2024 年以太坊 (ETH) 市场回顾：市场对加密货币政策的乐观情绪推动其复苏

以太坊在 2024 年的大部分时间里都落后于其他加密货币，但现在已经坚定地加入了比特币破纪录上涨引发的涨势之中

After trailing behind its cryptocurrency peers for most of 2024, ether joined the rally sparked by bitcoin’s record-breaking climb, crossing the $4,000 mark in December – still well below its all time high of $4,900.

在 2024 年大部分时间里落后于其他加密货币之后，以太币加入了比特币破纪录攀升引发的涨势，在 12 月突破了 4,000 美元大关，但仍远低于 4,900 美元的历史高点。

Ether gained around 53% in 2024 compared to bitcoin’s 113% surge. However, ether's recent performance showed promise. Since the U.S. election result, ether increased 39%, outperforming bitcoin's 35% gain, signaling a potential resurgence driven by market optimism over president-elect Donald Trump’s anticipated pro-crypto policies.

与比特币 113% 的飙升相比，以太坊在 2024 年上涨了约 53%。然而，以太坊最近的表现显示出了希望。自美国大选结果公布以来，以太币上涨了 39%，超过了比特币 35% 的涨幅，这表明市场对当选总统唐纳德·特朗普预期的支持加密货币政策的乐观情绪可能会推动以太币的复苏。

Other key factors driving this optimism included robust staking dynamics, steady transaction fees and growing institutional interest, particularly through ETFs.

推动这种乐观情绪的其他关键因素包括强劲的质押动态、稳定的交易费用和不断增长的机构兴趣（尤其是通过 ETF）。

Ether futures saw muted volume at the beginning of the year, but CME ether futures became the go-to product for risk management as spot ether ETFs began trading mid-year and volatility returned to the market toward year-end. Nearly 12 million contracts representing a total value of $256 billion traded between ether and micro ether futures in 2024. Thirty-nine percent of notional volume traded was in Q4 2024 as the crypto markets reacted to the U.S. election results, signaling a buoyant sentiment.

以太坊期货在今年年初成交量较低，但随着现货以太坊 ETF 于年中开始交易，波动性在年底回归市场，芝商所以太坊期货成为风险管理的首选产品。 2024 年，以太坊和微以太坊期货之间的交易量接近 1200 万份合约，总价值达 2560 亿美元。名义交易量的 39% 发生在 2024 年第四季度，因为加密市场对美国大选结果做出了反应，表明市场情绪活跃。

Large open interest holders (designated by the CFTC as entities holding 25 or more contracts) reached new weekly records throughout December, indicating growing client interest in regulated solutions to manage ether risk.

大型未平仓合约持有者（被 CFTC 指定为持有 25 份或以上合约的实体）在 12 月份创下了新的周记录，表明客户对管理以太币风险的受监管解决方案的兴趣不断增长。

The ETH-BTC ratio, which measures ether’s performance relative to bitcoin and shows the number of bitcoin needed to buy one ether, reached its lowest level since launch on Nov. 20 of 0.032857, which may be its bottom as we see improved regulatory outlook and an increase in institutional adoption.

ETH-BTC 比率衡量以太币相对于比特币的表现，并显示购买一种以太币所需的比特币数量，该比率达到 11 月 20 日推出以来的最低水平 0.032857，这可能是其底部，因为我们看到监管前景有所改善，并且机构采用率的增加。

1. Ether ETFs outperform bitcoin ETFs

1. 以太坊 ETF 的表现优于比特币 ETF

U.S. spot ETH ETFs have received a cumulative $577 million in net inflows since their July 2024 launch, an overall success among the broad ETF universe. Between November 25 and November 29, spot ether ETFs even surpassed the daily inflows of bitcoin ETFs, with ether ETFs experiencing a net inflow of $467 million (including net inflows of $428 million in a single day), marking a shift in investor sentiment.

自 2024 年 7 月推出以来，美国现货 ETH ETF 已累计获得 5.77 亿美元的净流入，在广泛的 ETF 领域中取得了总体成功。 11月25日至11月29日期间，现货以太坊ETF的日流入量甚至超过了比特币ETF，以太坊ETF净流入4.67亿美元（其中单日净流入4.28亿美元），标志着投资者情绪的转变。

The approval of both bitcoin and ether ETFs represents a major milestone in the mainstream adoption of digital assets. Looking ahead, the interest of institutional investors could rise even further if regulatory approval allows asset managers to incorporate Ethereum staking yields into ETFs.

