比特幣和以太坊價格解耦創造新的投資機會

自本週期開始以來，與比特幣相比，以太坊的表現已經馴服了，這已經不是什麼秘密了。但是，在年初，當ETH的價格下降到3000美元，而BTC繼續向側面移動100,00美元以上，這種趨勢變得最明顯。

It's no secret that Ethereum's (ETH) performance has been tame compared to Bitcoin (BTC) since the start of this cycle. However, this trend became most apparent at the start of the year when ETH's price fell toward the $3,000 mark while BTC continued to move sideways above $100,000.

自本週期開始以來，與比特幣（BTC）相比，以太坊（ETH）的性能已被馴服，這已經不是什麼秘密了。但是，在年初，當ETH的價格下降到3,000美元，而BTC繼續向側面移動100,000美元以上，這種趨勢變得最明顯。

When the Bitcoin price eventually lost the $100,000 level in the first quarter, the value of Ethereum had already fallen close to $2,000. While the premier cryptocurrency has reached a new all-time high in recent days, the “king of altcoins” faces significant resistance around $2,800.

當比特幣價格最終在第一季度損失了100,000美元的水平時，以太坊的價值已經下降了接近2,000美元。雖然最近幾天的主要加密貨幣已經達到了新的歷史最高，但“ Altcoins之王”面臨著大約2,800美元的明顯阻力。

Will Divergence Lead To Revaluation Of Investment Strategies?

分歧會導致對投資策略的重估？

The rate of both assets' price growth in the past few weeks and months provides an insight into the declining relationship between Bitcoin and Ethereum. In a recent Quicktake post on the CryptoQuant platform, on-chain analyst Carmelo Aleman shared that a decoupling has occurred between the world's two largest cryptocurrencies.

在過去的幾周和幾個月中，這兩種資產的價格增長率都可以洞悉比特幣和以太坊之間的關係下降。在最近在加密平台上的QuickTake帖子中，鍊鍊分析師Carmelo Aleman分析說，世界上兩個最大的加密貨幣之間已經發生了解耦。

Aleman defined correlation in his post:

阿勒曼在他的帖子中定義了相關性：

Correlation is a statistical measure of the relationship between two variables. In financial analysis, it helps determine whether two assets tend to move in the same direction (positive correlation), in opposite directions (negative correlation), or independently (near zero).

相關是兩個變量之間關係的統計量度。在財務分析中，它有助於確定兩個資產傾向於朝著相同方向（正相關），相反方向（負相關）或獨立（接近零）移動。

Historically, Bitcoin and Ethereum have always maintained a strong positive correlation — usually above 0.7. This long-term trend explains why most of BTC's movements were often mirrored by the price of Ethereum over the past few years.

從歷史上看，比特幣和以太坊始終保持著很強的正相關性 - 通常高於0.7。這種長期趨勢解釋了為什麼BTC的大部分運動經常被過去幾年以太坊的價格所反映。

Aleman, however, noted that a decoupling has occurred between the top two assets since the start of this year. Data from the BTC-Alts Correlation Matrix (Yearly) shows that the correlation was 0.63 on January 1, 2025 before falling to 0.05 by May 22, 2025.

然而，阿萊曼指出，自今年年初以來，前兩個資產之間發生了十分耦。來自BTC-ALTS相關矩陣（年）的數據表明，到2025年1月1日，此相關性為0.63，然後到2025年5月22日跌至0.05。

From an investment perspective, this major divergence breaks one of the crypto market's most consistent patterns, leading to a reevaluation of strategies based on Bitcoin-Ethereum correlation. "It also adds uncertainty for investors, who can no longer expect ETH to follow BTC," Aleman added.

從投資的角度來看，這一重大差異打破了加密市場最一致的模式之一，從而導致基於比特幣 - 埃塞姆相關性的策略進行了重新評估。 Aleman補充說：“這也為投資者增加了不確定性，他們不再期望ETH遵循BTC。”

The on-chain analyst said:

鏈分析師說：

Portfolio models, risk strategies, and return forecasts must now adapt. This may also reflect how Ethereum is becoming driven by its own internal factors—like protocol upgrades, regulation, or DeFi—indicating growing independence.

現在必須適應投資組合模型，風險策略和返回預測。這也可能反映了以太坊如何受到其自身的內部因素（例如協議升級，監管或Defi）的驅動，從而表明了日益增長的獨立性。

Aleman also mentioned that this shift means Ether and related assets are at an increased risk of missing out on bull markets. This effect is largely seen in 2025 where the Bitcoin price has climbed, while the value of ETH and other Ethereum-related altcoins has often stalled or declined.

Aleman還提到，這種轉變意味著以太和相關資產的風險增加了在牛市上錯過的風險。這種影響在2025年，比特幣價格上漲了，而ETH和其他與以太坊相關的山寨幣的價值經常停滯或下降。

Bitcoin And Ethereum Price

比特幣和以太坊價格

As of this writing, Bitcoin and Ethereum are valued at around $107,450 and $2,507, respectively. While the BTC price climbed by more than 5% this past week, ETH's value is up by less than half of that in the same period.

在撰寫本文時，比特幣和以太坊的價值分別為107,450美元和2,507美元。儘管過去一周的BTC價格上漲了5％以上，但ETH的價值在同一時期不到一半。