以太坊的掙扎：五年低點

在加密貨幣市場的急劇轉變中，ETH與BTC的比率已降至0.02193的五年低點，這表明以太幣的表現不佳

In a dramatic shift within the cryptocurrency market, the ratio of ETH to BTC has dropped to a five-year low of 0.02193.

在加密貨幣市場的急劇轉變中，ETH與BTC的比率已下降到0.02193的五年低點。

This drop represents a 39% decrease in Ether’s value compared to Bitcoin over the course of 2025—a year that, until this point, many had thought would be a bull market for Ethereum. This is the first time in the 12 months following a Bitcoin reward halving that Ether has not managed to outperform Bitcoin. Historically, Bitcoin halving events have been associated with significant price increases for both assets, yet this time, Ethereum has lagged behind.

與比特幣相比，在2025年中，以太幣的價值下降了39％，這是一年，直到這一點，許多人一直認為這是以太坊的牛市。這是比特幣獎勵減半的12個月中第一次，以太幣尚未超越比特幣。從歷史上看，比特幣減半事件與兩種資產的價格大幅上漲有關，但是這次，以太坊落後了。

ETH/BTC drops to 5-year low of 0.02193. Ether is down 39% relative to bitcoin this year.

ETH/BTC降至5年低點為0.02193。相對於今年的比特幣，以太幣下降了39％。

It's the 1st time ETH has underperformed BTC in the 12 months after a bitcoin reward halving. The last time ether underperformed bitcoin to a similar degree was in the…— Wu Blockchain (@WuBlockchain) March 31, 2025

這是ETH在比特幣獎勵減半後的12個月中的第一次表現不佳。上一次以太幣表現不佳的比特幣在類似程度上是在… - 武區鏈（@wublockchain）2025年3月31日

Ethereum’s Struggles: A Five-Year Low

以太坊的掙扎：五年低點

The plunge in the ETH/BTC ratio is remarkable since it registers the lowest point in five years, a depth not reached since Q3 2019. At that time, the ratio had plummeted to 0.0164, with Ether undergoing a quarterly drop of 46% compared to Bitcoin. And while we have moved on from that period, this latest nosedive in the ratio clearly signals that the market favors Bitcoin over Ether, which now seems to be lagging.

ETH/BTC比率的暴跌是顯著的，因為它註冊了五年來的最低點，自2019年第三季度以來未達到深度。當時，與比特幣相比，當時的比率跌至0.0164。儘管從那時起我們已經繼續前進，但這種比率的最新鼻子顯然表明市場比比特幣比以太幣更喜歡比特幣了，現在似乎正在落後。

This year’s Ethereum underperformance is significant for a variety of reasons. Ether’s price has seemed principally directed, in terms of investor attention, toward Bitcoin. This happened in the wake of a halving event, when the reward for mining Bitcoin was reduced by half. Before we understood the potential of Ethereum, people thought of it as a digital asset, and its token was based on the types of things Bitcoin was capable of doing.

由於各種原因，今年的以太坊表現不佳。 Ether的價格似乎主要是在投資者的關注方面指向了比特幣。這是在減半事件之後發生的，當時採礦比特幣的獎勵減少了一半。在我們理解以太坊的潛力之前，人們將其視為數字資產，其代幣基於比特幣能夠做到的事情的類型。

Ether’s fall against bitcoin underscores the latter’s growing dominance as the dominant cryptocurrency, especially following the recent halving. Over the years, Ethereum has asserted itself in folks’ minds as a close competitor to Bitcoin—but when you look at what happened to both these cryptos after both went through major halving events, it seems that Ethereum isn’t always on the same growth trajectory as Bitcoin. The decline in the ETH/BTC ratio signifies that more and more folks seem to be investing in Bitcoin instead of either Ethereum or its dark horse cousin.

