以太坊（ETH）目睹了机构信心的激增，尽管市场逆风

尽管在市场逆风的海洋中导航，以太坊（ETH）仍在悄悄地目睹机构信心的激增。

Ethereum (ETH) has been navigating a turbulent sea of market headwinds, with its price action lagging behind and bearish predictions filling the air. However, beneath the surface, on-chain data tells a different story—one of quiet institutional confidence and persistent accumulation.

以太坊（ETH）一直在驾驶动荡的市场逆风海，其价格行动落后，看跌预测充满了空气。但是，在表面下，链上的数据讲述了一个不同的故事，这是安静的机构信心和持续积累的一种故事。

As the cryptocurrency market continues to grapple with the fallout of FTX and the broader macroeconomic downturn, new data from Glassnode reveals a stark contrast between Ethereum’s price action and the behavior of institutional investors.

随着加密货币市场继续努力应对FTX的后果和更广泛的宏观经济下滑，GlassNode的新数据揭示了以太坊的价格行动与机构投资者的行为之间存在鲜明的对比。

While the price of ETH has declined by nearly 30% over the past 30 days and its market dominance has fallen to 2020 levels, on-chain data shows that high-net-worth wallets are steadily accumulating the cryptocurrency.

尽管ETH的价格在过去30天中下跌了近30％，并且其市场优势下降到2020年的水平，但链上数据表明，高净值钱包正在稳步积累加密货币。

This divergence between price and institutional accumulation suggests that while short-term traders and retail investors are being driven by market volatility and bearish predictions, institutional participants are taking a longer-term view, recognizing Ethereum’s underlying potential.

价格和机构积累之间的这种差异表明，尽管短期交易者和散户投资者受到市场波动和看跌预测的驱动，但机构参与者仍在长期观察，认识到以太坊的潜在潜力。

Earlier this year, as BTC’s price surged to new all-time highs, several analysts highlighted the fact that this move was not being driven by institutional capital. Instead, they pointed to Layer 2 scaling solutions as a key strength of ETH, despite the fact that these solutions are not yet generating significant revenue.

今年早些时候，随着BTC的价格飙升为新的历史高潮，几位分析师强调了这一举动并非由机构资本驱动的事实。取而代之的是，尽管这些解决方案尚未产生可观的收入，但他们将第2层扩展解决方案视为ETH的关键优势。

These solutions, such as Optimism and Arbitrum, are essentially "a vital distribution network" that is expanding ETH's reach and building its ecosystem.

这些解决方案（例如乐观和仲裁）本质上是一个“重要的分销网络”，它正在扩大ETH的影响力并建立其生态系统。

According to industry insiders, this will serve to attract more institutional capital and traditional financial players as adoption increases, ultimately solidifying ETH’s long-term position in the financial sector.

根据行业内部人士的说法，随着采用率的增加，这将吸引更多的机构资本和传统金融参与者，最终巩固了ETH在金融领域的长期地位。

All eyes are now on the upcoming Pectra upgrade, which is expected to set the tone for ETH’s future trajectory.

现在，所有人的目光都注视着即将到来的Pectra升级，这将为ETH的未来轨迹定下基调。

This upgrade, which is still a few months away, is anticipated to introduce significant improvements to Ethereum’s scalability, security, and functionality, further enhancing its appeal to institutional investors.

预计该升级仍在几个月之内，可以对以太坊的可扩展性，安全性和功能进行重大改进，从而进一步增强其对机构投资者的吸引力。

The Pectra upgrade represents a crucial milestone in Ethereum’s development roadmap, demonstrating its commitment to continuous improvement and innovation.

Pectra升级代表了以太坊开发路线图的一个至关重要的里程碑，表明了其致力于持续改进和创新的承诺。

Despite this, the technical landscape of Ethereum’s price action presents a bleak picture, at least from the short-term perspective.

尽管如此，至少从短期的角度来看，以太坊价格行动的技术格局却呈现出惨淡的图片。

After reaching a high of $4,000 in August, the cryptocurrency’s price has since been battered, falling to $2,500 in a matter of months.

