以太坊（ETH）价格表现不佳（BTC），加密分析师发现

加密货币市场在其两个最大资产比特币（BTC）和以太坊（ETH）之间见证了表现的分歧。

Cryptocurrency markets have seen contrasting performances between its two largest assets, Bitcoin (BTC) and Ethereum (ETH), in recent times. While Bitcoin has shown signs of recovery, gaining 3.8% over the past two weeks and reclaiming the $85,000 price level, Ethereum has struggled to keep up.

近期，加密货币市场的两个最大资产（BTC）和以太坊（ETH）之间的表现形成了鲜明的对比。尽管比特币表现出恢复的迹象，在过去的两周中占3.8％并收回了85,000美元的价格水平，但以太坊一直在努力跟上。

ETH remains below the $2,000 mark, a level it fell below last week, currently trading just above $1,900. The disparity in performance between Bitcoin and Ethereum has drawn attention from analysts, particularly regarding Ethereum’s declining strength against Bitcoin in the derivatives market.

ETH仍低于2,000美元的标准，这一水平低于上周，目前交易略高于1,900美元。比特币和以太坊之间的性能差异引起了分析师的关注，特别是关于以太坊在衍生品市场中对比特币的强度下降。

> Related Reading: Ethereum Price Consolidates and Eyes Recovery—Is a Bounce Incoming?

>相关阅读：以太坊价格巩固和眼睛恢复 - 是弹跳吗？

Ethereum’s Decline Against Bitcoin: Key Market Trends

以太坊对比特币的下降：关键市场趋势

CryptoQuant analyst SunflowrQuant recently examined the ETH/BTC market trends, highlighting that Ethereum has been weakening against Bitcoin over the past two years, reflecting a decrease in investor confidence and reduced speculative interest in ETH derivatives.

加密分析师Sunflowrquant最近研究了ETH/BTC市场趋势，强调以太坊在过去两年中一直在削弱对比特币的削弱，这反映了投资者的信心下降和对Eth衍生物的投机兴趣的降低。

During the 2021-2022 period, Ethereum outperformed Bitcoin, signaling strong market interest and increasing activity in Ethereum-based derivatives at the time. However, since then, the ETH/BTC ratio and open interest have both declined, suggesting that Ethereum has been losing ground against Bitcoin in terms of market dominance.

在2021 - 2022年期间，以太坊的表现优于比特币，这表明了当时的以太元素基于以太坊的衍生品的浓厚市场兴趣和活动的增加。但是，从那时起，ETH/BTC的比率和开放利益都下降了，这表明以太坊在市场优势方面一直对比特币失去立场。

By March 2025, the open interest ratio of ETH futures had fallen to 0.15, while the ETH/BTC price ratio dropped to 0.02. This indicates that the bearish sentiment around Ethereum continues to dominate the market, as traders shift their focus toward Bitcoin.

到2025年3月，ETH期货的开放利息比下降到0.15，而ETH/BTC的价格比下降到0.02。这表明，随着交易者将注意力转移到比特币时，以太坊周围的看跌情绪继续占据主导地位。

The declining open interest in Ethereum perpetual futures contracts further reinforces the idea that traders are showing less speculative interest in ETH compared to BTC.

以太坊永久期货合约的开放兴趣下降进一步加强了与BTC相比，交易者在ETH中表现出更少的投机兴趣的观念。

What This Means for ETH’s Future

这对ETH的未来意味着什么

Despite ETH’s underperformance, SunflowrQuant suggests that its current weakness may also reflect broader market fear and uncertainty. The analyst points out that crypto markets are often driven by emotions, and when sentiment reaches an extreme low, a rapid recovery could follow.

尽管ETH表现不佳，但Sunflowrquant认为其目前的弱点也可能反映出更广泛的市场恐惧和不确定性。分析师指出，加密货币市场通常是由情绪驱动的，当情绪达到极端低时，可能会迅速恢复。

Such low-liquidity conditions may lead to unexpected price movements, creating opportunities for ETH to regain strength in the ETH/BTC ratio. Historically, market downturns have been followed by periods of strong recovery, and Ethereum’s fundamentals remain intact. The analyst wrote:

这种低流动性的条件可能会导致意外的价格变动，从而为ETH创造了ETH/BTC比率增强力量的机会。从历史上看，市场衰退之后是恢复强劲的时期，以太坊的基本面仍然完好无损。分析师写道：

Emotional fluctuations and market fear could lead investors to act more cautiously and strategically. We may be at the foundations of new beginnings for Ethereum; just like in previous cycles, after tough times, a strong rebound may occur, reaching new highs.

情绪波动和市场恐惧可能会导致投资者采取更加谨慎和战略性的行动。我们可能是以太坊的新起点的基础。就像以前的周期一样，经过艰难的时期，可能会发生强大的反弹，达到新的高点。

If investor confidence returns, ETH could potentially reverse its trend, similar to how it performed against Bitcoin in 2021-2022. However, this will likely depend on broader market dynamics, including institutional adoption, ETH’s network upgrades, and Bitcoin’s price stability. SunflowrQuant concluded:

如果投资者的信心回报，ETH可能会扭转其趋势，类似于它在2021 - 2022年对比特币的表现。但是，这可能取决于更广泛的市场动态，包括机构采用，ETH的网络升级和比特币的价格稳定性。向日葵得出结论：

Looking at the price fluctuations in Ethereum, now could be the perfect time to be part of this transformative process. We are at the bottom of potential new beginnings and opportunities for ETH.

看看以太坊的价格波动，现在可能是成为这种变革过程的一部分的最佳时机。我们处于潜在的新起点和ETH机会的底部。

Featured image created with DALL=E, Chart from TradingView

使用dall = e创建的特征图像，来自TradingView的图表