以太幣反對比特幣的跌落強調了後者作為主要的加密貨幣的統治地位，尤其是在最近的減半之後。多年來，以太坊一直在人們的思想中宣稱自己是比特幣的親密競爭者，但是當您看到這兩者都經歷了兩者進行大量減半的事件後兩者發生的事情時，似乎以太坊並不總是與比特幣相同的成長軌跡。 ETH/BTC比率的下降表明，越來越多的人似乎正在投資比特幣，而不是以太坊或黑馬錶親。

Bitcoin’s Inflows Continue Amidst Outflows from Short-Bitcoin Products

比特幣的流入繼續從短幣產品流出。

Despite the fact that Ethereum is under pressure, Bitcoin still enjoys a steady stream of investment. Just last week, Bitcoin registered inflows of $195 million, which only emphasizes the fact that it’s still a highly desired and sought-after asset among investors. By comparison, short-bitcoin investment products have seen outflows for four weeks running, with the last week totaling $2.5 million. This juxtaposition reflects a much broader and developing shift in investor sentiment. More market participants than ever appear to be bullish on Bitcoin’s long-term prospects.

儘管以太坊承受著壓力，但比特幣仍然持續穩定地投資。就在上週，比特幣註冊了1.95億美元的流入，這僅強調了一個事實，即投資者中它仍然是備受期待且備受追捧的資產。相比之下，短期幣投資產品已經連續四個星期看到了流出，上週總計250萬美元。這種並置反映了投資者情緒的廣泛轉變。比特幣長期前景的市場參與者似乎比以往任何時候都看漲。

Bitcoin saw inflows totalling US$195m last week, while short-bitcoin investment products saw outflows for a 4th consecutive week totalling US$2.5m. Recent price falls have pushed bitcoin global ETP’s total assets under management to their lowest level since just after the US…— Wu Blockchain (@WuBlockchain) March 31, 2025

比特幣上週的流入總額為1.95億美元，而短幣投資產品連續第4週的流出總計250萬美元。最近的價格下跌已將比特幣全球ETP的總資產管理到美國以來的最低水平…… - WU區塊鏈（@wublockchain）2025年3月31日

The Bitcoin inflows are impressive and suggest that both retail and institutional investors have confidence in the asset. This is especially the case in light of the most recent halving event. The halving, which happened in April 2025, generally indicates a tighter supply and a potential future surge in the value of Bitcoin, making it an appealing investment right now. Its status as a store of value and a hedging mechanism against inflation remains robust, with such global conditions enabling and perhaps even enhancing its attractiveness.

比特幣的流入令人印象深刻，表明零售和機構投資者對資產都有信心。鑑於最近的減半事件，情況尤其如此。一半發生在2025年4月，通常表明供應量更高，並且比特幣價值的未來潛在增加，這使其成為目前具有吸引力的投資。它作為價值存儲和反對通貨膨脹的對沖機制的地位仍然很健壯，這種全球條件使得甚至增強了其吸引力。

The reverse trend is developing, however, for short-bitcoin products, which have now experienced four consecutive weeks of outflows. This trend might indicate a growing faith in Bitcoin’s resilience and a move away from bets that hinge on Bitcoin’s decline. Investors who once sought to profit from what they thought was an inevitable decline in the cryptocurrency’s price might now be reconsidering their strategies, especially as the cryptocurrency continues to show signs of a recovery after the recent halving.

但是，對於短幣產品，反向趨勢正在發展，這些產品現在已經連續四個星期的流出了。這種趨勢可能表明對比特幣的韌性有著越來越多的信念，並擺脫了依賴比特幣衰落的賭注。曾經試圖從認為是加密貨幣價格不可避免的下降的投資者現在可能正在重新考慮他們的策略，尤其是當加密貨幣在最近的減半後繼續顯示出恢復的跡象時。

Bitcoin’s Assets Under Management Fall to Lowest Level Since U.S. Election

自美國大選以來，管理層的資產降至最低水平

Though a lot of money has come in, the total amount of capital now inside global ETPs (exchange-traded products) tied to Bitcoin has dropped. These days, Bitcoin has just $114 billion in total AUM (assets under management), which is the lowest that number

儘管已經有很多錢了，但與比特幣相關的全球ETP（交易所交易產品）中的總資本數量已經下降。如今，比特幣的總AUM（管理資產）的總額僅為1,140億美元，這是該數字最低的