比特币（BTC）是加密市场当前的领导者，而以太坊（ETH）仍在寻找其动力

加密货币市场正在回暖，作为主要货币的比特币 (BTC) 目前每周上涨 10%。位居第二的以太坊 (ETH) 也对 7 天内上涨 10% 感到高兴。有什么区别？

The crypto markets are showing signs of life, with Bitcoin (BTC) leading the way up by 10% over the past week. Number two, Ethereum (ETH), is also not complaining, having risen by 10% over 7 days. But there are differences.

加密货币市场正在显示出生命力的迹象，其中比特币（BTC）在过去一周领涨 10%。位居第二的以太坊 (ETH) 也没有抱怨，在 7 天内上涨了 10%。但也存在差异。

At a good $67,000, Bitcoin (BTC) has now reached price levels last seen in the boom year of 2021. Its little brother Ethereum (ETH) is also feeling the upswing, but is struggling to break the striking mark of $3,000. The 2021 highs for Ethereum of over $4,000 are still a long way off for ETH. But what are the prospects for Bitcoin and Ethereum, where are the risks?

比特币 (BTC) 目前价格高达 67,000 美元，已达到 2021 年繁荣年中的最后一次价格水平。它的弟弟以太坊 (ETH) 也感受到了上涨，但正在努力突破 3,000 美元的惊人大关。对于 ETH 来说，2021 年以太坊价格超过 4,000 美元的高点还有很长的路要走。但比特币和以太坊的前景如何，风险又在哪里？

Crypto celebrity Arthur Hayes focuses entirely on Bitcoin in his current forecast

加密名人 Arthur Hayes 在他当前的预测中完全关注比特币

The co-founder of the crypto exchange BitMEX sees monetary and global politics as a decisive factor for the future. “We know that war has an inflationary effect,” writes Hayes, “the US government will have to borrow money to sell bombs to Israel.”

加密货币交易所 BitMEX 的联合创始人将货币和全球政治视为未来的决定性因素。海耶斯写道：“我们知道战争会造成通货膨胀，美国政府将不得不借钱向以色列出售炸弹。”

From this he concludes “that Bitcoin will increase greatly, in fiat terms, as the war intensifies.” In this situation, Hayes once again sees Bitcoin as a store of value (“digital gold”). In times of crisis such as the Iranian Revolution of 1979, gold and comparable rare assets have proven themselves to be a good way to deal with inflation. Hayes only mentions Ethereum indirectly in his US-centric analysis.

由此他得出的结论是：“随着战争的加剧，以法定货币计算，比特币将会大幅上涨。”在这种情况下，海耶斯再次将比特币视为一种价值储存手段（“数字黄金”）。在 1979 年伊朗革命等危机时期，黄金和类似的稀有资产已被证明是应对通货膨胀的好方法。海耶斯在他以美国为中心的分析中仅间接提到了以太坊。

When it comes to ETH, experts are focusing on derivatives. Ethereum futures are currently attracting very high funding rates of over 0.01 percent, as data from Coinglass shows. This also increases the risk that sudden price fluctuations in Ethereum will lead to the liquidation of positions worth millions in ETH futures and domino effects will set in, some traders believe. They recall August 2023, for example, when a similar situation suddenly sent the Ethereum price curve plummeting. However, Bitcoin has also had to contend with such dynamics in the past.

谈到 ETH，专家们将注意力集中在衍生品上。 Coinglass 的数据显示，以太坊期货目前吸引了超过 0.01% 的极高融资利率。一些交易员认为，这也增加了以太坊价格突然波动导致价值数百万美元的以太坊期货头寸被清算以及多米诺骨牌效应产生的风险。例如，他们记得 2023 年 8 月，类似的情况突然导致以太坊价格曲线暴跌。然而，比特币过去也不得不应对这种动态。

Bitcoin ETFs a success story – Ethereum ETFs consolidate

比特币 ETF 的成功故事——以太坊 ETF 整合

It is undisputed that the crypto ETFs that were only approved this year in the USA reflect trends. Here, too, there are clear differences. According to SoSo data, the Bitcoin ETFs that have been trading for ten months have now led to a good $20 billion in capital inflows for BTC and are showing great strength this week with an average of around $400 million in deposits per day.

毫无疑问，今年才在美国获批的加密货币 ETF 反映了趋势。这方面也存在明显的差异。根据 SoSo 的数据，已经交易了 10 个月的比特币 ETF 目前已经为 BTC 带来了 200 亿美元的资金流入，并且本周表现出强劲的势头，平均每天的存款量约为 4 亿美元。

The Ethereum ETFs, on the other hand, have only been listed on the US stock exchanges since July and SoSo has counted a total of around $500 million in capital outflows since then. This is mainly due to Grayscale’s Ethereum ETF, which was previously a closed-end fund and only now allows profits to be realized easily.

另一方面，以太坊 ETF 自 7 月份以来才在美国证券交易所上市，SoSo 统计自那时以来，资本外流总额约为 5 亿美元。这主要得益于灰度的以太坊ETF，此前该ETF是封闭式基金，现在才可以轻松实现盈利。

But the signal from the Ethereum ETFs is still influenced by this for the time being. For the Bitcoin ETFs, it took months to digest the capital outflows from the Graserale BTC ETF of around $20 billion.

但以太坊ETF的信号暂时仍受此影响。对于比特币 ETF 而言，Graserale BTC ETF 花费了数月时间才消化了约 200 亿美元的资本外流。

Conclusion: Bitcoin currently lags behind Ethereum in terms of performance

结论：比特币目前在性能方面落后于以太坊

Bitcoin is consolidating its position as the leading crypto currency, and in the US election campaign, candidate Donald Trump is praising BTC and seeing it as a symbol of innovative financial policy.

比特币正在巩固其作为领先加密货币的地位，在美国竞选中，候选人唐纳德·特朗普称赞比特币，并将其视为创新金融政策的象征。

Ethereum lacks such an extra kick. Where ETH’s strengths lie, such as decentralized finance (DeFi), cannot be communicated as clearly as Bitcoin’s “inflation protection”. Ethereum has not yet been able to boast of model investors such as MicroStrategy with its Bitcoin strategy. In the short and medium term, Bitcoin is therefore likely to determine the trends on the crypto markets, while Ethereum is still looking for its momentum.

以太坊缺乏这样的额外动力。 ETH 的优势所在，例如去中心化金融（DeFi），无法像比特币的“通胀保护”那样清晰地传达出来。以太坊还没有能够像 MicroStrategy 那样拥有比特币策略的模范投资者。因此，从短期和中期来看，比特币很可能决定加密货币市场的趋势，而以太坊仍在寻找其动力。

(Featured image by Jonathan Borba via Pexels)

（精选图片由 Jonathan Borba 通过 Pexels 提供）

The post Bitcoin vs. Ethereum: Where are the differences in the crypto market recovery? appeared first on Born2Invest.

比特币与以太坊后：加密货币市场复苏的差异在哪里？首先出现在 Born2Invest 上。