加密分析師Merlijn Trader指出，投資者目前正在將更多的資金存入以太坊（ETH）（ETH），而不是比特幣（BTC）

在2025年第二季度，當ETH以主要方式掩蓋了比特幣時，這種變化更加明顯。第二季度比特幣上漲了30.5％

Crypto analyst Merlijn The Trader has noted that investors are currently depositing more funds into Ethereum (ETH) than Bitcoin (BTC), which, according to the analyst, indicates a so-called capital rotation within the crypto market.

Crypto分析師Merlijn交易員指出，投資者目前正在將更多的資金存入以太坊（ETH），而比特幣（BTC），據分析師稱，該資金表明在加密貨幣市場中所謂的資本輪換。

This change was more pronounced during the second quarter of 2025, when ETH overshadowed Bitcoin in a major way. As much as Bitcoin rose by 30.5% in the second quarter, Ethereum rocketed by 51.87%, making it look like the market is shifting focus to ETH.

在2025年第二季度，當ETH以主要方式掩蓋了比特幣時，這種變化更加明顯。在第二季度，比特幣上漲了30.5％，以太坊飆升了51.87％，使市場看起來像是將重點轉移到ETH上。

Merlijn Identifies Ethereum’s Emergence in Market Cycle

Merlin確定以太坊在市場週期中的出現

Merlijn explained that this marks the beginning of what he called “Phase 2: Ethereum,” in a market cycle model. The model describes four phases: Phase 1 focuses on Bitcoin dominance when most capital flows into BTC.

Merlijn解釋說，這標誌著他在市場週期模型中所謂的“第2階段：以太坊”的開始。該模型描述了四個階段：第1階段的重點是當大多數資本流入BTC時，比特幣優勢。

Source: X @MerlijnTrader

資料來源：x @merlijntrader

In Phase 2, money begins moving into the leading altcoin, which starts outperforming Bitcoin. This is followed by Phase 3, where large-cap altcoins (other than ETH) start gaining traction. Finally, Phase 4, known as “altseason,” is when money flows into smaller altcoins and meme coins, often leading to explosive but short-lived rallies.

在第2階段，金錢開始進入領先的Altcoin，這開始優於比特幣。接下來是第3階段，其中大型高山高元素（ETH除外）開始受到關注。最後，第4階段被稱為“ Altseason”，是當金錢流入較小的Altcoins和Meme Coins時，通常會導致爆炸性但短暫的集會。

Supporting this view, the quarterly return charts from Coinglass show that while Bitcoin had a tough Q1 in 2025, dropping by -11.82%, it recovered in Q2 with a +30.5% gain. Ethereum, however, had an even more impressive comeback.

在支持這一觀點的情況下，Coinglass的季度回報表顯示，儘管比特幣在2025年的Q1艱難，下降了-11.82％，但在Q2中恢復了 +30.5％。然而，以太坊的複出更加令人印象深刻。

After falling -45.41% in Q1, it rebounded with +51.87% in Q2. This strong performance difference suggests that investors are shifting their funds from Bitcoin into Ether.

在第1季度下降-45.41％後，它以 +51.87％的反彈在Q2中。這種強烈的績效差異表明，投資者將其資金從比特幣轉移到了以太幣。

ETH/BTC Chart Confirms Major Market Shift Signal

ETH/BTC圖表確認主要市場轉移信號

Merlijn also pointed to the ETH/BTC chart, which tracks how ETH is performing against BTC directly. He noted that the chart had just confirmed a major move similar to what happened in 2020—right before a huge altseason.

Merlijn還指出了ETH/BTC圖表，該圖表跟踪ETH直接針對BTC的表現。他指出，該圖表剛剛確認了類似於2020年發生的事情的重大舉措，就在巨大的季后賽之前。

The chart he shared showed that in early 2020, money had rotated from BTC to ETH, followed by an altcoin boom. Then, in 2022, the money moved back into Bitcoin. Now, in mid-2025, the chart shows a new green signal indicating another rotation from BTC to ETH, suggesting a possibility of repeating the 2020 pattern.

他分享的圖表顯示，在2020年初，錢從BTC轉到ETH，隨後是Altcoin Boom。然後，在2022年，這筆錢回到了比特幣中。現在，在2025年中，該圖顯示了一個新的綠色信號，表明從BTC到ETH的另一個旋轉，這表明有可能重複2020模式。

Source: X @MerlijnTrader

資料來源：x @merlijntrader

He emphasized that Ethereum’s momentum is building and warned not to ignore the signal. With ETH gaining strength and outperforming Bitcoin, Merlijn suggested that the ETH narrative is heating up and that a broader altcoin season could be right around the corner.

他強調，以太坊的勢頭正在建立，並警告不要忽略信號。隨著ETH的實力和表現優於比特幣，Merlijn建議Eth敘事正在加熱，並且更廣泛的Altcoin季節可能會臨近。