尽管出现了新的 ATH，以太坊 (ETH) 的表现仍逊于比特币 (BTC)，引发了对其相对强度的质疑

随着比特币 (BTC) 今天创下历史新高 (ATH) 98,310 美元，ETH/BTC 交易对跌至多年低点，引发质疑

Bitcoin (BTC) hit a new all-time high (ATH) of $98,310 on Monday, while the ETH/BTC trading pair fell to multi-year lows.

比特币 (BTC) 周一触及 98,310 美元的历史新高 (ATH)，而 ETH/BTC 交易对跌至多年低点。

What Happened: BTC’s new ATH brings it closer to the much-anticipated $100,000 level. However, BTC’s sustained dominance has led to the underperformance of altcoins, including Ethereum, throughout the year.

发生了什么：BTC 的新 ATH 使其更接近备受期待的 100,000 美元水平。然而，BTC 的持续主导地位导致包括以太坊在内的山寨币全年表现不佳。

A glance at the weekly chart shows that the ETH/BTC trading pair dropped to a multi-year low of 0.0331 — a level last seen in March 2021. The pair failed to form a new higher high since December 2021, reflecting a decline of over 60%.

周线图显示，ETH/BTC 交易对跌至多年低点 0.0331，上次出现该水平是在 2021 年 3 月。该货币对未能形成 2021 年 12 月以来的新高，反映出跌幅超过60%。

The pair’s losses accelerated from July 2024, coinciding with BTC’s price surge, which was driven by rising optimism over pro-crypto Republican candidate Donald Trump’s prospects in the U.S. presidential election.

自 2024 年 7 月起，该货币对的损失加速，恰逢 BTC 价格飙升，这是由于人们对支持加密货币的共和党候选人唐纳德·特朗普在美国总统大选中的前景日益乐观所推动。

Institutional preference for BTC over other cryptocurrencies was also evident in the success of Bitcoin exchange-traded funds (ETFs). At present, BTC ETFs hold more than $100 billion in total net assets.

比特币交易所交易基金（ETF）的成功也体现了机构对比特币相对于其他加密货币的偏好。目前，BTC ETF持有的总净资产超过1000亿美元。

While Ethereum ETFs also received regulatory approval, they didn’t match the success of their Bitcoin counterparts. For instance, US-based spot Ethereum ETFs have only managed to accumulate $8.96 billion in total net assets so far.

虽然以太坊 ETF 也获得了监管部门的批准，但它们的成功程度无法与比特币 ETF 相媲美。例如，美国现货以太坊ETF迄今为止仅积累了89.6亿美元的总净资产。

Other factors, such as Bitcoin’s halving in April — which slashed miner rewards from 6.250 BTC to 3.125 BTC — further reinforced the digital asset’s supply scarcity narrative. In contrast, Ethereum’s rising issuance rate has led some experts to question its “ultrasound money” status.

其他因素，例如 4 月份比特币减半——矿工奖励从 6.250 BTC 大幅削减至 3.125 BTC——进一步强化了数字资产供应稀缺的说法。相比之下，以太坊不断上升的发行率让一些专家质疑其“超声波货币”地位。

See More: Best Crypto ETFs

查看更多：最佳加密货币 ETF

Relative Strength, Weak Institutions: Several factors contributed to ETH’s relative underperformance against BTC in 2024.

相对强弱、机构薄弱：有几个因素导致 2024 年 ETH 相对于 BTC 的表现相对较差。

Institutions, such as hedge funds and family offices, played a crucial role in driving BTC’s price to new highs. These institutions largely favored BTC due to its scarcity, liquidity and regulatory clarity compared to other cryptocurrencies.

对冲基金和家族办公室等机构​​在推动比特币价格创新高的过程中发挥了至关重要的作用。这些机构在很大程度上青睐比特币，因为与其他加密货币相比，比特币具有稀缺性、流动性和监管明确性。

On the other hand, Ethereum faced challenges in attracting institutional capital, especially during the bear market that followed the collapse of FTX. This was partly due to the regulatory uncertainty surrounding ETH, which is considered a security by some authorities.

另一方面，以太坊在吸引机构资本方面面临挑战，尤其是在 FTX 崩盘后的熊市期间。这在一定程度上是由于 ETH 的监管不确定性，一些当局认为 ETH 是一种证券。

Moreover, ETH’s high volatility and the lack of a clear narrative for its price movements made it less appealing to institutions that prefer more stable and predictable assets.

此外，ETH 的高波动性以及对其价格走势缺乏明确的叙述，使其对于偏爱更稳定和可预测资产的机构的吸引力降低。

Despite ETH’s relative underperformance, several analysts remained optimistic about its prospects, especially in the lead-up to the Shanghai upgrade, which is expected to unlock staked ETH.

尽管 ETH 的表现相对较差，但一些分析师仍对其前景持乐观态度，尤其是在上海升级之前，预计该升级将释放质押的 ETH。

According to crypto analyst @CryptoGemRnld, the ETH/BTC chart showed two strong support levels — a trendline support and a demand box zone, which acted as a "double bottom."

根据加密货币分析师@CryptoGemRnld的说法，ETH/BTC图表显示了两个强大的支撑位——趋势线支撑和需求箱区域，充当“双底”。

"Since 2017, we have historically bounced from these levels, often leading into altcoin seasons," the analyst said.

这位分析师表示：“自 2017 年以来，我们一直从这些水平反弹，通常会进入山寨币季节。”

Seasoned trader Peter Brandt also suggested that the ETH/BTC ratio may be nearing its bottom.

经验丰富的交易员 Peter Brandt 也表示，ETH/BTC 比率可能已接近底部。

"This ratio has been ignored by almost everyone, yet it may be signaling the last stage of bear market for ETH/BTC, with a possible bottom in December and the ratio beginning to move up," Brandt said.

Brandt 表示：“这个比率几乎被所有人忽视，但它可能预示着 ETH/BTC 熊市的最后阶段，可能在 12 月触底，比率开始上升。”

Recent data indicated that ETH may be undervalued at current prices. Limited inflow of ETH to exchanges, coupled with a lack of significant profit-taking, suggested that ETH bulls were holding out for further gains.

最近的数据表明，以当前价格计算，ETH 的价值可能被低估。 ETH 流入交易所的资金有限，加上缺乏大量获利回吐，表明 ETH 多头正在等待进一步上涨。

Additionally, spot ETH ETFs saw strong inflows, attracting over $515 million between November 9 and November 15. At press time, ETH traded at $3,333, up 7.4% in the past 24 hours.

此外，现货 ETH ETF 资金流入强劲，11 月 9 日至 15 日期间吸引了超过 5.15 亿美元。截至发稿时，ETH 交易价格为 3,333 美元，在过去 24 小时内上涨了 7.4%。