唐纳德·特朗普（Donald Trump）连任后，比特币在历史新高（ATH）中取得了新的高度（ATH）

唐纳德·特朗普（Donald Trump）连任后，比特币在历史新高（ATH）中取得了新的高度（ATH）

The price of Bitcoin (BTC) may have hit a new all-time high (ATH) following Donald Trump’s re-election, but the second-largest crypto by market cap, Ethereum (ETH), hasn’t shared the same fate.

唐纳德·特朗普（Donald Trump）连任后，比特币（BTC）的价格可能已经达到了新的历史最高水平（ATH），但是市值以太坊（ETH）的第二大加密货币（ETH）并没有共享同样的命运。

After reaching a high of US$4,891.70 (approximately AU$7,794.11 in today’s money) in November 2021, Ether still hasn't reached that level again. This represents a hefty 68% discount, given that ETH trades now for just US$1,803.75 (AU$2,873.81).

2021年11月，在达到4,891.70美元的高价（大约为7,794.11澳元）之后，Ether仍然没有再次达到该水平。鉴于ETH现在的交易仅为1,803.75（AU $ 2,873.81），这代表了68％的折扣。

And unfortunately for Ether-holders, even today’s price may be too high. Sure, Ethereum has use cases and utility; but it’s not a good investment, says Quinn Thompson, CIO of hedge fund Lekker Capital.

不幸的是，对于以太持有人来说，即使今天的价格也可能太高。当然，以太坊具有用例和效用；对冲基金Lekker Capital的CIO Quinn Thompson说，但这不是一项不错的投资。

In a post on Crypto Twitter, Thompson stated that “there is no investment case” for Ethereum, adding that there is no activity, users or network fees to speak of.

汤普森在有关加密推特的一篇文章中说，以太坊没有投资案例”，并补充说没有活动，用户或网络费用可以说。

There is no investment case for #Ethereum.

#Ethereum没有投资案例。

No one is using it, it has no users, and the network has zero activity or fees. It's being kept alive by a small group of true believers who refuse to accept that the project has failed.

没有人使用它，没有用户，并且网络的活动或费用为零。一小群真正的信徒拒绝接受该项目失败，这使它保持活力。

— Quinn (Lekker Capital) (@Quinn_Capital) August 9, 2023

- 奎因（Lekker Capital）（@Quinn_Capital）2023年8月9日

Does Ether Benefit from Layer-2s? Community is Divided

以太是否从2层中受益？社区分歧

When one user on CT argued that the “entire Ethereum ecosystem” is growing, not just the main Ether blockchain, Thompson replied by saying that there is a difference in what the ecosystem does and the value of ETH.

当CT上的一个用户认为“整个以太坊生态系统”正在增长，而不仅仅是主要的以太区块链，汤普森回答说，生态系统所做的工作和ETH的价值存在差异。

"There's a crucial distinction. The Ethereum ecosystem, encompassing projects like Optimism, Starknet, and Aegis, is indeed expanding with increasing activity and users. This growth, however, doesn't necessarily translate directly to an increase in the price or utility of the native ETH token. It's a common misconception."

“这是一个至关重要的区别。涵盖乐观，斯塔克奈特和宙斯盾等项目的以太坊生态系统确实在随着活动和用户的增加而扩大。但是，这种增长并不一定会直接转化为本地善用标记的价格或实用性的提高。

Other users pointed out that once the ecosystem grows, ETH will actually benefit from fees, as other chains use it as a gas token.

其他用户指出，一旦生态系统生长，ETH实际上将从费用中受益，因为其他链条将其用作燃气令牌。

Maybe learn about the economics of how this all works before jumping to conclusions too fast. Ethereum will profit handsomely from the growth of its ecosystem once it hits its tipping point.

也许在得出结论之前，了解这一切的经济学，这一切的运作方式太快了。一旦登顶点，以太坊将从生态系统的增长中获得丰富的利益。

— BlitPay (@BlitPay) August 9, 2023

- 20023年8月9日的闪电战（@blitpay）

When asked what would make him bullish on Ether, Thompson said it would need to have at least 1 million active users and a median transaction fee of over 0.01 ETH.

当被问及是什么使他对以太的看涨时，汤普森说，至少需要有100万活跃用户和中位交易费用超过0.01 ETH。

For perspective, Bitcoin has around 100,000 active users daily and a median transaction fee of around 0.0004 BTC, which comes out to roughly US$10 (AU$16) today.

从角度来看，比特币每天约有100,000个活跃用户，中位交易费用约为0.0004 BTC，今天的价格约为10美元（16美元）。

At the moment, it seems like only a small group of people are interested in keeping the blockchain alive.

目前，似乎只有一小部分人有兴趣保持区块链的活力。

"It's being kept alive by a small group of true believers who refuse to accept that the project has failed and continue to pump out articles and analysis about how it's going to make a comeback," said the Lekker CIO.

Lekker CIO说：“一小部分真正的信徒将其保持活力，他们拒绝接受该项目失败，并继续抽出文章，并分析其将如何卷土重来。”

When asked if he'd rather invest in Bitcoin, Thompson said he'd prefer to put his money in a high-yield savings account.

当被问及他是否宁愿投资比特币时，汤普森说他更喜欢把钱放在高收益储蓄帐户中。

The implication being that even BTC, the largest cryptocurrency by market cap, isn’t a good investment in his book.

这意味着即使是BTC，BTC是市值最大的加密货币，也不是他的书的好投资。

This coincides with earlier statements by the CIO, where he said that he's never seen "less active users, less activity, less throughput, less use cases, less interest or higher fees” on any chain other than Ethereum.

这与CIO的早期陈述相吻合，他说他从未见过“活跃的用户，更少的活动，吞吐量，更少的用例，较少的用例，更少的利息或更高的费用”。

The chain is also entering the final test phase for the Pectra upgrade, following earlier failures with the Holesky and Sepolia upgrades.

随着Holesky和Sepolia升级的早期失败，该链还进入了Pectra升级的最终测试阶段。

Despite these trying times for Ethereum, there is a silver lining. While the start of the US spot Ethereum exchange-traded funds (ETFs) has been underwhelming compared to the Bitcoin ETFs, they still hold up quite well in the history of ETFs.

尽管对以太坊的艰难时期，但仍有一线希望。尽管与比特币ETF相比，美国现场以太坊交换基金（ETF）的启动不足，但它们在ETF的历史上仍然很好。

As BlackRock’s head of digital assets, Robbie Mitchnick, pointed out, there have only been a few ETFs that have seen more than US$4 billion (AU$6.36 billion) in inflows within six months.

正如贝莱德（Blackrock）的数字资产负责人罗比·米奇尼克（Robbie Mitchnick）指出的那样，只有几个ETF在六个月内的流入量超过40亿美元（63.6亿美元）。

However, Mitchnick believes the ETFs would have done even better if they had ETH staking as a feature. And while it won’t be easy to introduce staking to the ETFs, once done it will be “a step change upward” for interest in Ether ETFs.

但是，米奇尼克（Mitchnick）认为，如果ETH将ETH作为一个功能，ETF会做得更好。虽然向ETF介绍Staging并不容易，但一旦完成，它将“向上变化”，以备使Ether ETF的兴趣。