ETH/BTC比率命中“極為被低估”的區域，但仍在謹慎

ETH/BTC比率已下降到0.019，標誌著多年低點，歷史上標誌著ETH上空的潛力。

Key Takeaways:

關鍵要點：

- The ETH/BTC ratio has hit an extremely undervalued zone at 0.019, a level that historically signals significant upside potential for ETH.

- ETH/BTC的比率在0.019處達到了極為被低估的區域，這一水平在歷史上標誌著ETH的顯著上行潛力。

- However, Ethereum's network activity has stagnated since 2021, with no meaningful growth in transactions or the user base.

- 但是，以太坊的網絡活動自2021年以來停滯不前，交易或用戶群沒有有意義的增長。

- Institutional demand for ETH is also weakening, evident in the decline of staked ETH and ETF holdings.

- 對ETH的製度需求也正在削弱，這在Staked ETH和ETF持有的衰落中很明顯。

- The Dencun upgrade lowered Ethereum transaction fees, reducing burn rates and weakening ETH's supply-deflation mechanism.

- Dencun升級降低了以太坊交易費用，降低了燃燒率並削弱了ETH的供應式機制。

After a remarkable rally that saw Bitcoin (BTC) nearly breach the $100,000 mark and Ethereum (ETH) outperform most major cryptocurrencies, both assets have encountered resistance at key technical levels. This has sparked a debate among analysts about the potential for further gains in the current market conditions.

在一場傑出的集會之後，比特幣（BTC）幾乎違反了100,000美元的大關，以太坊（ETH）優於最重要的加密貨幣，這兩個資產都在關鍵技術水平上遇到了抵抗。這引發了分析師之間關於在當前市場條件下進一步收益的潛力的辯論。

As Bitcoin hovers around the $99,000 mark and faces resistance at the 2023 high of $105,000, analysts at Benzinga remain cautiously optimistic. They believe that a decisive break above $105,000 could open the door for a rally to $120,000. However, they advise traders to use caution and factor in the broader macroeconomic environment.

隨著比特幣徘徊在$ 99,000的大關，並面臨2023年高點105,000美元的阻力，本辛加的分析師仍然謹慎樂觀。他們認為，超過$ 105,000的決定性休息時間可以打開大門，達到120,000美元。但是，他們建議交易者在更廣泛的宏觀經濟環境中使用謹慎和因素。

On the other hand, Ethereum is encountering resistance at the $5,000 psychological level, which could be pivotal for the next move in the world's second-largest cryptocurrency. A successful breach of this level could pave the way for a continuation of the bull market, potentially targeting the all-time high of around $5,300.

另一方面，以太坊在5,000美元的心理層面上遇到阻力，這對於世界第二大加密貨幣的下一步行動可能是關鍵的。成功違反這一水平可能會為繼續牛市的延續鋪平道路，這可能以5300美元左右的歷史最高點為目標。

In the broader cryptocurrency market, the total market capitalization has remained relatively stable, hovering around $3.5 trillion, while Bitcoin's dominance slipped to 69.6%.

在更廣泛的加密貨幣市場中，總市值保持相對穩定，徘徊在3.5萬億美元，而比特幣的統治地位降至69.6％。

ETH/BTC Ratio Reaches Extremely Undervalued Zone

ETH/BTC比率達到極為被低估的區域

According to on-chain data from CryptoQuant, the ETH/BTC ratio has dropped to an extremely undervalued zone.

根據來自加密素養的鍊鍊數據，ETH/BTC比率已下降到一個被低估的區域。

This ratio, which measures the value of ETH in terms of BTC, is currently trading at 0.019, its lowest level in years.

該比率以BTC的形式衡量ETH的價值，目前的交易為0.019，是多年來的最低水平。

Typically, when the ratio falls to such low levels, it signals that ETH is becoming undervalued relative to BTC. Historically, when this happens, it tends to be followed by a period of strong ETH price gains as the ratio corrects.

通常，當比率達到如此低的水平時，它表明相對於BTC，ETH被低估了。從歷史上看，當發生這種情況時，隨著比率糾正的時期，它往往會出現強勁的ETH價格上漲時期。

However, analysts caution that the bullish signal may not play out as strongly in 2025. This is due to the worsening fundamentals on Ethereum's base layer and the weakening investor interest, which are both critical factors that could hamper ETH's ability to recover.

