与比特币相比，以太坊的表现已降至五年来的最低水平，强调了Ether的挣扎

与比特币相比，以太坊的表现已降至五年来的最低水平，强调了Ether的挣扎。

Ethereum’s performance compared to Bitcoin has fallen to the lowest level in five years, highlighting Ether’s struggles in the first quarter.

与比特币相比，以太坊的表现已在五年来下降到最低水平，这突出了以太币在第一季度的挣扎。

According to Glassnode data, the ETH/BTC ratio is now at 0.02191 after ETH dropped 39% against BTC.

根据玻璃节数据，ETH/BTC比率现在为0.02191，因为ETH降低了39％的BTC。

This marks the first time that an altcoin will underperform the flagship coin in a post-halving year. It also raises more questions about Ether, which is down 45.98% in this first quarter and has its worst Q1 performance since 2018, when it recorded 46.61% decline.

这标志着Altcoin首次在稍作稍作一年的旗舰硬币中表现不佳。它还提出了有关以太的更多疑问，以太币在第一季度下降了45.98％，自2018年以来的第一季度表现最差，当时其下降了46.61％。

ETH and BTC have struggled throughout 2025

ETH和BTC在2025年都在挣扎

The bad quarterly performance for ETH captures just how bad a year it has been, given that this period is historically the best for the asset. Per Coinglass data, ETH has seen an average gain of 77% throughout its Q1s.

鉴于这一时期在历史上是资产最好的，ETH的季度表现不佳，这是一年的糟糕。根据Coinglass数据，ETH在其Q1中平均增益为77％。

Even worse, the ETH ETFs have also had 17 days of consecutive outflows, which only ended on Friday, March 27.

更糟糕的是，ETH ETF也有17天的连续流出，直到3月27日星期五结束。

Interestingly, Bitcoin has also struggled this year and is set to finish 2025 Q1 with its worst first-quarter performance since 2018 after falling to $82,000. The flagship asset, which had risen to $88,000 in its rebound a few days ago, is now retreating into the lower $80,000 range.

有趣的是，比特币也在今年挣扎，并将在跌至82,000美元后自2018年以来最糟糕的第一季度表现完成2025 Q1。几天前，旗舰资产的篮板已上涨至88,000美元，现在正在撤退到较低的80,000美元范围。

According to data from Coinglass, BTC is on track to finish the quarter with a 12.18% decline. This would be the worst Q1 performance for BTC since 2018 when it recorded 49.7% drop in value.

根据Coinglass的数据，BTC可以以12.18％的下降为准。这将是自2018年以来BTC的最差第一季度表现，当时其价值下降了49.7％。

Q1 is generally a good time for BTC, especially in the past decade. Since 2013, BTC has seen an average of 51% gain, with three positive Q1s in the last five years, making it his second-best period in a year.

Q1通常是BTC的好时机，尤其是在过去十年中。自2013年以来，BTC的平均增长了51％，过去五年中有3个正Q1，这是他一年中第二好的时期。

BTC’s struggles in the last two months contrast with his positive momentum at the start of the year. The earlier optimism fueled his rise to $108,000, but now, it seems like a thing of the past since Donald Trump was sworn in and trade wars began.

在过去两个月中，BTC的挣扎与他在年初的积极势头形成鲜明对比。较早的乐观情绪使他上升至108,000美元，但现在，自从唐纳德·特朗普（Donald Trump）发誓并开始贸易战以来，似乎已经过去了。

However, other factors have also affected BTC performance. These include the decline in institutional interest as evidenced in the spot Bitcoin exchange-traded funds (ETFs) flow this year. The longest inflow streak into Bitcoin ETFs this year is ten days, and it recently ended on Friday, March 28, with overall flow being just around $1 billion.

但是，其他因素也影响了BTC的性能。这些包括在今年的现货比特币交易所交易基金（ETF）流量中证明的机构利益的下降。今年进入比特币ETF的最长流入纪录是十天，最近在3月28日星期五结束，总体流量仅为10亿美元。

What will Q2 bring?

第二季度会带来什么？

Meanwhile, it is not certain whether Q2 will bring much-needed reprieve to BTC and the crypto industry. However, some market experts are optimistic about what is coming next. This includes 21st Capital co-founder Sina G, who believes the bull market has not ended and the current phase is undervalued-neutral territory.

同时，不确定第2季度是否会给BTC和加密货币行业带来急需的缓刑。但是，一些市场专家对接下来会发生的事情感到乐观。这包括第21 Capital联合创始人Sina G，他认为牛市尚未结束，当前阶段被低估了不及格的领土。

In his opinion, there will soon be a de-escalation of the trade wars that are causing market uncertainties and leading to a crash in the crypto market. Once that happens, the market can expect price reversals.

他认为，贸易战将很快降低，这会导致市场不确定性并导致加密货币市场崩溃。一旦发生这种情况，市场就会期望价格逆转。

“Within a quarter or less, uncertainty around tariffs and government spending cuts will likely be resolved. Focus will then shift to tax cuts, deregulation, and rate cuts.”

“在四分之一或更少的时间内，可能会解决关税和政府支出削减的不确定性。然后将重点转移到减税，放松管制和减税上。”

Others also hold this view, including crypto podcaster Colin Talks Crypto, who predicted that Bitcoin could start his next major blast-off by April 30. According to CryptoQuant data, experienced market participants appear to believe this.

其他人也持这种观点，包括加密杂货店Colin Talk Crypto，他预测比特币可以在4月30日之前开始他的下一个重大爆炸。根据加密数据，经验丰富的市场参与者似乎相信这一点。

CryptoQuant analyst Axel Adler Jr. noted that experienced players are now accumulating and holding BTC. These were the same traders who were selling at the top before, and their change in strategy is a signal that they do not consider the current price range good for profit-taking.

加密分析师Axel Adler Jr.指出，经验丰富的球员现在正在积累和持有BTC。这些是以前在高层出售的交易者，他们的战略变化表明他们认为当前的价格范围不适合获利。

“The transition of experienced players into a holding (accumulation) phase signals the potential for further BTC growth in the medium term.”

“经验丰富的参与者向持有（积累）阶段的过渡表明了中期BTC增长的潜力。”

Traders have also started moving BTC off exchanges, with over 30,000 BTC withdrawn in the past week, according to Santiment. These signals, combined with historical data showing that Bitcoin and Ethereum usually have a positive performance in Q2, have contributed to the renewed optimism for the next three months.

据Santiment称，交易者还开始将BTC撤离交流，过去一周撤出了30,000多个BTC。这些信号与历史数据相结合，表明比特币和以太坊通常在第二季度具有积极的性能，这在接下来的三个月中对新的乐观情绪有所促进。

Nevertheless, things could get choppy for the crypto market in early April. President Trump is set to announce a new set of reciprocal tariffs on April 2, and the US inflation data will be released on April 10.

然而，4月初的加密货币市场可能会变得波动。特朗普总统将于4月2日宣布一系列新的相互关税，美国通货膨胀数据将于4月10日发布。