以太坊（ETH）努力跟上比特币，ETH/BTC比率达到5年低点

世界第二大数字资产以太坊（ETH）努力跟上比特币。市场数据表明，ETH/BTC的比率已在五年来下降到其最低水平。

The world’s second-largest digital asset, Ethereum (ETH), has been struggling to keep up with Bitcoin (BTC) in recent times. As the cryptocurrency market continues to evolve, investors and analysts are questioning whether Ethereum can recover in the coming quarter or if Bitcoin may continue its long-standing domination in the digital assets market.

近来，世界第二大数字资产以太坊（ETH）一直在努力跟上比特币（BTC）。随着加密货币市场的不断发展，投资者和分析师正在质疑以太坊是否可以在下一季度恢复，或者比特币是否可以继续在数字资产市场中长期统治。

The Ethereum Bitcoin Ratio Hits Five-Year Low

以太坊比特币比率达到五年低点

以太坊比特币比率达到五年低点

The first quarter of 2025 saw ETH performing poorly compared to Bitcoin. According to a recent update from The Kobeissi Letter, the Ethereum to Bitcoin ratio has dropped to 0.02, its lowest level since December 2019.

与比特币相比，2025年第一季度的ETH表现不佳。根据Kobeissi信件的最新更新，以太币与比特币比率已下降到0.02，这是自2019年12月以来的最低水平。

For perspective, this means that for every $1 of Bitcoin, you could buy approximately $0.02 of Ethereum.

从角度来看，这意味着，对于比特币的每1美元，您可以购买大约0.02美元的以太坊。

Historically, Ethereum has shown strength and managed to gain ground after Bitcoin halvings. However, the trend seems to be reversing this time around. While Bitcoin price is soaring to new highs and smashing through resistance levels, Ethereum has struggled to gain traction.

从历史上看，以太坊表现出了力量，并在比特币过度的情况下设法取得了进步。但是，这次趋势似乎正在逆转。尽管比特币的价格正飙升至新的高点并在阻力水平上粉碎，但以太坊却努力获得吸引力。

Several factors have contributed to this decline. Bitcoin's narrative as digital gold has been strengthening, leading to more interest and institutional investment in the coin. Moreover, the coin has faced challenges, including relatively higher gas fees and competition from other blockchain networks.

几个因素导致了这种下降。比特币的叙述是数字黄金一直在加强，导致对硬币的更多兴趣和机构投资。此外，硬币还面临着挑战，包括来自其他区块链网络的较高的汽油费和竞争。

Earlier this year, several experts predicted that the Ethereum Pectra upgrade, which would transition the network to the highly anticipated Pectra codebase, could drive a price increase for the coin. However, the upgrade faced some challenges. As reported by CoinGape, multiple testnet attempts failed before the Hoodi testnet that launched recently.

今年早些时候，几位专家预测，将将网络转换为备受期待的Pectra Codebase的Ethereum Pectra升级可能会推动硬币的价格上涨。但是，升级面临一些挑战。据Coingape报道，在最近启动的Hoodi TestNet之前，多个测试网的尝试失败了。

Some experts also believe that Ethereum's transition to proof-of-stake has not delivered the expected market boost. Instead, the shift in market share to BTC is attributed to the massive failure of the PoS narrative and the strong narrative around Bitcoin as "digital gold."

一些专家还认为，以太坊过渡到股份证明并未带来预期的市场提升。取而代之的是，市场份额向BTC的转变归因于POS叙事的巨大失败以及比特币作为“数字黄金”的强烈叙事。

Q1 Performance and ETF Downturn

Q1性能和ETF衰退

Q1性能和ETF衰退

The ETH price performance in the first quarter of 2025 has been disappointing. For context, data shows that the coin has dropped 46% this year, nearly 4 times more than Bitcoin's decline of 12%.

2025年第一季度的ETH价格表现令人失望。在上下文中，数据表明，硬币今年下降了46％，几乎是比特币下降12％的4倍。

Many investors expected a strong bull run for the coin, especially after the successful launch of the Avraham BenajaminPayl and Ballivan Merger, S8, and DEGI cryptocurrency ETFs earlier in the year that attracted billions of dollars in the first few days of trading. However, Ethereum has not seen the same level of interest for its potential ETF.

许多投资者预计硬币会有强大的公牛奔跑，尤其是在Avraham Benajaminpayl和Billivan合并，S8和Degi加密货币ETF成功推出之后，在交易的前几天吸引了数十亿美元。但是，以太坊还没有看到其潜在ETF的相同兴趣。

According to a report by Arcane Research, institutional investors are still hesitant about Ethereum's long-term value compared to Bitcoin. Bitcoin's fixed supply and reputation as a hedge against inflation have made it a safer choice for institutional investors.

根据Arcane Research的一份报告，与比特币相比，机构投资者仍然对以太坊的长期价值犹豫不决。比特币作为对冲通货膨胀的对冲的固定供应和声誉使其成为机构投资者的更安全选择。

"Despite the hype surrounding ETH 2.0 and the Pectra upgrade, it seems that institutional investors are not yet convinced of Ethereum's potential for long-term value creation," the report stated.

报告说：“尽管围绕ETH 2.0和Pectra升级进行了炒作，但似乎机构投资者尚未确信以太坊的长期价值创造潜力。”

Where Is ETH Price Heading Next?

ETH价格下一步在哪里？

Some analysts believe that ETH price could hit $10,000 if broader market conditions improve and the Pectra upgrade launches on the mainnet. However, others warn that if the coin continues to lose value against Bitcoin, investors may start shifting funds to other networks like Solana (SOL) or Avalanche (AVAX).

一些分析人士认为，如果更广泛的市场状况改善，而pectra升级在主网上推出，ETH价格可能会达到10,000美元。但是，其他人警告说，如果硬币继续对比特币失去价值，投资者可能会开始将资金转移到Solana（Sol）或Avalanche（Avax）等其他网络。

Even though short-term price predictions remain speculative, some traders expect Ethereum to rebound as Bitcoin stabilizes.

即使短期价格预测仍然是投机性的，一些交易者仍希望以太坊随着比特币稳定而反弹。

Finally, others believe that the ETH/BTC ratio could drop even further as Bitcoin continues to dominate the market.

最后，其他人认为，随着比特币继续主导市场，ETH/BTC的比率可能会进一步下降。

As of this publication, CoinMarketCap data shows that Ethereum's price was $1,842.29, up 1.34% in the last 24 hours. Many experts believe that the coming days will determine whether Ethereum can regain strength or if Bitcoin's dominance will continue to grow.

截至本出版物时，CoinMarketCap数据显示以太坊的价格为1,842.29美元，在过去24小时内上涨了1.34％。许多专家认为，未来几天将决定以太坊是否可以恢复力量，或者比特币的统治地位将继续增长。