以太坊的希望在市场困境和网络平静中破灭

以太坊相对于比特币的市场主导地位曾经被认为是“翻转”，但现在看来遥不可及。 ETH/BTC 大幅下跌，达到 2021 年以来的最低水平（0.046）。自 PoS 过渡以来，ETH/BTC 已暴跌 45%，第 2 层迁移减少了以太坊主网活动。专家们对以太坊表现不佳表示担忧，一些人认为它可能会被第 2 层解决方案和碎片化所掩盖。

Ethereum's "Flippening" Dream Seems Distant Amid Market Downturn and Network Quiescence

市场低迷和网络停滞，以太坊的“翻转”梦想似乎遥不可及

Ethereum's long-held aspiration to surpass Bitcoin's market capitalization, known as the "Flippening," has encountered significant setbacks, with the former's value relative to Bitcoin (ETH/BTC) plummeting to its lowest point in years. The recent drop in ETH/BTC to 0.046 marks its nadir since February 2021.

以太坊长期以来超越比特币市值的愿望，即所谓的“翻转”，遭遇了重大挫折，以太坊相对于比特币的价值（ETH/BTC）暴跌至多年来的最低点。 ETH/BTC 最近跌至 0.046，创下 2021 年 2 月以来的最低点。

Compounding Ethereum's woes, its post-Merge transition to proof of stake in September 2022 has precipitated a 45% decline in ETH/BTC.

雪上加霜的是，2022 年 9 月合并后向权益证明的过渡导致 ETH/BTC 下跌了 45%，这让以太坊的困境雪上加霜。

Network Activity Slump and Layer 2 Migration

网络活动衰退和第 2 层迁移

Ethereum's mainnet activity has witnessed a sharp decline, with transaction fees measured in gwei hitting multi-year lows. This diminishing network activity is attributed to the migration of transactions to Ethereum's Layer 2 networks, further exacerbating the perception of decreased demand.

以太坊的主网活动急剧下降，以 gwei 衡量的交易费用创下多年低点。这种网络活动的减少归因于交易迁移到以太坊的第 2 层网络，进一步加剧了需求下降的感觉。

Expert Concurrence and Doubts

专家的赞同与质疑

Cryptocurrency luminaries are expressing skepticism about Ethereum's prospects in the current market cycle. Ryan Sean Adams, co-host of the Bankless podcast and a prominent Ethereum advocate, has questioned whether ETH might underperform due to its transition to Layer 2 solutions and its "awkward puberty phase."

加密货币名人对以太坊在当前市场周期中的前景表示怀疑。 Bankless 播客的联合主持人、著名的以太坊倡导者瑞安·肖恩·亚当斯 (Ryan Sean Adams) 质疑 ETH 是否会因为向 Layer 2 解决方案的过渡和“尴尬的青春期阶段”而表现不佳。

Joe McCann, founder of crypto fund Asymmetric, believes the Flippening was always an unrealistic dream. He argues that Ethereum's scalability limitations and the emergence of Solana as a "world's leading supercomputer" undermine its aspirations.

加密货币基金 Asymmetry 的创始人 Joe McCann 认为，Flippening 一直是一个不切实际的梦想。他认为，以太坊的可扩展性限制以及 Solana 作为“世界领先的超级计算机”的出现破坏了其愿望。

Regulatory Developments and Bullish Sentiments

监管动态和看涨情绪

Despite the prevailing pessimism, some experts remain optimistic. Connor Loewen of Canadian investment firm 3iQ highlights regulatory and legal developments that could bolster ETH/BTC. He points to Ethereum's dominance in stablecoin issuance and the potential impact of positive legislation on its valuation.

尽管悲观情绪盛行，但一些专家仍然保持乐观。加拿大投资公司 3iQ 的 Connor Loewen 强调了可能提振 ETH/BTC 的监管和法律发展。他指出了以太坊在稳定币发行方面的主导地位以及积极立法对其估值的潜在影响。

Alex Kruger of advisory firm Asgard envisions two scenarios for ETH: one where regulatory clarity and ETF approvals drive prices higher, and another where rejection leads to a temporary dip before recovery. Kruger favors the former, suggesting the market is poised for a potential turnaround.

咨询公司 Asgard 的 Alex Kruger 为 ETH 设想了两种情况：一种是监管的明确性和 ETF 的批准推动价格上涨，另一种是拒绝导致价格在复苏前暂时下跌。克鲁格倾向于前者，表明市场已准备好迎来潜在的好转。

Joe Di Pasquale, CEO of BitBull Capital, also remains sanguine about Ethereum's future. He emphasizes its unique features, such as proof of stake and smart contract capabilities, which make it an attractive platform for decentralized applications.

BitBull Capital 首席执行官 Joe Di Pasquale 也对以太坊的未来保持乐观。他强调了其独特的功能，例如权益证明和智能合约功能，这使其成为去中心化应用程序的有吸引力的平台。

Bitcoin's Reign Continues

比特币的统治仍在继续

While Ethereum's supporters still cling to the Flippening dream, recent market developments and expert opinions suggest reality may be setting in. For the time being, Bitcoin remains firmly entrenched as the dominant force in the cryptocurrency realm. Ethereum, despite its significant progress, has yet to demonstrate the capacity to dethrone its rival.

尽管以太坊的支持者仍然坚持翻转梦想，但最近的市场发展和专家意见表明现实可能正在显现。目前，比特币仍然牢牢占据着加密货币领域的主导力量。尽管以太坊取得了重大进展，但尚未表现出推翻竞争对手的能力。