尽管以太坊升级，但以太币在比特币的阴影下动摇

尽管以太坊区块链最近进行了升级并且机构对基于加密货币的 ETF 产生了兴趣，但第二大加密货币以太坊 (ether) 在 2022 年第一季度的表现仍逊于比特币。以太币的法律地位及其在质押中的作用可能会阻碍现货以太币 ETF 在美国的批准，从而限制其增长潜力。然而，以太坊底层技术继续在各种 Web3 应用程序、代币化和去中心化金融中发挥作用。

Ether Struggles to Match Soaring Bitcoin, Despite Ethereum Upgrade

尽管以太坊升级，但以太坊仍难以追赶比特币的飙升

In the ever-evolving cryptocurrency market, Ethereum's native cryptocurrency, Ether, has been struggling to keep pace with its dominant sibling, Bitcoin. While Ether's market capitalization of approximately $2.7 trillion is significant, it accounts for less than a fifth of the broader crypto market.

在不断发展的加密货币市场中，以太坊的原生加密货币以太币一直在努力跟上其占主导地位的兄弟比特币的步伐。尽管以太坊的市值约为 2.7 万亿美元，但其仅占更广泛的加密货币市场的不到五分之一。

During the first three months of 2023, Ether's value increased by approximately 53%, significantly lagging behind Bitcoin's 65% surge. In contrast to Bitcoin's recent ascent to record highs, Ether currently trades around $3,612, at least 26% below its all-time high of $4,867.60 established in November 2021.

2023 年前三个月，以太币的价值增长了约 53%，明显落后于比特币 65% 的涨幅。与比特币最近升至历史新高相比，以太坊目前的交易价格约为 3,612 美元，比 2021 年 11 月创下的历史高点 4,867.60 美元至少低了 26%。

A recent technical upgrade to the Ethereum blockchain, dubbed the "Dencun upgrade," aimed at reducing transaction fees, failed to generate substantial excitement beyond the circle of crypto enthusiasts. This lack of enthusiasm stands in stark contrast to the anticipation surrounding Bitcoin's upcoming "halving," a technical adjustment scheduled for next month that is designed to slow the issuance of new coins.

最近对以太坊区块链进行的一项名为“Dencun 升级”的技术升级旨在降低交易费用，但未能在加密货币爱好者圈子之外产生实质性的兴奋。这种缺乏热情与围绕比特币即将到来的“减半”的预期形成了鲜明对比，比特币计划于下个月进行技术调整，旨在减缓新币的发行。

Upon the implementation of the Dencun upgrade on March 13, Ether experienced a 12% dip, as markets reacted negatively to the event. This decline highlights a persistent challenge for Ether: its lack of widespread recognition among non-cryptocurrency investors.

3 月 13 日实施 Dencun 升级后，由于市场对此事件反应消极，以太币下跌了 12%。这种下跌凸显了以太坊面临的持续挑战：它缺乏非加密货币投资者的广泛认可。

"Ethereum continues to face challenges in gaining widespread recognition among non-endemic investors," observed Joseph Edwards, head of research at London-based crypto firm Enigma Securities. "The economic activity on Ethereum has grown significantly since 2020, but it is likely to take some time before it reaches all-time highs."

总部位于伦敦的加密货币公司 Enigma Securities 的研究主管约瑟夫·爱德华兹 (Joseph Edwards) 表示：“以太坊在获得非流行投资者的广泛认可方面继续面临挑战。” “自 2020 年以来，以太坊上的经济活动显着增长，但可能需要一段时间才能达到历史新高。”

The approval of spot Ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) is widely seen as a potential catalyst for Ether's growth. The approval and launch of similar spot Bitcoin ETFs in the U.S. spurred institutional demand and drove Bitcoin to record highs.

美国证券交易委员会（SEC）批准现货以太币交易所交易基金（ETF）被广泛视为以太币增长的潜在催化剂。美国批准并推出类似的比特币现货ETF，刺激了机构需求，推动比特币创下历史新高。

Ether ETF filings are currently pending with the SEC, with VanEck's filing scheduled for a decision on May 23. Standard Chartered Bank has projected that the potential approval of U.S. Ether ETFs could propel its value to $8,000 by the end of 2024 and $14,000 by the end of 2025.

