以太币的缓慢攀升落后于比特币的迅速崛起

尽管最近对其区块链进行了技术升级，但加密货币以太币仍然落后于比特币。以太币今年的增长速度慢于比特币，并且仍低于历史高点。尽管美国现货以太坊 ETF 的批准可能会带来提振，但由于以太坊在权益证明区块链中的作用，其监管状况仍然不确定。尽管机构需求低于比特币，但以太坊的底层技术以太坊作为现实世界资产代币化的潜在平台正在引起人们的关注。

The Stalled Ascension of Ether: Struggling to Keep Pace with Bitcoin's Meteoric Rise

以太币的崛起停滞不前：努力跟上比特币的迅速崛起

Amidst the tumultuous cryptocurrency landscape, Ether, the second-largest cryptocurrency by market capitalization, has found itself overshadowed by its behemoth counterpart, Bitcoin. While Ether has exhibited a modest appreciation in value, its performance has lagged significantly behind Bitcoin's remarkable gains.

在动荡的加密货币格局中，市值第二大加密货币以太币发现自己被其庞然大物比特币所掩盖。尽管以太币的价值出现了小幅升值，但其表现却远远落后于比特币的显着涨幅。

Diminished Returns

回报减少

In the first three months of 2023, Ether has registered an increase of approximately 53%, a figure that pales in comparison to Bitcoin's impressive 65% surge. Bitcoin's dominance in the cryptocurrency market remains unwavering, with Ether commanding a mere 20% of its colossal $2.7 trillion market capitalization.

在 2023 年前三个月，以太币的涨幅约为 53%，这一数字与比特币令人印象深刻的 65% 的飙升相比显得相形见绌。比特币在加密货币市场的主导地位依然坚定不移，而以太币仅占其 2.7 万亿美元市值的 20%。

Ether's Allure Wanes

以太币的魅力减弱

Ether, the native token of the Ethereum blockchain, has failed to generate the same level of excitement as Bitcoin ahead of its upcoming "halving" event. Despite a recent upgrade to the Ethereum blockchain aimed at reducing transaction costs, Ether's price has remained subdued, currently hovering around $26% below its all-time high of $4,867.60, set in November 2021.

在即将到来的“减半”事件之前，以太坊区块链的原生代币以太币未能像比特币那样引起人们的兴奋。尽管最近对以太坊区块链进行了旨在降低交易成本的升级，但以太坊的价格仍然低迷，目前徘徊在比 2021 年 11 月创下的历史高点 4,867.60 美元低 26% 左右。

Institutional Hesitance

制度上的犹豫

The approval of spot Bitcoin ETFs (exchange-traded funds) in the United States has been a major catalyst for institutional investment in the cryptocurrency. However, Ether ETFs are still awaiting regulatory approval, with VanEck's filing facing a decision deadline of May 23. The absence of these ETFs has dampened institutional demand for Ether, contributing to its slower growth.

美国批准现货比特币 ETF（交易所交易基金）一直是机构投资加密货币的主要催化剂。然而，以太坊 ETF 仍在等待监管机构批准，VanEck 的申请面临 5 月 23 日的决定截止日期。这些 ETF 的缺席抑制了机构对以太坊的需求，导致其增长放缓。

Regulatory Enigma

监管之谜

The legal status of Ether remains a subject of debate. While the SEC has classified Bitcoin as a commodity, it has yet to provide a definitive ruling on Ether. The ambiguity surrounding its regulatory status has made investors wary of investing in Ether-based ETFs.

以太币的法律地位仍然是一个争论的话题。尽管美国证券交易委员会已将比特币归类为商品，但尚未对以太坊做出明确裁决。其监管地位的模糊性使投资者对投资基于以太坊的 ETF 持谨慎态度。

Security versus Commodity

安全与商品

Unlike Bitcoin, Ether operates on a "proof-of-stake" blockchain, which allows users to earn yield by locking up their tokens for a specified period. This staking mechanism has raised concerns that Ether could be classified as a security, which would impose stricter disclosure requirements that run counter to the decentralized ethos of cryptocurrencies.

与比特币不同，以太币在“权益证明”区块链上运行，它允许用户通过在指定期限内锁定其代币来赚取收益。这种质押机制引起了人们的担忧，即以太币可能被归类为证券，这将施加更严格的披露要求，这与加密货币的去中心化精神背道而驰。

Diminished Institutional Interest

机构兴趣减弱

Institutional demand for Ether has lagged behind that for Bitcoin. Data from CoinShares reveals that digital asset funds tracking Ether experienced outflows of $46.4 million in the month ending March 23, while products tracking Bitcoin saw inflows exceeding $4 billion.

机构对以太币的需求落后于比特币。 CoinShares 的数据显示，截至 3 月 23 日的一个月内，追踪以太币的数字资产基金流出了 4640 万美元，而追踪比特币的产品则流入超过 40 亿美元。

Ethereum's Technological Significance

以太坊的技术意义

Despite the challenges facing Ether, the underlying Ethereum blockchain remains a significant player in the rapidly evolving Web3 landscape. Ethereum powers a wide range of decentralized applications, including decentralized finance (DeFi) and blockchain gaming. Its technological relevance has attracted interest from institutional investors, such as BlackRock, which recently launched a tokenized fund on the Ethereum blockchain.

尽管以太坊面临挑战，但底层的以太坊区块链仍然是快速发展的 Web3 领域的重要参与者。以太坊为广泛的去中心化应用提供支持，包括去中心化金融（DeFi）和区块链游戏。其技术相关性吸引了机构投资者的兴趣，例如贝莱德（BlackRock）最近在以太坊区块链上推出了代币化基金。

Tokenization of Real-World Assets

现实世界资产的代币化

The Ethereum blockchain has also emerged as a major platform for the tokenization of real-world assets. Over $2 billion worth of commodities and government securities have been tokenized on the blockchain, with 80% of these assets residing on the Ethereum network.

以太坊区块链也已成为现实世界资产代币化的主要平台。价值超过 20 亿美元的商品和政府证券已在区块链上进行代币化，其中 80% 的资产驻留在以太坊网络上。

Conclusion

结论

Ether's growth trajectory has been overshadowed by Bitcoin's stellar performance and the absence of regulatory clarity surrounding its status. While the Ethereum blockchain continues to gain traction in the Web3 realm and attract institutional interest, Ether's price has remained subdued relative to its larger counterpart. The upcoming approval decision on VanEck's spot Ether ETF remains a pivotal moment that could potentially propel Ether's value and narrow the gap with Bitcoin's dominance.

以太币的增长轨迹被比特币的出色表现和缺乏对其地位的监管明确性所掩盖。虽然以太坊区块链继续在 Web3 领域获得关注并吸引机构兴趣，但以太坊的价格相对于其较大的同类产品仍然处于低迷状态。 VanEck 现货以太 ETF 即将获得批准的决定仍然是一个关键时刻，可能会推动以太币的价值并缩小与比特币主导地位的差距。