brings it closer to the much-anticipated $100,000 level. However, BTC’s sustained dominance has led to the underperformance of altcoins, including Ethereum, throughout the year.

發生了什麼：BTC 的新 ATH 使其更接近備受期待的 100,000 美元水平。然而，BTC 的持續主導地位導致包括以太坊在內的山寨幣全年表現不佳。

A glance at the weekly chart shows that the ETH/BTC trading pair dropped to a multi-year low of 0.0331 — a level last seen in March 2021. The pair failed to form a new higher high since December 2021, reflecting a decline of over 60%.

週線圖顯示，ETH/BTC 交易對跌至多年低點 0.0331，上次出現該水準是在 2021 年 3 月。該貨幣對未能形成 2021 年 12 月以來的新高，反映出跌幅超過60%。

The pair’s losses accelerated from July 2024, coinciding with BTC’s price surge, which was driven by rising optimism over pro-crypto Republican candidate Donald Trump’s prospects in the U.S. presidential election.

自 2024 年 7 月起，該貨幣對的損失加速，恰逢 BTC 價格飆升，這是由於人們對支持加密貨幣的共和黨候選人唐納德·川普在美國總統大選中的前景日益樂觀所推動。

Institutional preference for BTC over other cryptocurrencies was also evident in the success of Bitcoin exchange-traded funds (ETFs). At present, BTC ETFs hold more than $100 billion in total net assets.

比特幣交易所交易基金（ETF）的成功也反映了機構對比特幣相對於其他加密貨幣的偏好。目前，BTC ETF持有的總淨資產超過1,000億美元。

While Ethereum ETFs also received regulatory approval, they didn’t match the success of their Bitcoin counterparts. For instance, US-based spot Ethereum ETFs have only managed to accumulate $8.96 billion in total net assets so far.

雖然以太坊 ETF 也獲得了監管部門的批准，但它們的成功程度無法與比特幣 ETF 相提並論。例如，美國現貨以太幣ETF迄今僅累積了89.6億美元的總淨資產。

Other factors, such as Bitcoin’s halving in April — which slashed miner rewards from 6.250 BTC to 3.125 BTC — further reinforced the digital asset’s supply scarcity narrative. In contrast, Ethereum’s rising issuance rate has led some experts to question its “ultrasound money” status.

其他因素，例如 4 月比特幣減半——礦工獎勵從 6.250 BTC 大幅削減至 3.125 BTC——進一步強化了數位資產供應稀缺的說法。相比之下，以太幣不斷上升的發行率讓一些專家質疑其「超音波貨幣」地位。

See More: Best Crypto ETFs

查看更多：最佳加密貨幣 ETF

Relative Strength, Weak Institutions: Several factors contributed to ETH’s relative underperformance against BTC in 2024.

相對強弱、機構薄弱：有幾個因素導致 2024 年 ETH 相對於 BTC 的表現相對較差。

Institutions, such as hedge funds and family offices, played a crucial role in driving BTC’s price to new highs. These institutions largely favored BTC due to its scarcity, liquidity and regulatory clarity compared to other cryptocurrencies.

對沖基金和家族辦公室等機構在推動比特幣價格創新高的過程中發揮了至關重要的作用。這些機構在很大程度上青睞比特幣，因為與其他加密貨幣相比，比特幣具有稀缺性、流動性和監管明確性。

On the other hand, Ethereum faced challenges in attracting institutional capital, especially during the bear market that followed the collapse of FTX. This was partly due to the regulatory uncertainty surrounding ETH, which is considered a security by some authorities.

另一方面，以太坊在吸引機構資本方面面臨挑戰，尤其是在 FTX 崩盤後的熊市期間。這在一定程度上是由於 ETH 的監管不確定性，一些當局認為 ETH 是一種證券。

Moreover, ETH’s high volatility and the lack of a clear narrative for its price movements made it less appealing to institutions that prefer more stable and predictable assets.

此外，ETH 的高波動性以及對其價格走勢缺乏明確的敘述，使其對於偏好更穩定和可預測資產的機構的吸引力降低。

Despite ETH’s relative underperformance, several analysts remained optimistic about its prospects, especially in the lead-up to the Shanghai upgrade, which is expected to unlock staked ETH.

儘管 ETH 的表現相對較差，但一些分析師仍對其前景持樂觀態度，尤其是在上海昇級之前，預計該升級將釋放質押的 ETH。

According to crypto analyst @CryptoGemRnld, the ETH/BTC chart showed two strong support levels — a trendline support and a demand box zone, which acted as a "double bottom."

根據加密貨幣分析師@CryptoGemRnld的說法，ETH/BTC圖表顯示了兩個強大的支撐位——趨勢線支撐和需求箱區域，充當「雙底」。

"Since 2017, we have historically bounced from these levels, often leading into altcoin seasons," the analyst said.

這位分析師表示：“自 2017 年以來，我們一直從這些水平反彈，通常會進入山寨幣季節。”

Seasoned trader Peter Brandt also suggested that the ETH/BTC ratio may be nearing its bottom.

經驗豐富的交易員 Peter Brandt 也表示，ETH/BTC 比率可能已接近底部。

"This ratio has been ignored by almost everyone, yet it may be signaling the last stage of bear market for ETH/BTC, with a possible bottom in December and the ratio beginning to move up," Brandt said.

Brandt 表示：“這個比率幾乎被所有人忽視，但它可能預示著 ETH/BTC 熊市的最後階段，可能在 12 月觸底，比率開始上升。”

Recent data indicated that ETH may be undervalued at current prices. Limited inflow of ETH to exchanges, coupled with a lack of significant profit-taking, suggested that ETH bulls were holding out for further gains.

最近的數據表明，以當前價格計算，ETH 的價值可能被低估。 ETH 流入交易所的資金有限，加上缺乏大量獲利回吐，顯示 ETH 多頭正在等待進一步上漲。

Additionally, spot ETH ETFs saw strong inflows, attracting over $515 million between November 9 and November 15. At press time, ETH traded at $3,333, up 7.4% in the past 24 hours.

此外，現貨 ETH ETF 資金流入強勁，11 月 9 日至 15 日期間吸引了超過 5.15 億美元。