以太坊的表现继续落后于比特币

今天，以太坊原生 ETH 代币兑 BTC 进一步下滑，创下 0.0365 的低点，抹去了自 2021 年 4 月以来兑比特币的所有涨幅。

Ethereum (ETH) continues to struggle against Bitcoin (BTC) as the second-largest digital asset by market cap hit new lows against the top cryptocurrency.

以太坊（ETH）继续与比特币（BTC）作斗争，因为按市值计算的第二大数字资产相对于顶级加密货币触及新低。

Ethereum Loses Steam Against Bitcoin

以太坊对比特币失去动力

以太坊对比特币失去动力

Data from Coinglass shows that ETH slid further against BTC on Monday, hitting a low of 0.0365 and erasing all its gains against Bitcoin since April 2021. This multi-year low is bound to dampen the expectations of ETH permabulls.

Coinglass 的数据显示，周一 ETH 兑 BTC 进一步下滑，触及 0.0365 的低点，抹去了自 2021 年 4 月以来兑比特币的所有涨幅。这一多年低点势必会挫伤 ETH 永久牛市的预期。

At one point, ETH reached a local high of 0.0865 BTC. However, since then, the smart contract token has been on a continuous downward trajectory, declining by almost 58% against the premier digital asset.

ETH一度达到0.0865 BTC的局部高点。然而，从那时起，智能合约代币一直处于持续下跌的轨道，相对于主要数字资产下跌了近 58%。

Notably, the last monthly green candle that ETH posted against BTC was in May 2024. It is highly likely that by the end of October, ETH will have posted five consecutive monthly red candles against Bitcoin.

值得注意的是，ETH 对 BTC 的最后一次月度绿色蜡烛是在 2024 年 5 月。到 10 月底，ETH 很可能会连续五个月度对比特币发出红色蜡烛。

On a year-to-date (YTD) basis, ETH is down by over 30% against BTC. Interestingly, within the last three months, the ETH/BTC trading pair has declined by over 22%, indicating that major losses against BTC are more recent.

从年初至今 (YTD) 来看，ETH 相对于 BTC 下跌了 30% 以上。有趣的是，在过去三个月内，ETH/BTC 交易对下跌了 22% 以上，这表明 BTC 的重大损失是最近发生的。

While various factors could be blamed for ETH’s lackluster price performance, a major reason is the rapidly increasing competition from rival smart contract blockchains such as Solana (SOL).

虽然 ETH 价格表现不佳的原因有多种，但主要原因是来自 Solana (SOL) 等竞争对手智能合约区块链的竞争迅速加剧。

The chart below shows that SOL has been on an upward trajectory against ETH after a brief consolidation in June 2024. On a YTD basis, SOL has recorded almost 60% gains against ETH. At the time of writing, the SOL/ETH ratio is trading close to a new all-time high (ATH) at 0.069.

下图显示，在 2024 年 6 月短暂盘整后，SOL 兑 ETH 一直处于上升轨道。从年初至今，SOL 兑 ETH 上涨了近 60%。截至撰写本文时，SOL/ETH 比率接近 0.069 的历史新高 (ATH)。

What Is Holding ETH Back?

是什么阻碍了 ETH 的发展？

是什么阻碍了 ETH 的发展？

Although Ethereum adoption continues to grow – boosted by the recent Ethereum exchange-traded fund (ETF) approval by the US Securities and Exchange Commission (SEC) – the effects are not entirely reflected in the price action of the native ETH token.

尽管在美国证券交易委员会 (SEC) 最近批准以太坊交易所交易基金 (ETF) 的推动下，以太坊的采用率持续增长，但其影响并未完全反映在原生 ETH 代币的价格走势中。

A recent report found that more than 34 million ETH – close to 30% of its supply – is currently staked. Despite the lower circulating supply as a result of staking, ETH’s price continues to perform poorly against other digital assets.

最近的一份报告发现，目前有超过 3400 万枚 ETH（接近其供应量的 30%）被质押。尽管由于质押导致流通量下降，但 ETH 的价格相对于其他数字资产仍然表现不佳。

In addition, the extraordinary growth witnessed by Ethereum layer-2 (L2) solutions such as Optimism, Arbitrum, and Base, has taken the attention away from the smart contract platform. In August, Justin Bons, founder of Cyber Capital said “Ethereum is dying while L2’s dance on its grave.”

此外，Optimism、Arbitrum 和 Base 等以太坊第 2 层 (L2) 解决方案见证了非凡的增长，吸引了人们对智能合约平台的关注。 8 月，Cyber​​ Capital 创始人贾斯汀·邦斯 (Justin Bons) 表示，“以太坊正在消亡，而 L2 则在坟墓上起舞。”

Despite the growing pessimism toward its price action, ETH whales remain unfazed as they continue to scoop more tokens to benefit from potential future price appreciation. Recent analysis found that Ethereum whales now control about 43% of ETH’s entire supply.

尽管人们对其价格走势越来越悲观，但 ETH 鲸鱼仍然不为所动，因为他们继续挖取更多代币，从未来潜在的价格升值中受益。最近的分析发现，以太坊鲸鱼目前控制着 ETH 总供应量的 43% 左右。

Similarly, earlier this month, asset manager BlackRock was found to be selling its BTC holdings for ETH, suggesting the firm’s bullish outlook on the token. At press time, ETH trades at $2,532, up 0.2% in the past 24 hours.

同样，本月早些时候，资产管理公司贝莱德被发现正在出售其持有的 BTC 来换取 ETH，这表明该公司对该代币的看涨前景。截至发稿，ETH 交易价格为 2,532 美元，过去 24 小时上涨 0.2%。