由于网络活动暴跌，ETH 落后于 BTC，ETF 希望停滞

自 3 月中旬以来，由于网络活动减少、对现货以太坊 ETF 的乐观情绪减弱以及比特币即将供应量减半，以太坊 (ETH) 的表现逊于比特币 (BTC)。链上数据显示，以太坊上的 DApp 使用量和交易量下降，导致其相对于 BTC 的表现不佳。尽管以太坊是领先的 DeFi 网络，但在链上活动方面却面临着来自 Solana 的日益激烈的竞争。此外，美国证券交易委员会 (SEC) 对 5 月份潜在的以太坊 ETF 现货批准缺乏沟通，这也打击了投资者的情绪。

Ethereum Underperforms Bitcoin Amid Declining Network Activity, Stalled Ethereum ETF Hopes

由于网络活动下降，以太坊表现逊于比特币，以太坊 ETF 希望陷入停滞

Since the onset of 2023, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has embarked on an upward trajectory, only to witness a downturn in mid-March. Compared to Bitcoin's (BTC) 57% surge against the US dollar (USD) year-to-date, ETH has registered a more modest gain of approximately 48%, lagging behind its dominant counterpart.

进入 2023 年以来，市值第二大加密货币以太坊 (ETH) 一直走上上涨轨道，但在 3 月中旬出现下滑。与比特币 (BTC) 兑美元 (USD) 年初至今飙升 57% 相比，ETH 的涨幅较为温和，约为 48%，落后于其主要货币。

Reasons for Ethereum's Lagging Performance

以太坊表现落后的原因

Several factors have contributed to ETH's underperformance against BTC in recent weeks:

最近几周，有几个因素导致 ETH 相对于 BTC 的表现不佳：

1. Decreased Network Activity: Ethereum's network activity, including that of its scaling solutions, has exhibited a decline. Decentralized applications (DApps), the cornerstone of the Ethereum ecosystem, have experienced a reduction in both user count and transaction volume, signaling diminished demand for ETH.
2. Weakening Sentiment Surrounding Ethereum ETFs: The prospect of spot Ethereum exchange-traded funds (ETFs) being approved in May has waned, adding to the bearish sentiment around ETH and contributing to its lackluster performance against BTC.

Evidence of Network Activity Decline

网络活动减少：以太坊的网络活动，包括其扩容解决方案的网络活动，都出现了下降。作为以太坊生态系统基石的去中心化应用程序 (DApp) 的用户数量和交易量均出现减少，这表明对 ETH 的需求减少。 围绕以太坊 ETF 的情绪减弱：现货以太坊交易所交易基金 (ETF) 的前景正在恶化5 月份批准的协议已经减弱，加剧了 ETH 的看跌情绪，并导致其相对 BTC 的表现黯淡。网络活动下降的证据

Data from DappRadar, a Web3 data aggregator, indicates a 6.42% decrease in the number of active addresses across Ethereum's top DApps over the past 30 days. The decline has been particularly pronounced in popular DApps such as Uniswap, MetaMask Swap, Blur, and OpenSea, with transaction volumes plummeting by 26.51%.

Web3 数据聚合器 DappRadar 的数据表明，过去 30 天内以太坊顶级 DApp 的活跃地址数量减少了 6.42%。 Uniswap、MetaMask Swap、Blur、OpenSea 等热门 DApp 下降尤为明显，交易量暴跌 26.51%。

Coinglass data corroborates this trend, revealing a decline in several key network activity metrics for Ethereum. Daily active addresses have dropped significantly, falling from 622,963 on March 20th to 499,448 on April 10th.

Coinglass 数据证实了这一趋势，揭示了以太坊的几个关键网络活动指标的下降。日活跃地址大幅下降，从3月20日的622,963下降至4月10日的499,448。

Ethereum's Weakening DeFi Dominance

以太坊 DeFi 主导地位减弱

Despite Ethereum's continued prominence in the DeFi sector, Solana has made significant inroads in recent times, capturing market share in terms of on-chain activity. This shift has been driven by the popularity of memecoins and an increase in stablecoin transfer volume on Solana.

尽管以太坊在 DeFi 领域持续占据主导地位，但 Solana 最近取得了重大进展，在链上活动方面占据了市场份额。这种转变是由 memecoin 的流行和 Solana 上稳定币转账量的增加推动的。

Stalled Ethereum ETF Hopes

以太坊 ETF 希望陷入停滞

The prospects of a spot Ether ETF being approved by the U.S. Securities and Exchange Commission (SEC) in May have dwindled, furtherdampening enthusiasm for ETH. VanEck CEO Jan van Eck has expressed skepticism regarding the imminent approval of such ETFs, citing a lack of regulatory engagement on the matter.

以太币现货 ETF 5 月份获得美国证券交易委员会 (SEC) 批准的前景已经黯淡，进一步削弱了人们对 ETH 的热情。 VanEck 首席执行官 Jan van Eck 对此类 ETF 即将获得批准表示怀疑，理由是监管机构对此事缺乏参与。

In an interview with CNBC, van Eck stated that VanEck's Ethereum ETF application is likely to be rejected. Bloomberg ETF Analyst Eric Blachunas, who initially estimated a 70% likelihood of Ethereum ETF approval by May, has recently reduced his optimism to 35% due to the SEC's lack of communication with issuers.

van Eck在接受CNBC采访时表示，VanEck的以太坊ETF申请很可能会被拒绝。彭博 ETF 分析师 Eric Blachunas 最初估计 5 月份以太坊 ETF 获得批准的可能性为 70%，但由于 SEC 缺乏与发行人的沟通，最近他的乐观情绪降低至 35%。

Fellow analyst James Seyffart has also raised concerns, questioning the SEC's silence on the ETF applications, which were anticipated to garner substantial regulatory attention.

分析师 James Seyffart 也提出了担忧，质疑 SEC 对 ETF 申请保持沉默，预计这些申请将引起监管机构的大力关注。

Conclusion

结论

Ethereum's underperformance against Bitcoin, supported by dwindling network activity and diminished optimism surrounding spot Ethereum ETFs, underscores the challenges facing the cryptocurrency in the near term. While Ethereum remains a prominent player in the DeFi landscape, its dominance is under threat from competitors such as Solana. The SEC's stance on Ethereum ETFs remains a crucial factor in determining ETH's trajectory in the coming months.

在网络活动减少和对现货以太坊 ETF 的乐观情绪减弱的支撑下，以太坊相对于比特币的表现不佳，凸显了加密货币在短期内面临的挑战。尽管以太坊仍然是 DeFi 领域的重要参与者，但其主导地位正受到 Solana 等竞争对手的威胁。美国证券交易委员会对以太坊 ETF 的立场仍然是决定 ETH 未来几个月走势的关键因素。