以太坊（ETH）终于显现出生命的迹象，但它能否重拾昔日的辉煌？

以太坊在 2024 年的大部分时间里都远远落后于其同行。尽管比特币和 solana 在本周期创下历史新高（比特币 99,655 美元，solana 263 美元），但以太坊区块链的原生代币以太坊 (ETH) 仍深陷阴影之中。

Ether has lagged behind its peers for most of 2024, but the token is finally showing signs of life.

在 2024 年的大部分时间里，以太币都落后于同类货币，但该代币终于显示出了生命的迹象。

While bitcoin and solana hit new all-time highs this cycle ($99,655 for bitcoin and $263 for solana), ether (ETH) has remained stuck in their shadows.

尽管比特币和 solana 在本周期创下历史新高（比特币 99,655 美元，solana 263 美元），但以太坊 (ETH) 仍处于阴影之中。

Trading at around $3,600 at press time, ether is still down 26% from its November 2021 peak of $4,891. Even in terms of market dominance, ether has struggled, going from commanding over 20% of the total crypto market cap in 2021 to just 13% today.

截至发稿时，以太币的交易价格约为 3,600 美元，较 2021 年 11 月的峰值 4,891 美元仍下跌 26%。即使就市场主导地位而言，以太坊也举步维艰，从 2021 年占加密货币总市值的 20% 以上下降到如今的 13%。

But over the past week, ether is finally showing signs of life. The ETH/BTC ratio — a metric that compares ether’s performance to bitcoin (BTC) — jumped 19%, marking its strongest weekly performance in months.

但在过去的一周里，以太币终于显示出了生命的迹象。 ETH/BTC 比率（一种将以太币与比特币 (BTC) 的表现进行比较的指标）跃升 19%，创下数月来最强劲的每周表现。

The surge is notable not just for its size but for what it represents: a potential shift in sentiment toward Ethereum, which many had written off for this year.

这一激增不仅因其规模而引人注目，而且因其所代表的意义：人们对以太坊的情绪可能发生转变，而许多人今年已经取消了以太坊的投资。

“A consensus is starting to form among smart money that ETH/BTC has bottomed and will perform well in Q1 [2025],” macro and crypto trader Alex Krüger noted on Monday.

宏观和加密货币交易员 Alex Krüger 周一指出：“聪明的投资者开始形成共识，认为 ETH/BTC 已经触底，并将在 [2025 年]第一季度表现良好。”

“There could be a gradual rotation from BTC to ETH and other alts if BTC keeps rejecting 100k,” crypto trading firm QCP Capital said in a market note on Nov. 25. “In fact we are already starting to see this play out as BTC dominance dropped from 62% to 59% over the past week.”

加密货币交易公司 QCP Capital 在 11 月 25 日的市场报告中表示：“如果 BTC 继续拒绝 10 万美元，那么 BTC 可能会逐渐转向 ETH 和其他替代品。”“事实上，我们已经开始看到这种情况随着 BTC 的出现而出现。”过去一周，主导地位从 62% 下降到 59%。”

This comes as inflows into spot Ethereum exchange-traded funds (ETFs) hit new highs. Over the past three days, spot Ethereum ETFs attracted $133 million, with total assets under management crossing $10 billion for the first time, according to data from SoSoValue.

与此同时，以太坊交易所交易基金（ETF）现货流入量创下新高。 SoSoValue的数据显示，过去三天，现货以太坊ETF吸引了1.33亿美元，管理总资产首次突破100亿美元。

Yesterday alone, the spot Ethereum ETFs pulled in $90 million — almost matching the $103 million in inflows to Bitcoin ETFs.

仅昨天，现货以太坊 ETF 就吸纳了 9000 万美元的资金，几乎与比特币 ETF 流入的 1.03 亿美元持平。

Earlier in the year, bitcoin-focused ETFs dominated investor attention. But now, monthly spot Ethereum ETF inflows have reached $745 million, making November the most successful month for spot ether ETFs on record, per SoSoValue.

今年早些时候，以比特币为中心的 ETF 吸引了投资者的注意力。但现在，根据 SoSoValue，每月现货以太坊 ETF 流入量已达到 7.45 亿美元，使 11 月成为现货以太坊 ETF 有记录以来最成功的月份。

“The strong performance of ETH/BTC in the past week is likely due to a combination of factors, including the recent strength in ether prices and the launch of spot Ethereum ETFs,” Jay Su, CEO of crypto market data firm Chainnode, told Blockworks.

加密市场数据公司 Chainnode 首席执行官 Jay Su 告诉 Blockworks：“过去一周 ETH/BTC 的强劲表现可能是多种因素共同作用的结果，包括近期以太币价格的走强以及以太坊 ETF 现货的推出。” 。

“Traders may now be seeing the ETH/BTC ratio’s low levels as an opportunity, especially after months of ether underperforming bitcoin,” Su added.

Su 补充道：“交易者现在可能将 ETH/BTC 比率的低水平视为一个机会，尤其是在以太币连续几个月表现不佳比特币之后。”

Despite this week’s rally, ether is still a long way from its former glory. The ETH/BTC ratio now sits at 0.038, far below its 2017 peak of 0.08. To reach that high again, ether would need to climb another 130% against bitcoin, which would push ether’s price to around $8,300 — an ambitious leap by any measure.

尽管本周出现上涨，但以太坊距离昔日的辉煌仍有很长的路要走。 ETH/BTC 比率目前为 0.038，远低于 2017 年的峰值 0.08。为了再次达到这个高点，以太币相对于比特币需要再上涨 130%，这将把以太币的价格推至 8,300 美元左右——无论以何种标准衡量，这都是一个雄心勃勃的飞跃。

Meanwhile, ether’s supply growth has also raised concerns among some analysts. The token’s issuance rate has surged since the launch of spot ether ETFs and the burning mechanism introduced by the Ethereum Improvement Proposal 1559 has failed to keep pace.

与此同时，以太币供应的增长也引起了一些分析师的担忧。自现货以太坊 ETF 推出以来，该代币的发行率飙升，而以太坊改进提案 1559 引入的销毁机制却未能跟上步伐。

“The launch of spot ether ETFs has caused ether to become inflationary again,” said Su. “This is because the burning mechanism introduced by EIP-1559 is not keeping up with the issuance rate of ether.”

“以太坊现货ETF的推出导致以太币再次通胀，”苏说。 “这是因为 EIP-1559 引入的销毁机制跟不上以太币的发行速度。”

“If ether’s supply continues to grow at this rate, it could put downward pressure on ether prices in the long term,” he added.

他补充道：“如果以太币供应继续以这种速度增长，从长远来看可能会对以太币价格造成下行压力。”