以太坊的挣扎：五年低点

在加密货币市场的急剧转变中，ETH与BTC的比率已降至0.02193的五年低点，这表明以太币的表现不佳

In a dramatic shift within the cryptocurrency market, the ratio of ETH to BTC has dropped to a five-year low of 0.02193.

在加密货币市场的急剧转变中，ETH与BTC的比率已下降到0.02193的五年低点。

This drop represents a 39% decrease in Ether’s value compared to Bitcoin over the course of 2025—a year that, until this point, many had thought would be a bull market for Ethereum. This is the first time in the 12 months following a Bitcoin reward halving that Ether has not managed to outperform Bitcoin. Historically, Bitcoin halving events have been associated with significant price increases for both assets, yet this time, Ethereum has lagged behind.

与比特币相比，在2025年中，以太币的价值下降了39％，这是一年，直到这一点，许多人一直认为这是以太坊的牛市。这是比特币奖励减半的12个月中第一次，以太币尚未超越比特币。从历史上看，比特币减半事件与两种资产的价格大幅上涨有关，但是这次，以太坊落后了。

ETH/BTC drops to 5-year low of 0.02193. Ether is down 39% relative to bitcoin this year.

ETH/BTC降至5年低点为0.02193。相对于今年的比特币，以太币下降了39％。

It's the 1st time ETH has underperformed BTC in the 12 months after a bitcoin reward halving. The last time ether underperformed bitcoin to a similar degree was in the…— Wu Blockchain (@WuBlockchain) March 31, 2025

这是ETH在比特币奖励减半后的12个月中的第一次表现不佳。上一次以太币表现不佳的比特币在类似程度上是在… - 武区链（@wublockchain）2025年3月31日

Ethereum’s Struggles: A Five-Year Low

以太坊的挣扎：五年低点

The plunge in the ETH/BTC ratio is remarkable since it registers the lowest point in five years, a depth not reached since Q3 2019. At that time, the ratio had plummeted to 0.0164, with Ether undergoing a quarterly drop of 46% compared to Bitcoin. And while we have moved on from that period, this latest nosedive in the ratio clearly signals that the market favors Bitcoin over Ether, which now seems to be lagging.

ETH/BTC比率的暴跌是显着的，因为它注册了五年来的最低点，自2019年第三季度以来未达到深度。当时，与比特币相比，当时的比率跌至0.0164。尽管从那时起我们已经继续前进，但这种比率的最新鼻子显然表明市场比比特币比以太币更喜欢比特币了，现在似乎正在落后。

This year’s Ethereum underperformance is significant for a variety of reasons. Ether’s price has seemed principally directed, in terms of investor attention, toward Bitcoin. This happened in the wake of a halving event, when the reward for mining Bitcoin was reduced by half. Before we understood the potential of Ethereum, people thought of it as a digital asset, and its token was based on the types of things Bitcoin was capable of doing.

由于各种原因，今年的以太坊表现不佳。 Ether的价格似乎主要是在投资者的关注方面指向了比特币。这是在减半事件之后发生的，当时采矿比特币的奖励减少了一半。在我们理解以太坊的潜力之前，人们将其视为数字资产，其代币基于比特币能够做到的事情的类型。

Ether’s fall against bitcoin underscores the latter’s growing dominance as the dominant cryptocurrency, especially following the recent halving. Over the years, Ethereum has asserted itself in folks’ minds as a close competitor to Bitcoin—but when you look at what happened to both these cryptos after both went through major halving events, it seems that Ethereum isn’t always on the same growth trajectory as Bitcoin. The decline in the ETH/BTC ratio signifies that more and more folks seem to be investing in Bitcoin instead of either Ethereum or its dark horse cousin.

