比特幣和以太坊的相關性分解，標誌著關鍵轉折點

加密量牌共享的新數據揭示了加密貨幣市場動態的重大轉變：比特幣（BTC）和以太坊（ETH）之間的歷史牢固相關性崩潰了

The narrative that Bitcoin and major altcoins are becoming less correlated in 2025 continues with striking new data from CryptoQuant.

在2025年，比特幣和主要山寨幣的敘述與加密量的新數據有關。

Its BTC-Alts Correlation Matrix highlights a dramatic collapse in the correlation coefficient between BTC and ETH.

它的BTC-ALTS相關矩陣突出了BTC和ETH之間的相關係數急劇崩潰。

At the start of the year, on January 1, 2025, the correlation stood at 0.63. However, by May 22, 2025, it plummeted to a near-zero level of 0.05.

在年初，即2025年1月1日，相關性為0.63。但是，到2025年5月22日，它跌至接近零的0.05。

This shift showcases a potential turning point in crypto market dynamics.

這種轉變展示了加密市場動態的潛在轉折點。

Historically, BTC and ETH were known to move in tandem, especially during market cycles or during periods of strong external pressure, such as geopolitical events or global macroeconomic shifts.

從歷史上看，BTC和ETH眾所周知，尤其是在市場週期或強烈的外部壓力時期，例如地緣政治事件或全球宏觀經濟轉變。

A high correlation coefficient, typically within the range of 0.5 to 1, would indicate that the two crypto assets’ price movements were closely synchronized.

高相關係數通常在0.5至1範圍內，表明兩個加密資產的價格變動密切同步。

But recent data from CryptoQuant indicates that this correlation has been inverse. As BTC blitzed to new all-time highs in 2025, its gains were largely realized in the first half of the year. From there, BTC went on to trade sideways, with its price failing to sustain gains above the $80,000-$75,000 band.

但是來自加密量的最新數據表明，這種相關性是反相反的。隨著BTC在2025年閃閃發光的新歷史最高點，其增長在今年的上半年就大大實現了。從那裡開始，BTC繼續側面貿易，其價格未能維持超過80,000-75,000美元的樂隊。

Conversely, ETH and its Layer 2 ecosystem—including Optimism (OP), Polygon (POL), Arbitrum (ARB), zkSync, and Starknet (STRK)—underperformed or stagnated throughout 2025.

相反，ETH及其第2層生態系統（包括樂觀（OP），Polygon（POL），仲裁（ARB），ZKSYNC和Starknet（Strk）（Strk）（Strk）在2025年的表現不足或停滯不前。

Despite a promising start with the successful integration of the Shanghai upgrade, which enabled the withdrawal of staked ETH in February, ETH/USD failed to sustain gains above the $2,000-$2,500.

儘管上海昇級成功地集成了一個有前途的開端，這使得2月能夠撤離staked ETH，但ETH/USD未能維持超過2,000-2,500美元的收益。

This trend has increased investor uncertainty and raised concerns about Ethereum's positioning in future bull markets.

這種趨勢增加了投資者的不確定性，並引起了人們對以太坊在未來牛​​市中的地位的擔憂。

Also Read: Institutional Interest in Bitcoin Remains High Despite Recent Price Pullback: Report

另請閱讀：儘管最近價格撤回，但對比特幣的機構興趣仍然很高：報告

Its narrative has shifted from ‘when will Shanghai happen’ to worries about its role in the next bull market.

它的敘述已經從“何時威爾上海發生”轉變為對其在下一個牛市中的作用的擔憂。

For retail investors and ecosystem developers, the breakdown in correlation could hinder confidence and adoption.

對於散戶投資者和生態系統開發人員而言，相關性的細分可能會阻礙信心和採用。

Ethereum's struggle to keep pace with Bitcoin may delay mass user onboarding and further tilt capital flows toward BTC-dominated strategies.

以太坊與比特幣保持同步的努力可能會延遲大眾使用者的入職，並進一步傾向於以BTC為主導的策略。

As the CryptoQuant analyst warns, this historic decoupling is not just a market quirk—it may reshape how crypto portfolios are constructed and how institutional capital views Ethereum in the long term.

正如加密分析師警告的那樣，這種歷史性的脫鉤不僅是市場怪癖，而且可以重塑加密投資組合的建造方式，以及從長遠來看的機構資本對以太坊的看法。