與比特幣相比，以太坊的表現已降至五年來的最低水平，強調了Ether的掙扎

與比特幣相比，以太坊的表現已降至五年來的最低水平，強調了Ether的掙扎。

Ethereum’s performance compared to Bitcoin has fallen to the lowest level in five years, highlighting Ether’s struggles in the first quarter.

與比特幣相比，以太坊的表現已在五年來下降到最低水平，這突出了以太幣在第一季度的掙扎。

According to Glassnode data, the ETH/BTC ratio is now at 0.02191 after ETH dropped 39% against BTC.

根據玻璃節數據，ETH/BTC比率現在為0.02191，因為ETH降低了39％的BTC。

This marks the first time that an altcoin will underperform the flagship coin in a post-halving year. It also raises more questions about Ether, which is down 45.98% in this first quarter and has its worst Q1 performance since 2018, when it recorded 46.61% decline.

這標誌著Altcoin首次在稍作稍作一年的旗艦硬幣中表現不佳。它還提出了有關以太的更多疑問，以太幣在第一季度下降了45.98％，自2018年以來的第一季度表現最差，當時其下降了46.61％。

ETH and BTC have struggled throughout 2025

ETH和BTC在2025年都在掙扎

The bad quarterly performance for ETH captures just how bad a year it has been, given that this period is historically the best for the asset. Per Coinglass data, ETH has seen an average gain of 77% throughout its Q1s.

鑑於這一時期在歷史上是資產最好的，ETH的季度表現不佳，這是一年的糟糕。根據Coinglass數據，ETH在其Q1中平均增益為77％。

Even worse, the ETH ETFs have also had 17 days of consecutive outflows, which only ended on Friday, March 27.

更糟糕的是，ETH ETF也有17天的連續流出，直到3月27日星期五結束。

Interestingly, Bitcoin has also struggled this year and is set to finish 2025 Q1 with its worst first-quarter performance since 2018 after falling to $82,000. The flagship asset, which had risen to $88,000 in its rebound a few days ago, is now retreating into the lower $80,000 range.

有趣的是，比特幣也在今年掙扎，並將在跌至82,000美元後自2018年以來最糟糕的第一季度表現完成2025 Q1。幾天前，旗艦資產的籃板已上漲至88,000美元，現在正在撤退到較低的80,000美元範圍。

According to data from Coinglass, BTC is on track to finish the quarter with a 12.18% decline. This would be the worst Q1 performance for BTC since 2018 when it recorded 49.7% drop in value.

根據Coinglass的數據，BTC可以以12.18％的下降為準。這將是自2018年以來BTC的最差第一季度表現，當時其價值下降了49.7％。

Q1 is generally a good time for BTC, especially in the past decade. Since 2013, BTC has seen an average of 51% gain, with three positive Q1s in the last five years, making it his second-best period in a year.

Q1通常是BTC的好時機，尤其是在過去十年中。自2013年以來，BTC的平均增長了51％，過去五年中有3個正Q1，這是他一年中第二好的時期。

BTC’s struggles in the last two months contrast with his positive momentum at the start of the year. The earlier optimism fueled his rise to $108,000, but now, it seems like a thing of the past since Donald Trump was sworn in and trade wars began.

在過去兩個月中，BTC的掙扎與他在年初的積極勢頭形成鮮明對比。較早的樂觀情緒使他上升至108,000美元，但現在，自從唐納德·特朗普（Donald Trump）發誓並開始貿易戰以來，似乎已經過去了。

However, other factors have also affected BTC performance. These include the decline in institutional interest as evidenced in the spot Bitcoin exchange-traded funds (ETFs) flow this year. The longest inflow streak into Bitcoin ETFs this year is ten days, and it recently ended on Friday, March 28, with overall flow being just around $1 billion.

但是，其他因素也影響了BTC的性能。這些包括在今年的現貨比特幣交易所交易基金（ETF）流量中證明的機構利益的下降。今年進入比特幣ETF的最長流入紀錄是十天，最近在3月28日星期五結束，總體流量僅為10億美元。

What will Q2 bring?

第二季度會帶來什麼？

Meanwhile, it is not certain whether Q2 will bring much-needed reprieve to BTC and the crypto industry. However, some market experts are optimistic about what is coming next. This includes 21st Capital co-founder Sina G, who believes the bull market has not ended and the current phase is undervalued-neutral territory.

同時，不確定第2季度是否會給BTC和加密貨幣行業帶來急需的緩刑。但是，一些市場專家對接下來會發生的事情感到樂觀。這包括第21 Capital聯合創始人Sina G，他認為牛市尚未結束，當前階段被低估了不及格的領土。

In his opinion, there will soon be a de-escalation of the trade wars that are causing market uncertainties and leading to a crash in the crypto market. Once that happens, the market can expect price reversals.

他認為，貿易戰將很快降低，這會導致市場不確定性並導致加密貨幣市場崩潰。一旦發生這種情況，市場就會期望價格逆轉。

“Within a quarter or less, uncertainty around tariffs and government spending cuts will likely be resolved. Focus will then shift to tax cuts, deregulation, and rate cuts.”

“在四分之一或更少的時間內，可能會解決關稅和政府支出削減的不確定性。然後將重點轉移到減稅，放鬆管制和減稅上。”

Others also hold this view, including crypto podcaster Colin Talks Crypto, who predicted that Bitcoin could start his next major blast-off by April 30. According to CryptoQuant data, experienced market participants appear to believe this.

其他人也持這種觀點，包括加密雜貨店Colin Talk Crypto，他預測比特幣可以在4月30日之前開始他的下一個重大爆炸。根據加密數據，經驗豐富的市場參與者似乎相信這一點。

CryptoQuant analyst Axel Adler Jr. noted that experienced players are now accumulating and holding BTC. These were the same traders who were selling at the top before, and their change in strategy is a signal that they do not consider the current price range good for profit-taking.

加密分析師Axel Adler Jr.指出，經驗豐富的球員現在正在積累和持有BTC。這些是以前在高層出售的交易者，他們的戰略變化表明他們認為當前的價格範圍不適合獲利。

“The transition of experienced players into a holding (accumulation) phase signals the potential for further BTC growth in the medium term.”

“經驗豐富的參與者向持有（積累）階段的過渡表明了中期BTC增長的潛力。”

Traders have also started moving BTC off exchanges, with over 30,000 BTC withdrawn in the past week, according to Santiment. These signals, combined with historical data showing that Bitcoin and Ethereum usually have a positive performance in Q2, have contributed to the renewed optimism for the next three months.

據Santiment稱，交易者還開始將BTC撤離交流，過去一周撤出了30,000多個BTC。這些信號與歷史數據相結合，表明比特幣和以太坊通常在第二季度具有積極的性能，這在接下來的三個月中對新的樂觀情緒有所促進。

Nevertheless, things could get choppy for the crypto market in early April. President Trump is set to announce a new set of reciprocal tariffs on April 2, and the US inflation data will be released on April 10.

然而，4月初的加密貨幣市場可能會變得波動。特朗普總統將於4月2日宣布一系列新的相互關稅，美國通貨膨脹數據將於4月10日發布。