Cryptoquant：自合併以來，以太坊的表現比比特幣低 44%

以太坊向權益證明 (PoS) 區塊鏈的過渡（稱為「合併」）發生在近兩年前的 2022 年 9 月 12 日。

input: A recent analysis by Cryptoquant reveals that Ethereum has underperformed Bitcoin by 44% since The Merge. Despite significant upgrades and the recent approval of ethereum spot exchange-traded funds (ETFs), the cryptocurrency continues to face challenges relative to bitcoin.

輸入：Cryptoquant 最近的一項分析顯示，自合併以來，以太坊的表現比比特幣低了 44%。儘管進行了重大升級並且最近以太坊現貨交易所交易基金（ETF）獲得批准，但加密貨幣仍然面臨著相對於比特幣的挑戰。

Cryptoquant: Ethereum Continues to Underperform Bitcoin by 44%

Cryptoquant：以太坊的表現持續落後比特幣 44%

After undergoing the highly anticipated transition to a proof-of-stake (PoS) blockchain, known as The Merge, on Sept. 12, 2022, Ethereum's performance has been a subject of discussion among crypto enthusiasts.

2022 年 9 月 12 日，以太坊經歷了備受期待的向權益證明 (PoS) 區塊鏈的過渡（稱為「合併」）後，以太坊的表現一直是加密貨幣愛好者討論的話題。

According to recent analysis, ether has notably underperformed bitcoin, with the ETH/BTC price ratio reaching 0.0425 — its lowest since April 2021. This price disparity has attracted attention, especially considering the recent approval of ether spot ETFs in July 2024.

根據最近的分析，以太坊的表現明顯遜於比特幣，ETH/BTC 價格比達到0.0425，為2021 年4 月以來的最低水平。 ETF 於2024 年7 月獲得批准。

Cryptoquant's data shows that ether has seen a further 18% decline following this development. These figures highlight the ongoing concerns regarding Ethereum's relative market performance.

Cryptoquant 的數據顯示，隨著這一發展，以太幣進一步下跌了 18%。這些數據凸顯了人們對以太坊相對市場表現的持續擔憂。

Delving deeper into the analysis, Cryptoquant's researchers suggest that Ethereum's weaker network activity compared to Bitcoin's network is a key factor in its underperformance.

透過深入分析，Cryptoquant 的研究人員認為，與比特幣網路相比，以太坊的網路活動較弱，這是其表現不佳的關鍵因素。

Total transaction fees on the Ethereum network have seen a decline following the Dencun upgrade, which significantly reduced transaction costs. Additionally, ether's transaction count has dropped from a peak of 27 transactions per second in June 2021 to just 11, marking one of the lowest levels since July 2020.

Dencun 升級後，以太坊網路的總交易費用有所下降，交易成本顯著降低。此外，以太坊的交易數量已從 2021 年 6 月每秒 27 筆交易的峰值下降至僅 11 筆，這是自 2020 年 7 月以來的最低水平之一。

In contrast, Bitcoin has experienced an all-time high in transactions, driven by new activity on its network, including inscriptions, runes, and layer two (L2) solutions.

相較之下，在其網路上的新活動（包括銘文、符文和第二層（L2）解決方案）的推動下，比特幣的交易量創下歷史新高。

Moreover, Ethereum's supply dynamics have contributed to its continued decline. The total supply of ETH has been increasing steadily since early April 2024 and now stands at 120.323 million ETH.

此外，以太坊的供應動態也導致其持續下跌。自 2024 年 4 月初以來，ETH 的總供應量一直在穩步增長，目前為 12,032.3 萬個 ETH。

This growth, according to Cryptoquant's analysis, reverses the deflationary trends seen immediately after The Merge and could further impact ether's market position relative to bitcoin in the coming months.

根據 Cryptoquant 的分析，這種成長扭轉了合併後立即出現的通貨緊縮趨勢，並可能在未來幾個月進一步影響以太坊相對於比特幣的市場地位。

Cryptoquant researchers conclude that ETH would need to fall an additional 50% to be considered undervalued in relation to bitcoin.output

Cryptoquant 研究人員得出結論，ETH 需要再下跌 50% 才能被認為相對於比特幣被低估。