以太坊 ETF 文件目前正在等待美国证券交易委员会 (SEC) 的备案，VanEck 的备案计划于 5 月 23 日做出决定。渣打银行预计，美国以太坊 ETF 的潜在批准可能会将其价值推至 2024 年底前的 8,000 美元和 14,000 美元。 2025 年。

However, not all experts are optimistic about the prospect of the SEC approving Ether ETFs. Some lawyers and industry insiders have raised concerns about Ether's legal status, arguing that its ambiguous nature may lead regulators to proceed cautiously.

然而，并非所有专家都对 SEC 批准以太坊 ETF 的前景持乐观态度。一些律师和业内人士对以太币的法律地位表示担忧，认为其模糊性可能会导致监管机构谨慎行事。

Unlike Bitcoin, which is considered a commodity by the SEC, Ether is traded on a proof-of-stake blockchain, which allows users to earn yield by locking up their tokens for a certain period. This unique feature has led to speculation that Ether could be classified as a security, triggering stricter disclosure requirements that run counter to the decentralized ethos of cryptocurrencies.

与被 SEC 视为商品的比特币不同，以太币是在权益证明区块链上进行交易的，该区块链允许用户通过在一定时期内锁定其代币来赚取收益。这一独特的功能引发了人们的猜测，即以太坊可以被归类为证券，从而引发更严格的披露要求，这与加密货币的去中心化精神背道而驰。

"Convincing the SEC to approve staked Ether ETFs would be an extremely challenging negotiation and is highly unlikely at this time," said Anders Helset, head of research at digital assets analytics firm K33.

数字资产分析公司 K33 研究主管安德斯·赫尔塞特 (Anders Helset) 表示：“说服 SEC 批准质押以太 ETF 将是一项极具挑战性的谈判，而且目前可能性很小。”

Institutional demand for Ether has remained a fraction of that for Bitcoin. In the month leading up to March 23, digital asset funds tracking Ether experienced outflows of $46.4 million, while similar products tracking Bitcoin saw inflows exceeding $4 billion, according to CoinShares data.

机构对以太币的需求仍然只是比特币的一小部分。根据 CoinShares 的数据，截至 3 月 23 日的一个月，追踪以太币的数字资产基金流出了 4640 万美元，而追踪比特币的类似产品则流入超过 40 亿美元。

Some market participants prefer to focus on Ethereum's underlying technology rather than its token's value. Ethereum is the backbone of much of the internet's "Web3" vision, supporting applications related to decentralized finance, blockchain gaming, and other crypto-native developments.

一些市场参与者更喜欢关注以太坊的底层技术，而不是其代币的价值。以太坊是大部分互联网“Web3”愿景的支柱，支持与去中心化金融、区块链游戏和其他加密原生开发相关的应用程序。

BlackRock's recent launch of its first tokenized fund on the Ethereum blockchain has sparked conversations about the platform's potential in the broader tokenization of real-world assets. According to 21Shares, a Swiss cryptocurrency manager, over $2 billion worth of traditional assets, including commodities and government securities, have been tokenized on various networks, with over 80% of these assets residing on the Ethereum blockchain.

贝莱德最近在以太坊区块链上推出了首个代币化基金，引发了有关该平台在更广泛的现实世界资产代币化方面潜力的讨论。据瑞士加密货币管理公司 21Shares 称，价值超过 20 亿美元的传统资产（包括商品和政府证券）已在各种网络上进行代币化，其中超过 80% 的资产驻留在以太坊区块链上。

While Ether's performance has lagged behind Bitcoin in recent months, the Ethereum platform's technological advancements and potential applications in Web3 and real-world asset tokenization could provide long-term advantages. As the regulatory landscape evolves and the crypto market matures, the trajectory of Ether and its underlying blockchain remains uncertain but potentially promising.

虽然近几个月来以太币的表现落后于比特币，但以太坊平台的技术进步以及在 Web3 和现实世界资产代币化中的潜在应用可以提供长期优势。随着监管环境的发展和加密货币市场的成熟，以太坊及其底层区块链的发展轨迹仍然不确定，但潜力巨大。