比特币（BTC）优于以太坊（ETH），在市场上产生了鲜明的分歧

加密货币市场目前目睹了其两个主要资产的命运（比特币和以太坊）的命运。

Cryptocurrency market trends indicate a stark divergence in the fortunes of Bitcoin and Ethereum. While Bitcoin has maintained relative resilience, Ethereum is grappling with a confluence of challenges, leading to a five-year low in its performance against Bitcoin.

加密货币市场趋势表明，比特币和以太坊的命运存在明显的差异。尽管比特币保持了相对的弹性，但以太坊仍在努力应对挑战的融合，导致对比特币的表现低五年。

According to data from Glassnode, the ETH/BTC ratio has descended to 0.02191, highlighting Ether’s relative weakness. This marks a 39% drop in ETH’s value against BTC from its 2020 highs and signals a significant shift in the market dynamics.

根据GlassNode的数据，ETH/BTC比率已下降到0.02191，强调了Ether的相对弱点。这标志着ETH对BTC的2020年高点的价值下降了39％，并标志着市场动态的重大变化。

This disparity is further emphasized by Ethereum’s dismal first-quarter performance, which saw a staggering 45.98% decline, rendering it the worst Q1 showing for the asset since the tumultuous bear market of 2018, when it registered a 46.61% drop.

以太坊惨淡的第一季度表现进一步强调了这一差异，后者下降了45.98％，这使其成为自2018年动荡的熊市自2018年动荡的熊市以来最糟糕的Q1，当时它降低了46.61％。

The current downturn is particularly alarming as it marks the first time in Ethereum’s history that it has underperformed Bitcoin in a post-halving year. Typically, post-halving periods are characterized by bullish sentiment and significant price appreciation across the crypto market, including Ethereum. However, the current landscape paints a drastically different picture, with ETH struggling to maintain its footing against its dominant counterpart.

目前的衰退特别令人震惊，因为它标志着以太坊历史上第一次，它在稍作后期的比特币表现不佳。通常，备忘后期的特征是看涨的情绪和包括以太坊在内的加密货币市场的大量价格赞赏。但是，目前的景观描绘了一个截然不同的图片，ETH努力维持其占主导地位的地位。

This divergence is a pivotal development, given the traditional narrative surrounding Bitcoin and Ethereum. In years following Bitcoin’s halving, a common theme has been the outperformance of altcoins, with Ethereum leading the charge. This narrative is now being challenged, as Bitcoin’s recent surge and anticipation for the upcoming halving have tipped the scales in favor of the dominant cryptocurrency.

考虑到围绕比特币和以太坊的传统叙事，这种差异是一个关键的发展。在比特币减半后的几年中，一个共同的主题是替代币的表现，以太坊领导了这一指控。现在，这种叙述正在受到挑战，因为比特币最近对即将到来的减半的激增和期待使鳞片倾斜了，以支持主要的加密货币。

A closer examination of the data reveals that Ethereum’s performance in Q1 2025 was significantly worse than usual. According to Coinglass data, Ethereum has historically experienced an average gain of 77% in its first quarters. However, this time around, the asset faced a 45.98% slump, highlighting the severity of the current downturn.

对数据的仔细检查表明，以太坊在第二季度2025年的表现明显比平时差得多。根据Coinglass数据，以太坊在第一季度的平均增长率为77％。但是，这次资产面临45.98％的低迷，突出了当前经济下滑的严重程度。

Furthermore, the recent struggles of Ethereum ETFs add another layer of complexity to the situation. A prolonged period of consecutive outflows, spanning 17 days, only ended on Friday, March 27. This sustained outflow of capital from Ethereum ETFs underscores a lack of investor confidence and a reluctance to allocate funds to the asset.

此外，最近的以太坊ETF的斗争为情况增加了另一层复杂性。连续流出的长时间跨越了17天，直到3月27日星期五结束。从以太坊ETF中持续的资本流出强调了投资者的信心缺乏信心，并且不愿将资金分配给资产。

The confluence of these factors – the five-year low ETH/BTC ratio, the historic Q1 slump, and the persistent ETF outflows – paints a concerning picture for Ethereum. The asset, once hailed as a leading innovator in the crypto space, is now facing a critical juncture, with its future trajectory hanging in the balance. As the second-largest cryptocurrency by market capitalization, any sustained weakness for Ethereum could have broader implications for the crypto market and the prevailing narrative surrounding the industry’s recovery.

这些因素的汇合处 - 五年低的ETH/BTC比，历史Q1的低迷和持续的ETF流出 - 绘制了有关以太坊的图片。该资产曾经被称为加密货币领域的领先创新者，现在正面临着一个关键的关头，其未来的轨迹悬而未决。作为市值的第二大加密货币，以太坊的任何持续弱点都可能对加密货币市场以及围绕该行业复苏的主要叙述具有更大的影响。