以太坊（ETH）目睹了機構信心的激增，儘管市場逆風

儘管在市場逆風的海洋中導航，以太坊（ETH）仍在悄悄地目睹機構信心的激增。

Ethereum (ETH) has been navigating a turbulent sea of market headwinds, with its price action lagging behind and bearish predictions filling the air. However, beneath the surface, on-chain data tells a different story—one of quiet institutional confidence and persistent accumulation.

以太坊（ETH）一直在駕駛動蕩的市場逆風海，其價格行動落後，看跌預測充滿了空氣。但是，在表面下，鏈上的數據講述了一個不同的故事，這是安靜的機構信心和持續積累的一種故事。

As the cryptocurrency market continues to grapple with the fallout of FTX and the broader macroeconomic downturn, new data from Glassnode reveals a stark contrast between Ethereum’s price action and the behavior of institutional investors.

隨著加密貨幣市場繼續努力應對FTX的後果和更廣泛的宏觀經濟下滑，GlassNode的新數據揭示了以太坊的價格行動與機構投資者的行為之間存在鮮明的對比。

While the price of ETH has declined by nearly 30% over the past 30 days and its market dominance has fallen to 2020 levels, on-chain data shows that high-net-worth wallets are steadily accumulating the cryptocurrency.

儘管ETH的價格在過去30天中下跌了近30％，並且其市場優勢下降到2020年的水平，但鏈上數據表明，高淨值錢包正在穩步積累加密貨幣。

This divergence between price and institutional accumulation suggests that while short-term traders and retail investors are being driven by market volatility and bearish predictions, institutional participants are taking a longer-term view, recognizing Ethereum’s underlying potential.

價格和機構積累之間的這種差異表明，儘管短期交易者和散戶投資者受到市場波動和看跌預測的驅動，但機構參與者仍在長期觀察，認識到以太坊的潛在潛力。

Earlier this year, as BTC’s price surged to new all-time highs, several analysts highlighted the fact that this move was not being driven by institutional capital. Instead, they pointed to Layer 2 scaling solutions as a key strength of ETH, despite the fact that these solutions are not yet generating significant revenue.

今年早些時候，隨著BTC的價格飆升為新的歷史高潮，幾位分析師強調了這一舉動並非由機構資本驅動的事實。取而代之的是，儘管這些解決方案尚未產生可觀的收入，但他們將第2層擴展解決方案視為ETH的關鍵優勢。

These solutions, such as Optimism and Arbitrum, are essentially "a vital distribution network" that is expanding ETH's reach and building its ecosystem.

這些解決方案（例如樂觀和仲裁）本質上是一個“重要的分銷網絡”，它正在擴大ETH的影響力並建立其生態系統。

According to industry insiders, this will serve to attract more institutional capital and traditional financial players as adoption increases, ultimately solidifying ETH’s long-term position in the financial sector.

根據行業內部人士的說法，隨著採用率的增加，這將吸引更多的機構資本和傳統金融參與者，最終鞏固了ETH在金融領域的長期地位。

All eyes are now on the upcoming Pectra upgrade, which is expected to set the tone for ETH’s future trajectory.

現在，所有人的目光都注視著即將到來的Pectra升級，這將為ETH的未來軌跡定下基調。

This upgrade, which is still a few months away, is anticipated to introduce significant improvements to Ethereum’s scalability, security, and functionality, further enhancing its appeal to institutional investors.

預計該升級仍在幾個月之內，可以對以太坊的可擴展性，安全性和功能進行重大改進，從而進一步增強其對機構投資者的吸引力。

The Pectra upgrade represents a crucial milestone in Ethereum’s development roadmap, demonstrating its commitment to continuous improvement and innovation.

Pectra升級代表了以太坊開發路線圖的一個至關重要的里程碑，表明了其致力於持續改進和創新的承諾。

Despite this, the technical landscape of Ethereum’s price action presents a bleak picture, at least from the short-term perspective.

儘管如此，至少從短期的角度來看，以太坊價格行動的技術格局卻呈現出慘淡的圖片。

After reaching a high of $4,000 in August, the cryptocurrency’s price has since been battered, falling to $2,500 in a matter of months.