以太币反对比特币的跌落强调了后者作为主要的加密货币的统治地位，尤其是在最近的减半之后。多年来，以太坊一直在人们的思想中宣称自己是比特币的亲密竞争者，但是当您看到这两者都经历了两者进行大量减半的事件后两者发生的事情时，似乎以太坊并不总是与比特币相同的成长轨迹。 ETH/BTC比率的下降表明，越来越多的人似乎正在投资比特币，而不是以太坊或黑马表亲。

Bitcoin’s Inflows Continue Amidst Outflows from Short-Bitcoin Products

比特币的流入继续从短币产品流出。

Despite the fact that Ethereum is under pressure, Bitcoin still enjoys a steady stream of investment. Just last week, Bitcoin registered inflows of $195 million, which only emphasizes the fact that it’s still a highly desired and sought-after asset among investors. By comparison, short-bitcoin investment products have seen outflows for four weeks running, with the last week totaling $2.5 million. This juxtaposition reflects a much broader and developing shift in investor sentiment. More market participants than ever appear to be bullish on Bitcoin’s long-term prospects.

尽管以太坊承受着压力，但比特币仍然持续稳定地投资。就在上周，比特币注册了1.95亿美元的流入，这仅强调了一个事实，即投资者中它仍然是备受期待且备受追捧的资产。相比之下，短期币投资产品已经连续四个星期看到了流出，上周总计250万美元。这种并置反映了投资者情绪的广泛转变。比特币长期前景的市场参与者似乎比以往任何时候都看涨。

Bitcoin saw inflows totalling US$195m last week, while short-bitcoin investment products saw outflows for a 4th consecutive week totalling US$2.5m. Recent price falls have pushed bitcoin global ETP’s total assets under management to their lowest level since just after the US…— Wu Blockchain (@WuBlockchain) March 31, 2025

比特币上周的流入总额为1.95亿美元，而短币投资产品连续第4周的流出总计250万美元。最近的价格下跌已将比特币全球ETP的总资产管理到美国以来的最低水平…… - WU区块链（@wublockchain）2025年3月31日

The Bitcoin inflows are impressive and suggest that both retail and institutional investors have confidence in the asset. This is especially the case in light of the most recent halving event. The halving, which happened in April 2025, generally indicates a tighter supply and a potential future surge in the value of Bitcoin, making it an appealing investment right now. Its status as a store of value and a hedging mechanism against inflation remains robust, with such global conditions enabling and perhaps even enhancing its attractiveness.

比特币的流入令人印象深刻，表明零售和机构投资者对资产都有信心。鉴于最近的减半事件，情况尤其如此。一半发生在2025年4月，通常表明供应量更高，并且比特币价值的未来潜在增加，这使其成为目前具有吸引力的投资。它作为价值存储和反对通货膨胀的对冲机制的地位仍然很健壮，这种全球条件使得甚至增强了其吸引力。

The reverse trend is developing, however, for short-bitcoin products, which have now experienced four consecutive weeks of outflows. This trend might indicate a growing faith in Bitcoin’s resilience and a move away from bets that hinge on Bitcoin’s decline. Investors who once sought to profit from what they thought was an inevitable decline in the cryptocurrency’s price might now be reconsidering their strategies, especially as the cryptocurrency continues to show signs of a recovery after the recent halving.

但是，对于短币产品，反向趋势正在发展，这些产品现在已经连续四个星期的流出了。这种趋势可能表明对比特币的韧性有着越来越多的信念，并摆脱了依赖比特币衰落的赌注。曾经试图从认为是加密货币价格不可避免的下降的投资者现在可能正在重新考虑他们的策略，尤其是当加密货币在最近的减半后继续显示出恢复的迹象时。

Bitcoin’s Assets Under Management Fall to Lowest Level Since U.S. Election

自美国大选以来，管理层的资产降至最低水平

Though a lot of money has come in, the total amount of capital now inside global ETPs (exchange-traded products) tied to Bitcoin has dropped. These days, Bitcoin has just $114 billion in total AUM (assets under management), which is the lowest that number

尽管已经有很多钱了，但与比特币相关的全球ETP（交易所交易产品）中的总资本数量已经下降。如今，比特币的总AUM（管理资产）的总额仅为1,140亿美元，这是该数字最低的