但是，分析師警告說，看漲信號在2025年可能不會強烈發揮作用。這是由於以太坊基礎層的基本原理惡化，投資者的興趣減弱，這都是可能阻礙ETH恢復能力的關鍵因素。

Network Usage and Value Accrual Mechanisms Show Weakness

網絡使用和價值應計機制顯示弱點

Despite the promising valuation metrics, onchain activity on Ethereum remains flat. There has been little to no growth in transaction volumes or active addresses since 2021.

儘管有希望的估值指標，但以太坊上的鏈活動仍然平坦。自2021年以來，交易量或主動地址幾乎沒有增長。

This lack of growth is surprising considering the narrative of DeFi and Web3 driving demand for blockchain technology. However, user and developer activity has shifted to Layer 2 networks like Arbitrum and Base. These networks offer cheaper and faster transactions but divert fees and activity away from Ethereum's mainnet.

考慮到Defi和Web3的敘述推動了區塊鏈技術的需求，這種缺乏增長令人驚訝。但是，用戶和開發人員的活動已轉移到第2層網絡，例如仲裁和基礎。這些網絡可提供更便宜，更快的交易，但從以太坊的主網轉移了費用和活動。

One of the key impacts of this trend is a sharp drop in Ethereum's fee burn. This is the mechanism that made ETH deflationary after EIP-1559. Following the Dencun upgrade in March 2024, which significantly reduced base layer gas fees, burn rates have dropped to near-zero levels.

這種趨勢的關鍵影響之一是以太坊的費用燃燒急劇下降。這是在EIP-1559之後使ETH通縮的機制。在2024年3月的Dencun升級後，該升級顯著降低了基礎層的氣費，燃燒率已下降到接近零的水平。

"The increase in ether total supply is directly tied to the sharp decline in fees burned," CryptoQuant reported, further weakening the asset's deflationary narrative.

CryptoQuant報導說：“以太總供應的增加與燃燒的費用的急劇下降直接相關，進一步削弱了資產的通縮敘事。

Another headwind for Ethereum is a noticeable decline in institutional demand. According to CryptoQuant:

以太坊的另一個逆風是機構需求的明顯下降。根據加密量：

- Staked ETH has decreased from its all-time high of 35.02 million ETH in November 2024 to 34.4 million ETH as of May 2025.

- 固定的ETH已從2024年11月的3502萬ETH的歷史最高點下降到截至2025年5月的3440萬ETH。

- ETH balances held in ETFs and investment products have fallen by around 400,000 ETH since February, reflecting reduced institutional exposure.

- 自2月以來，ETF和投資產品中持有的ETH餘額減少了約40萬ETH，反映了機構敞口的減少。

This pullback suggests that ETH is currently losing ground as a yield-bearing or reserve asset in institutional portfolios, with capital possibly rotating to other chains or into more liquid positions.

這種回調表明，ETH目前正在作為機構投資組合中的承重或儲備資產失去地面，資本可能會旋轉到其他鏈條或更液體位置。

Bitcoin's Diverging Strength Highlights the Gap

比特幣的分化強度突出了差距

While ETH fundamentals face pressure, Bitcoin continues to rally, nearly reaching the $100,000 mark amid broader macroeconomic uncertainty and a flight to safe-haven assets. The divergence underscores a shifting preference toward BTC among institutional and retail investors alike.

儘管ETH基本面面臨壓力，但比特幣繼續集會，在更廣泛的宏觀經濟不確定性和飛往避風付款資產的飛行中，幾乎達到了100,000美元。差異強調了機構和零售投資者之間對BTC的轉變。

"Investor demand for ETH as a yield and institutional asset is weakening," CryptoQuant stated. "Reduced confidence from crypto-native participants and traditional investors is becoming visible across both staking metrics and fund inflows."

加密素養說：“投資者對ETH作為收益率和機構資產的需求正在削弱。” “在存放指標和資金流入中，加密本地參與者和傳統投資者的信心降低了。”

Despite ETH's historically low valuation relative to BTC, analysts believe that a rebound will likely depend on stronger catalysts, such as renewed DApp activity, higher Layer

儘管ETH相對於BTC歷史上低估的估值低，但分析師認為，反彈可能取決於更強的催化劑，例如更新的DAPP活動，較高的層