在八月達到4,000美元的高價後，加密貨幣的價格已被毆打，幾個月內下降到2500美元。

Furthermore, predictions from financial institutions have also been slashed, with Goldman Sachs (NYSE:GS) recently lowering its year-end price target to $150, highlighting the bleak outlook held by some industry giants.

此外，金融機構的預測也被削減了，高盛（NYSE：GS）最近將其年終目標目標降低到150美元，這突出了一些行業巨頭所擁有的黯淡展望。

However, despite the gloomy predictions and the market's pessimistic mood, the data from Glassnode suggests that a few bright spots remain.

然而，儘管有令人沮喪的預測和市場的悲觀情緒，但來自GlassNode的數據表明仍然存在一些亮點。

Among these is the fact that, despite the price decline, high-net-worth entities, defined as wallets holding 1,000 BTC or more, have been steadily accumulating.

其中，儘管價格下跌，但高淨值實體被定義為持有1,000 BTC或更多BTC的錢包，一直在穩步積累。

This behavior contrasts sharply with the actions of short-term traders and retail investors, who are being driven by market trends and volatility. In doing so, they are failing to see the bigger picture.

這種行為與短期交易者和散戶投資者的行動形成鮮明對比，他們受到市場趨勢和波動性的驅動。這樣一來，他們看不到更大的前景。

As such, while the short-term traders are exiting their positions and the price predictions are being slashed, the institutional participants appear to be taking a different approach.

因此，儘管短期交易者正在退出自己的頭寸並削減了價格預測，但機構參與者似乎正在採取不同的方法。

Recognizing the long-term potential of Ethereum, they are calmly and persistently accumulating the cryptocurrency, biding their time for eventual profit.

認識到以太坊的長期潛力，他們平靜而持續地積累了加密貨幣，以最終的利潤為數。

A comparison to the early days of tech giants like Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) might provide further perspective. Both companies faced periods of rapid growth and innovation, periods that were quickly followed by setbacks and adversity.

與亞馬遜（NASDAQ：AMZN）和Microsoft（NASDAQ：MSFT）等科技巨頭的早期進行比較，可能會提供進一步的觀點。兩家公司都面臨著快速增長和創新的時期，隨後又有挫折和逆境。

Despite these challenges, both tech giants ultimately managed to adjust their strategies and maintain their status as industry leaders, pivoting to new avenues of growth and scaling their operations to meet the evolving needs of the market.

儘管面臨這些挑戰，但兩個科技巨頭最終都設法調整了他們的策略並保持其作為行業領導者的地位，將新的增長途徑樞紐並擴大其業務範圍，以滿足市場不斷發展的需求。

In the same vein, Ethereum is currently in the midst of a crucial stage in its development, adjusting its strategy to focus on building a foundational layer of infrastructure.

同樣，以太坊目前正處於其發展的關鍵階段，調整了其專注於建立基礎設施基礎層的戰略。

Similar to how Amazon prioritized optimizing its logistics and cloud infrastructure before aiming for rapid revenue generation, Ethereum has been diligently developing its foundational tier, establishing itself as a reliable settlement layer in the blockchain space.

類似於亞馬遜在目標生成快速收入之前優化其物流和雲基礎架構的優先級優先級，以太坊一直在努力開發其基本層，並將自己確立為區塊鏈空間中可靠的結算層。

This strategy has attracted a swarm of developers, businesses, and institutions seeking a robust and secure platform on which to build decentralized applications (dapps).

該策略吸引了一群開發人員，企業和機構，他們尋求一個堅固且安全的平台來構建分散應用程序（DAPPS）。

While Layer 2 scaling solutions, such as Optimism and Arbitrum, have yet to generate significant revenue, they serve as a vital distribution network, expanding Ethereum’s reach and building its ecosystem.

雖然第2層縮放解決方案（例如樂觀和仲裁）尚未產生可觀的收入，但它們是一個重要的分銷網絡，擴大了以太坊的覆蓋範圍並建立了其生態系統。

As adoption increases, these innovations will serve to attract more institutional capital and traditional financial players, ultimately solidifying Ethereum’s long-term position in the financial sector.

隨著採用率的增加，這些創新將有助於吸引更多的機構資本和傳統財務參與者，最終鞏固了以太坊在金融領域的長期地位。