比特币和以太坊 ETF 的批准代表了数字资产主流采用的一个重要里程碑。展望未来，如果监管机构批准允许资产管理公司将以太坊质押收益纳入 ETF，机构投资者的兴趣可能会进一步上升。

2. Alt Season

2. 另类季节

After months of ether underperforming bitcoin, traders may now see the ETH/BTC ratio’s lower level as an opportunity with a potential gradual rotation from BTC to ETH and other alt coins.

经过几个月的以太坊表现落后于比特币之后，交易者现在可能会将 ETH/BTC 比率的较低水平视为一个机会，可能会逐渐从 BTC 转向 ETH 和其他替代币。

Typically, bitcoin leads the rally, then consolidates as ether and other alt coins catch up. This has been true this cycle where bitcoin’s dominance dropped from 61.7% in October to 57.4% in November and to 56.5% in December, suggesting that altcoins may have begun gaining momentum for a potential alt season.

通常情况下，比特币引领涨势，然后随着以太币和其他替代币的追赶而整合。本周期情况就是如此，比特币的主导地位从 10 月份的 61.7% 下降到 11 月份的 57.4%，再下降到 12 月份的 56.5%，这表明山寨币可能已经开始为潜在的山寨币季节获得动力。

3. Staking yields

3. 质押收益

Ether investors can generate extra returns on top of their holdings by staking or locking their coins in the network in return for rewards. As of the time of writing, 28% of ether’s supply is locked in staking contracts with the annualized reward rate averaging 3%. Under a new administration, together with anticipated Federal Reserve interest rate cuts and continued upgrades to the blockchain, there could be an uptick in ETH’s staking yield.

以太币投资者可以通过将其代币质押或锁定在网络中以换取奖励，从而在其持有的基础上产生额外回报。截至撰写本文时，28% 的以太币供应量被锁定在质押合约中，年化奖励率为平均 3%。在新政府的领导下，加上预期的美联储降息和区块链的持续升级，ETH 的质押收益率可能会上升。

4. DeFi, smart contracts, DAPPS and NFTs

4. DeFi、智能合约、DAPPS 和 NFT

Ethereum's value proposition extends beyond being a digital currency, as it remains the dominant blockchain for building decentralized finance (DeFi) applications (DAPPS), smart contract platforms, NFT (non-fungible token) tokenized assets and Web3 applications.

以太坊的价值主张超越了数字货币的范畴，因为它仍然是构建去中心化金融 (DeFi) 应用程序 (DAPPS)、智能合约平台、NFT（不可替代代币）代币化资产和 Web3 应用程序的主导区块链。

The total value locked (TVL) in Ethereum-based DeFi projects has grown over the past few weeks, reaching $69.4 billion, according to DefiLlama. The surge suggests rising confidence in Ethereum as a platform for financial innovation.

根据 DefiLlama 的数据，基于以太坊的 DeFi 项目的锁定总价值（TVL）在过去几周不断增长，达到 694 亿美元。这一激增表明人们对以太坊作为金融创新平台的信心不断增强。

5. Ether upgrades

5. 以太币升级

On March 24, Ethereum implemented the Dencun upgrade, which reduced transaction costs for Layer 2’s and increased the Transactions per Second (TPS) at which they could post to the Layer 1. The adoption of Layer 2’s has shifted noticeably over the last year.

3 月 24 日，以太坊实施了 Dencun 升级，降低了第 2 层的交易成本，并提高了可以发布到第 1 层的每秒交易数 (TPS)。去年，第 2 层的采用发生了显着变化。

In addition, the Pectra upgrade, expected in Q1 2025, is one of the largest hard forks ever in terms of the Ethereum Improvement Proposal (EIP) count. It aims to improve protocol efficiency, enhance the user experience and expand data capacity, as well as pave the way for future scalability enhancements.

此外，就以太坊改进提案 (EIP) 数量而言，预计将于 2025 年第一季度进行的 Pectra 升级是有史以来最大的硬分叉之一。它旨在提高协议效率，增强用户体验并扩展数据容量，并为未来的可扩展性增强铺平道路。

Conclusion

结论

All eyes are on what the Trump administration will bring and the implications for the entire crypto market. The

所有的目光都集中在特朗普政府将带来什么以及对整个加密市场的影响。这