被虚拟资产界称为“白银”的以太坊持续低迷

当天早些时候，比特币上涨至 94,977 美元，再次刷新历史新高。然而，以太坊与比特币的比率达到了四年来的最低水平。

Ethereum (ETH), the world's second-largest cryptocurrency by market capitalization and known in the virtual asset world as "silver," continues to trade in the red.

以太坊（ETH）是全球市值第二大的加密货币，在虚拟资产世界中被称为“白银”，其交易继续出现亏损。

Earlier in the day, Bitcoin (BTC) rose to $94,977, once again notching a new all-time high.

当天早些时候，比特币（BTC）上涨至 94,977 美元，再次创下历史新高。

However, the ETH/BTC price ratio hit its lowest level in about four years.

然而，ETH/BTC 价格比率触及约四年来的最低水平。

This is because ETH continues to be sluggish compared to Bitcoin's remarkable rise.

这是因为与比特币的显着上涨相比，ETH 持续低迷。

The poor performance in spot exchange-traded funds (ETFs) and the intensifying competition with late-stage layer 1 blockchains are cited as the reasons.

原因是现货交易所交易基金（ETF）表现不佳以及与后期第一层区块链的竞争加剧。

According to Binance, a global exchange, on the 21st, the ETH/BTC price ratio, was 0.0326 as of 10:30 a.m. that day.

据全球交易所币安21日数据，截至当日上午10点30分，ETH/BTC比价为0.0326。

This means that the price of Ethereum per unit is only 3.26% of the price of Bitcoin.

这意味着以太坊每单位价格仅为比特币价格的3.26%。

This is the lowest since March 31, 2021.

这是自2021年3月31日以来的最低水平。

At the beginning of this year, ETH was 5.39% of the price of Bitcoin, but this rate has decreased throughout this year.

今年年初，ETH 的价格是比特币价格的 5.39%，但这一比例今年以来一直在下降。

Bitcoin is up about 124% this year, while Ethereum is up only 35%.

比特币今年上涨了约 124%，而以太坊仅上涨了 35%。

Ethereum has not been able to keep up with the rise in Bitcoin's price.

以太坊未能跟上比特币价格的上涨。

Investors' turn away from Ethereum is also clear in the flow of ETF funds in kind.

投资者对以太坊的厌恶也从实物 ETF 资金的流向中可见一斑。

Bitcoin continued its good trend this week with a net inflow of more than $1.231.2 billion, but Ethereum had a net outflow of $167.4 million.

比特币本周延续良好走势，净流入超过12.312亿美元，但以太坊净流出1.674亿美元。

Moreover, Ethereum has seen net outflows for five consecutive trading days since the 14th.

而且，以太坊自14日以来已连续5个交易日出现净流出。

The total funds flowing in since the launch of the Ethereum ETF are also only $11.3 million.

自以太坊ETF推出以来流入的资金总额也仅为1130万美元。

It is incomparable to Bitcoin, which has a net inflow of $28.69 billion.

与净流入286.9亿美元的比特币无法比拟。

"It took a while for traditional financial investors to integrate Bitcoin ETFs into their portfolios. On the other hand, Ethereum did not have enough time and did not seem to attract much attention," said Hunter Horsley, CEO of Bitwise.

“传统金融投资者花了一段时间才将比特币 ETF 纳入他们的投资组合。另一方面，以太坊没有足够的时间，似乎没有引起太多关注，”Bitwise 首席执行官 Hunter Horsley 表示。

Another reason for Ethereum's sluggish performance is that it has not shown a clear advantage in competition with late-stage layer 1 blockchains, such as Solana (SOL) and Sui (SUI).

以太坊表现低迷的另一个原因是它在与Solana（SOL）和Sui（SUI）等后期Layer 1区块链的竞争中没有表现出明显的优势。

Solana, which is dubbed the "Etherium Killer," recently received more than $11.84 million a day in commission income from the blockchain due to the popularity of meme coins.

被称为“以太坊杀手”的 Solana 最近因 meme 币的流行而每天从区块链获得超过 1184 万美元的佣金收入。

This is because Solana's meme coin launch platform, "Pumpfun," has attracted many users as anyone can easily and cheaply produce and trade meme coins.

这是因为 Solana 的 meme 币发行平台“Pumpfun”吸引了许多用户，因为任何人都可以轻松、廉价地生产和交易 meme 币。

Another reason for Ethereum's sluggishness is that Sui, Sei, and Aptos, who use the programming language "Move," which is easier than Ethereum's programming language "Solidity" and shows great advantages in network speed, are gaining popularity.

以太坊不景气的另一个原因是Sui、Sei和Aptos使用的编程语言“Move”比以太坊的编程语言“Solidity”更容易，并且在网络速度上表现出巨大优势，因此越来越受欢迎。

In the blockchain market, competition to attract a pool of insufficient developer manpower is fierce, and the expandability and speed of the Move language are gaining popularity among developers.

在区块链市场中，吸引开发者人力不足的竞争非常激烈，Move语言的可扩展性和速度越来越受到开发者的欢迎。

According to analysts, its attractiveness as a decentralized finance (DeFi) platform is also declining.

分析师表示，其作为去中心化金融（DeFi）平台的吸引力也在下降。

DeFiRama data shows that 18.59 million ETH were deposited on the Ethereum network, which is up 39.45% from 13.33 million at the beginning of the year.

DeFiRama数据显示，以太坊网络上存入了1859万枚ETH，较年初的1333万枚增长了39.45%。

It is a disappointing achievement compared to Solana's 146.70% increase from 14.28 million to 35.23 million.

与 Solana 从 1428 万增长到 3523 万 146.70% 的成绩相比，这是一个令人失望的成绩。

The assets deposited in each blockchain represent the activity and stability of that chain.

每个区块链中存放的资产代表了该链的活跃度和稳定性。