截至2025年4月1日，以太坊（ETH）发现自己在十字路口

截至2025年4月1日，以太坊（ETH）发现自己处于十字路口，其大部分持有人面临着大量未实现的损失。

As of April 1, 2025, Ethereum (ETH) is in a dire state, with an overwhelming majority of its holders in the red. On-chain data from Chainalysis shows that only 25% of Ethereum holders are currently in profit, while a staggering 74% are underwater.

截至2025年4月1日，以太坊（ETH）处于一个可怕的状态，其绝大多数持有人在红色中。链分析的链上数据表明，目前只有25％的以太坊持有人在获利，而惊人的74％在水下。

This potentially spells doom for the cryptocurrency as it navigates one of its most critical moments in recent history. With macroeconomic conditions worsening and regulatory scrutiny intensifying, Ethereum’s future hangs in the balance.

由于加密货币是最近历史上最关键的时刻之一，这可能会使厄运命令厄运。随着宏观经济条件的恶化和监管审查的加剧，以太坊的未来悬而未决。

The cryptocurrency is known for its smart contract capabilities, which have enabled the development of various decentralized applications (dapps) and a vibrant ecosystem of developers and users. However, these advantages might not be enough to save Ethereum from an impending doom.

加密货币以其智能合同功能而闻名，该功能使各种分散应用程序（DAPP）和开发人员和用户的生态系统的开发。但是，这些优势可能不足以使以太坊免于即将来临的厄运。

The current state of Ethereum raises questions about market sentiment, investor behavior, and the broader implications for the cryptocurrency industry. Will Ethereum recover from this slump, or are we on the verge of a major sell-off?

以太坊的当前状态引发了有关市场情绪，投资者行为以及对加密货币行业的更广泛影响的问题。以太坊会从这个低迷中恢复过来，还是我们正处于重大抛售的边缘？

To understand the severity of the situation, consider this: if an investor purchased one Bitcoin (BTC) at the beginning of 2024 for $48,000 and held onto it until April 1, 2025, they would have experienced a 25% return on investment (ROI) as Bitcoin’s price reached $60,000 during this period.

要了解情况的严重性，请考虑以下方面：如果投资者在2024年初以48,000美元的价格购买了一个比特币（BTC），并将其保留到2025年4月1日之前，他们将经历25％的投资回报率（ROI），因为在此期间，比特币的价格达到了60,000美元。

However, if they had invested in Ethereum at the beginning of 2024 with the same initial capital, they would have experienced a 75% loss as Ethereum’s price floundered around $1,000. This stark difference in profitability underscores the varying fortunes of cryptocurrency investors.

但是，如果他们在2024年初以相同的初始资本投资以太坊，那么他们将遭受75％的损失，因为以太坊的价格会在1,000美元左右挣扎。盈利能力的这种明显差异突出了加密货币投资者的各种命运。

This analysis will delve into Ethereum’s on-chain metrics, market trends, and the factors that could shape its future.

该分析将深入以太坊的链链指标，市场趋势以及可能影响其未来的因素。

Percentage of Holders in Profit

持有人的利润百分比

The profitability metric is a significant indicator of market sentiment. When a majority of holders are in profit, there is less selling pressure and the market tends to move upwards. Conversely, when a large number of holders are in the red, panic selling follows, leading to further price declines.

盈利能力指标是市场情绪的重要指标。当大多数持有者盈利时，销售压力较小，市场往往会向上移动。相反，当大量持有人处于红色时，恐慌出售会导致进一步的价格下降。

According to Chainalysis, a majority of Bitcoin holders are in profit, which bodes well for the market’s stability. As of April 1, 2025, 58% of Bitcoin holders were experiencing profit, while 42% were in the red.

根据链分析，大多数比特币持有人都在获利，这对市场的稳定构成了很好的体现。截至2025年4月1日，有58％的比特币持有人获得了利润，而42％的比特币持有人处于红色中。

This finding is surprising given the common perception that Bitcoin is in a bear market with prices below the 2017 all-time high (ATH). However, considering that Bitcoin's price varied between $16,000 and $60,000 during this period, it becomes clear that those who bought high, around $60,000, are likely to be in the red.

考虑到比特币在熊市中的普遍看法，价格低于2017年历史最高水平（ATH），这一发现令人惊讶。但是，考虑到在此期间，比特币的价格在16,000美元至60,000美元之间，很明显，那些高高购买的人（约60,000美元）可能会处于红色状态。

In contrast to Bitcoin, a significantly smaller portion of Ethereum holders were in profit. The on-chain data showed that only 25% of Ethereum holders were in the green, while a staggering 74% were holding at a loss.

与比特币相比，以太坊持有人的较小部分是有利可图的。链上的数据表明，只有25％的以太坊持有人处于绿色状态，而惊人的74％的人则遭受了损失。

This disparity in profitability could be attributed to the different price movements of the two cryptocurrencies. While Bitcoin experienced a net gain in 2024, moving from $16,000 at the beginning of the year to $60,000 by April 1, Ethereum's price at the beginning of the year was $1,200, and it had since decreased to $1,000.

盈利能力的这种差异可以归因于两种加密货币的不同价格变动。虽然比特币在2024年获得净收益，从年初的16,000美元转移到4月1日到4月1日的60,000美元，而以太坊的价格为1,200美元，此后降至1,000美元。

The high percentage of Bitcoin holders in profit could be due to the recent price surge, which saw Bitcoin rally from $48,000 to $60,000 in a matter of months. This price increase likely pushed a greater proportion of Bitcoin holders into profitability compared to Ethereum.

比特币持有人利润的高百分比可能是由于最近的价格涨幅，该价格上涨的额度从几个月内从48,000美元升至60,000美元。与以太坊相比，这种价格上涨可能使比特币持有人更大的​​比特币持有人进入了盈利能力。

Exchange Inflows and Outflows

交换流入和流出

The movement of cryptocurrencies to and from exchanges provides valuable insights into investor behavior. When there are large outflows from exchanges, it suggests that investors are buying and holding, which usually leads to a bullish price trend. Conversely, significant inflows into exchanges may indicate selling pressure and an upcoming bearish market.

往返交流的加密货币的运动为投资者行为提供了宝贵的见解。当交流中有大量流出时，这表明投资者正在购买和持有，这通常会导致看涨的价格趋势。相反，交流的大量流入可能表明销售压力和即将到来的看跌市场。

As of April 1, 2025, the majority of Bitcoin outflows belonged to Coinbase, with a total outflow of 10,000 BTC, which is equivalent to approximately $600 million. These outflows could be attributed to several factors, including institutional investors moving their Bitcoin holdings to private wallets or hardware wallets to avoid market cycles, thereby reducing market volatility.

截至2025年4月1日，大多数比特币流出属于Coinbase，总流出为10,000 BTC，相当于约6亿美元。这些流出可能归因于几个因素，包括机构投资者将其比特币持有量转移到私人钱包或硬件钱包以避免市场周期，从而降低市场波动。

The remaining outflows were observed on Binance, Huobi, and FTX, with each exchange reporting outflows of 1,000 BTC, 500 BTC, and 500 BTC, respectively.

在二元，huobi和ftx上观察到其余流出，每个交换报告分别为1,000 BTC，500 BTC和500 BTC。

In terms of inflows, Binance saw the largest inflows with 5,000 BTC, potentially indicating selling pressure from a large investor or an institution. The remaining inflows belonged to Coinbase and Hu

在流入方面，Binance的流入最多，有5,000 BTC，可能表明大型投资者或机构的销售压力。其余的流入属于Coinbase和Hu