以太坊史无前例的崩盘：市场暴跌速度比比特币还要快

比特币最近的下跌引发了广泛的加密货币抛售，以太坊的跌幅尤其急剧，几乎是比特币贬值速度的两倍。这种分歧凸显了这两种主要加密货币之间的复杂关系。

Ethereum's Unprecedented Plunge: Decoupling from Bitcoin in a Market Sell-Off

以太坊史无前例的暴跌：在市场抛售中与比特币脱钩

The cryptocurrency market has witnessed a sharp correction in recent times, with Bitcoin (BTC-USD) surrendering its recent gains and triggering a broader sell-off. However, Ethereum (ETH-USD), often considered Bitcoin's shadow, has experienced a decline that is alarmingly outpacing that of its larger counterpart.

加密货币市场最近经历了大幅调整，比特币（BTC-USD）回吐了近期的涨幅并引发了更广泛的抛售。然而，通常被认为是比特币影子的以太坊（ETH-USD）的跌幅却惊人地超过了其规模更大的对手。

While Bitcoin has retreated, Ethereum has plummeted at nearly double the rate, raising eyebrows among market participants. This divergence, while not entirely unprecedented, is striking and worthy of closer examination.

虽然比特币有所回落，但以太坊却以近两倍的速度暴跌，引起了市场参与者的关注。这种差异虽然并非完全史无前例，但却是引人注目的，值得仔细研究。

Analysts have attributed Ethereum's disproportionate plunge to several factors. Firstly, Ethereum's recent value surge has been attributed to the anticipation of The Merge, a significant software upgrade that will transition Ethereum to a proof-of-stake consensus mechanism. With The Merge now delayed until an unspecified date in 2023, some investors may be reassessing their positions, resulting in selling pressure.

分析师将以太坊的不成比例暴跌归因于几个因素。首先，以太坊最近的价值飙升归因于对 The Merge 的预期，这是一项重大的软件升级，将把以太坊转变为权益证明共识机制。由于合并现在推迟到 2023 年（具体日期未定），一些投资者可能会重新评估自己的头寸，从而导致抛售压力。

Another factor contributing to Ethereum's steeper decline could be its higher valuation relative to Bitcoin. While Bitcoin's market capitalization is approximately $370 billion, Ethereum's is over $155 billion, making it the second-largest cryptocurrency by market value. This higher valuation may make Ethereum more vulnerable to profit-taking during market downturns.

导致以太坊大幅下跌的另一个因素可能是其相对于比特币的估值较高。比特币的市值约为 3700 亿美元，而以太坊的市值超过 1550 亿美元，使其成为市值第二大的加密货币。这种较高的估值可能会使以太坊在市场低迷期间更容易受到获利了结的影响。

Furthermore, Ethereum's decentralized finance (DeFi) sector has faced challenges in recent months. The DeFi market has experienced a decline in transaction volume and the value of locked funds, which may have negatively impacted Ethereum's demand.

此外，以太坊的去中心化金融（DeFi）领域近几个月来面临挑战。 DeFi 市场的交易量和锁定资金价值下降，这可能对以太坊的需求产生负面影响。

While the correlation between Bitcoin and Ethereum has weakened in recent days, the two cryptocurrencies remain intertwined to some extent. Market sentiment towards Bitcoin can influence the broader cryptocurrency market, including Ethereum. As Bitcoin's fortunes fluctuate, Ethereum is likely to continue experiencing volatility, albeit possibly at a different magnitude.

尽管比特币和以太坊之间的相关性最近几天有所减弱，但这两种加密货币在某种程度上仍然交织在一起。市场对比特币的情绪可以影响更广泛的加密货币市场，包括以太坊。随着比特币的命运波动，以太坊可能会继续经历波动，尽管幅度可能不同。

Investors should be mindful of the heightened volatility during this period and approach their investments with caution. The cryptocurrency market remains highly speculative, and sharp fluctuations can occur both on the upside and downside.

投资者应注意这段时期的波动性加剧，并谨慎投资。加密货币市场仍然具有高度投机性，上行和下行都可能出现剧烈波动。