被虛擬資產界稱為「白銀」的以太坊持續低迷

當天早些時候，比特幣上漲至 94,977 美元，再次刷新歷史新高。然而，以太坊與比特幣的比率達到了四年來的最低水準。

Ethereum (ETH), the world's second-largest cryptocurrency by market capitalization and known in the virtual asset world as "silver," continues to trade in the red.

以太坊（ETH）是全球市值第二大的加密貨幣，在虛擬資產世界中被稱為“白銀”，其交易繼續出現虧損。

Earlier in the day, Bitcoin (BTC) rose to $94,977, once again notching a new all-time high.

當天早些時候，比特幣（BTC）上漲至 94,977 美元，再次創下歷史新高。

However, the ETH/BTC price ratio hit its lowest level in about four years.

然而，ETH/BTC 價格比率觸及約四年來的最低水準。

This is because ETH continues to be sluggish compared to Bitcoin's remarkable rise.

這是因為與比特幣的顯著上漲相比，ETH 持續低迷。

The poor performance in spot exchange-traded funds (ETFs) and the intensifying competition with late-stage layer 1 blockchains are cited as the reasons.

原因是現貨交易所交易基金（ETF）表現不佳以及與後期第一層區塊鏈的競爭加劇。

According to Binance, a global exchange, on the 21st, the ETH/BTC price ratio, was 0.0326 as of 10:30 a.m. that day.

根據全球交易所幣安21日數據，截至當日上午10點30分，ETH/BTC比價為0.0326。

This means that the price of Ethereum per unit is only 3.26% of the price of Bitcoin.

這意味著以太坊每單位價格僅為比特幣價格的3.26%。

This is the lowest since March 31, 2021.

這是自2021年3月31日以來的最低水準。

At the beginning of this year, ETH was 5.39% of the price of Bitcoin, but this rate has decreased throughout this year.

今年年初，ETH 的價格是比特幣價格的 5.39%，但這一比例今年以來一直在下降。

Bitcoin is up about 124% this year, while Ethereum is up only 35%.

比特幣今年上漲了約 124%，而以太幣僅上漲了 35%。

Ethereum has not been able to keep up with the rise in Bitcoin's price.

以太坊未能跟上比特幣價格的上漲。

Investors' turn away from Ethereum is also clear in the flow of ETF funds in kind.

投資人對以太坊的厭惡也從實體 ETF 資金的流向中可見一斑。

Bitcoin continued its good trend this week with a net inflow of more than $1.231.2 billion, but Ethereum had a net outflow of $167.4 million.

比特幣本周延續良好走勢，淨流入超過12.312億美元，但以太坊淨流出1.674億美元。

Moreover, Ethereum has seen net outflows for five consecutive trading days since the 14th.

而且，以太坊自14日以來已連續5個交易日出現淨流出。

The total funds flowing in since the launch of the Ethereum ETF are also only $11.3 million.

自以太坊ETF推出以來流入的資金總額也僅1,130萬美元。

It is incomparable to Bitcoin, which has a net inflow of $28.69 billion.

與淨流入286.9億美元的比特幣無法比擬。

"It took a while for traditional financial investors to integrate Bitcoin ETFs into their portfolios. On the other hand, Ethereum did not have enough time and did not seem to attract much attention," said Hunter Horsley, CEO of Bitwise.

「傳統金融投資者花了一段時間才將比特幣 ETF 納入他們的投資組合。另一方面，以太坊沒有足夠的時間，似乎沒有引起太多關注，」Bitwise 執行長 Hunter Horsley 表示。

Another reason for Ethereum's sluggish performance is that it has not shown a clear advantage in competition with late-stage layer 1 blockchains, such as Solana (SOL) and Sui (SUI).

以太坊表現低迷的另一個原因是它在與Solana（SOL）和Sui（SUI）等後期Layer 1區塊鏈的競爭中沒有表現出明顯的優勢。

Solana, which is dubbed the "Etherium Killer," recently received more than $11.84 million a day in commission income from the blockchain due to the popularity of meme coins.

被稱為「以太坊殺手」的 Solana 最近因 meme 幣的流行而每天從區塊鏈獲得超過 1184 萬美元的佣金收入。

This is because Solana's meme coin launch platform, "Pumpfun," has attracted many users as anyone can easily and cheaply produce and trade meme coins.

這是因為 Solana 的 meme 幣發行平台「Pumpfun」吸引了許多用戶，因為任何人都可以輕鬆、廉價地生產和交易 meme 幣。

Another reason for Ethereum's sluggishness is that Sui, Sei, and Aptos, who use the programming language "Move," which is easier than Ethereum's programming language "Solidity" and shows great advantages in network speed, are gaining popularity.

以太坊不景氣的另一個原因是Sui、Sei和Aptos使用的程式語言「Move」比以太坊的程式語言「Solidity」更容易，並且在網路速度上表現出巨大優勢，因此越來越受歡迎。

In the blockchain market, competition to attract a pool of insufficient developer manpower is fierce, and the expandability and speed of the Move language are gaining popularity among developers.

在區塊鏈市場中，吸引開發者人力不足的競爭非常激烈，Move語言的可擴展性和速度也越來越受到開發者的歡迎。

According to analysts, its attractiveness as a decentralized finance (DeFi) platform is also declining.

分析師表示，其作為去中心化金融（DeFi）平台的吸引力也在下降。

DeFiRama data shows that 18.59 million ETH were deposited on the Ethereum network, which is up 39.45% from 13.33 million at the beginning of the year.

DeFiRama數據顯示，以太坊網路上存入了1859萬枚ETH，較年初的1333萬枚增長了39.45%。

It is a disappointing achievement compared to Solana's 146.70% increase from 14.28 million to 35.23 million.

與 Solana 從 1428 萬增長到 3523 萬 146.70% 的成績相比，這是一個令人失望的成績。

The assets deposited in each blockchain represent the activity and stability of that chain.

每個區塊鏈中存放的資產代表了該鏈的活躍度和穩定性。