在八月达到4,000美元的高价后，加密货币的价格已被殴打，几个月内下降到2500美元。

Furthermore, predictions from financial institutions have also been slashed, with Goldman Sachs (NYSE:GS) recently lowering its year-end price target to $150, highlighting the bleak outlook held by some industry giants.

此外，金融机构的预测也被削减了，高盛（NYSE：GS）最近将其年终目标目标降低到150美元，这突出了一些行业巨头所拥有的黯淡展望。

However, despite the gloomy predictions and the market's pessimistic mood, the data from Glassnode suggests that a few bright spots remain.

然而，尽管有令人沮丧的预测和市场的悲观情绪，但来自GlassNode的数据表明仍然存在一些亮点。

Among these is the fact that, despite the price decline, high-net-worth entities, defined as wallets holding 1,000 BTC or more, have been steadily accumulating.

其中，尽管价格下跌，但高净值实体被定义为持有1,000 BTC或更多BTC的钱包，一直在稳步积累。

This behavior contrasts sharply with the actions of short-term traders and retail investors, who are being driven by market trends and volatility. In doing so, they are failing to see the bigger picture.

这种行为与短期交易者和散户投资者的行动形成鲜明对比，他们受到市场趋势和波动性的驱动。这样一来，他们看不到更大的前景。

As such, while the short-term traders are exiting their positions and the price predictions are being slashed, the institutional participants appear to be taking a different approach.

因此，尽管短期交易者正在退出自己的头寸并削减了价格预测，但机构参与者似乎正在采取不同的方法。

Recognizing the long-term potential of Ethereum, they are calmly and persistently accumulating the cryptocurrency, biding their time for eventual profit.

认识到以太坊的长期潜力，他们平静而持续地积累了加密货币，以最终的利润为数。

A comparison to the early days of tech giants like Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) might provide further perspective. Both companies faced periods of rapid growth and innovation, periods that were quickly followed by setbacks and adversity.

与亚马逊（NASDAQ：AMZN）和Microsoft（NASDAQ：MSFT）等科技巨头的早期进行比较，可能会提供进一步的观点。两家公司都面临着快速增长和创新的时期，随后又有挫折和逆境。

Despite these challenges, both tech giants ultimately managed to adjust their strategies and maintain their status as industry leaders, pivoting to new avenues of growth and scaling their operations to meet the evolving needs of the market.

尽管面临这些挑战，但两个科技巨头最终都设法调整了他们的策略并保持其作为行业领导者的地位，将新的增长途径枢纽并扩大其业务范围，以满足市场不断发展的需求。

In the same vein, Ethereum is currently in the midst of a crucial stage in its development, adjusting its strategy to focus on building a foundational layer of infrastructure.

同样，以太坊目前正处于其发展的关键阶段，调整了其专注于建立基础设施基础层的战略。

Similar to how Amazon prioritized optimizing its logistics and cloud infrastructure before aiming for rapid revenue generation, Ethereum has been diligently developing its foundational tier, establishing itself as a reliable settlement layer in the blockchain space.

类似于亚马逊在目标生成快速收入之前优化其物流和云基础架构的优先级优先级，以太坊一直在努力开发其基本层，并将自己确立为区块链空间中可靠的结算层。

This strategy has attracted a swarm of developers, businesses, and institutions seeking a robust and secure platform on which to build decentralized applications (dapps).

该策略吸引了一群开发人员，企业和机构，他们寻求一个坚固且安全的平台来构建分散应用程序（DAPPS）。

While Layer 2 scaling solutions, such as Optimism and Arbitrum, have yet to generate significant revenue, they serve as a vital distribution network, expanding Ethereum’s reach and building its ecosystem.

虽然第2层缩放解决方案（例如乐观和仲裁）尚未产生可观的收入，但它们是一个重要的分销网络，扩大了以太坊的覆盖范围并建立了其生态系统。

As adoption increases, these innovations will serve to attract more institutional capital and traditional financial players, ultimately solidifying Ethereum’s long-term position in the financial sector.

随着采用率的增加，这些创新将有助于吸引更多的机构资本和传统财务参与者，最终巩固了以太坊在金融领域的长期地位。