比特幣人的困境

上週早些時候，在以太坊將獲得現貨 ETF 批准以及其作為非證券的監管明確性之後，許多加密資產價格飆升，但這一發展讓比特幣生態系統失去了動力。

After a promising start to the week with news of Ethereum's spot ETF approval, a surprising development left many scratching their heads: Bitcoin's ecosystem underperformed significantly.

以太坊現貨 ETF 核准的消息帶來了本週的良好開局，但令人驚訝的事態發展讓許多人摸不著頭腦：比特幣生態系統表現明顯不佳。

As BTC eked out gains amid rumors of ETH ETF approval, last week marked the worst performance in Bitcoin Dominance since the arrival of spot BTC ETFs, leading to Grayscale Bitcoin Trust (GBTC) redemptions in January.

隨著 BTC 在 ETH ETF 獲得批准的傳言中勉強上漲，上週比特幣主導地位出現了自現貨 BTC ETF 到來以來最糟糕的表現，導致灰度比特幣信託 (GBTC) 在 1 月份贖回。

If conducted today, ETH's initial coin offering (ICO) would be deemed an illegal security offering, highlighting that any crypto asset can be classified as a non-security, dealing a blow to doctrines that positioned BTC as uniquely immune to regulatory capture.

如果今天進行，ETH 的首次代幣發行（ICO）將被視為非法證券發行，這突顯出任何加密資產都可以被歸類為非證券，這對將BTC 定位為唯一不受監管捕獲的理論造成了打擊。

This revelation has sparked a shift in market participants' preferences, evidenced by the weaker performance of BTC-linked tokens compared to their ETH-native counterparts.

這項消息引發了市場參與者偏好的轉變，與 ETH 原生代幣相比，與 BTC 相關的代幣的表現較差就證明了這一點。

While Bitcoin boasts the first-mover advantage and remains the oldest blockchain, its non-ssecurity status is no longer a unique selling point, forcing the ecosystem to compete on technological merits.

雖然比特幣擁有先發優勢，並且仍然是最古老的區塊鏈，但其非安全地位不再是獨特的賣點，迫使生態系統在技術優勢上競爭。

Bitcoin's resistance to technological advancements, prioritizing ultra-hard money, has led to a subpar user experience and developers resorting to workarounds to deploy applications, resulting in the network's low score in this category…

比特幣對技術進步的抵制，優先考慮超硬通貨，導致用戶體驗不佳，開發人員採取變通辦法來部署應用程序，導致網絡在這一類別中得分較低…

Assets created using Bitcoin-native standards like Ordinals, BRC-20s, and Runes initially attracted investors seeking increased BTC returns, but these assets are cumbersome to interact with and have no inherent value beyond speculation.

使用 Ordinals、BRC-20 和 Runes 等比特幣原生標準創建的資產最初吸引了尋求增加 BTC 回報的投資者，但這些資產互動起來很麻煩，而且除了投機之外沒有內在價值。

Developers have tried to enhance Bitcoin's utility through layer 2s, but current solutions are essentially sidechains that don't inherit any base-layer consensus security.

開發人員試圖透過第 2 層來增強比特幣的實用性，但目前的解決方案本質上是側鏈，不繼承任何基礎層共識安全性。

With BTC no longer being the sole asset with regulatory clarity and TradFi access, market participants appear to be rotating out of BTC-linked tokens, which is evident in the weaker performance of these tokens compared to their ETH-native counterparts.

隨著BTC 不再是唯一具有監管明確性和TradFi 存取權限的資產，市場參與者似乎正在逐漸退出與BTC 相關的代幣，與ETH 原生代幣相比，這些代幣的表現較差，這一點顯而易見。

Despite the substantial gains these tokens have seen, the loss of the regulatory capture narrative should bring these investments to trade more in line with their fundamentals at comparable valuations to applications on other chains.

儘管這些代幣取得了巨大的收益，但監管捕獲敘述的喪失應該會使這些投資的交易更符合其基本面，其估值與其他鏈上的應用程式相當。