由於新的 ETF 未能激發需求，以太幣落後於比特幣

（彭博）—以太幣繼續落後於領先的加密貨幣比特幣，因為最近推出的交易所交易基金未能激發對排名第二的代幣的更大需求。

Despite the recent launch of exchange-traded funds (ETFs) for Ether, the second-largest cryptocurrency, the token continues to lag behind Bitcoin in terms of demand.

儘管最近推出了第二大加密貨幣以太幣的交易所交易基金（ETF），但該代幣在需求方面仍落後於比特幣。

Data compiled by Bloomberg shows that spot-Ether ETFs, which launched in July, have experienced eight consecutive days of net outflows, amounting to nearly $112 million in total. This marks the longest losing streak for the ETFs so far.

彭博社整理的數據顯示，7月推出的現貨以太ETF已連續八天出現淨流出，資金總額接近1.12億美元。這標誌著 ETF 迄今為止最長的連續下跌。

Ether has not yet recovered from the losses incurred during a sharp selloff earlier in August. The selloff was triggered by the unwinding of a yen carry trade, which dealt a blow to crypto markets and global equities alike. While Bitcoin has risen about 8% since then, spot-ETFs for the largest token have seen inflows.

以太坊尚未從 8 月初大幅拋售中遭受的損失中恢復過來。這次拋售是由日圓套利交易平倉引發的，這對加密貨幣市場和全球股市都造成了打擊。儘管比特幣自那時以來已上漲約 8%，但最大代幣的現貨 ETF 卻出現了資金流入。

“Ether is now searching for a new narrative to fuel its continued growth,” said Muneeb Khan, executive director of Kraken OTC, in an email. He noted that earlier enthusiasm for Ether’s deflationary potential appeared to have waned.

Kraken OTC 執行董事 Muneeb Khan 在一封電子郵件中表示：“以太坊現在正在尋找新的敘事方式來推動其持續增長。”他指出，早期對以太幣通貨緊縮潛力的熱情似乎已經減弱。

Unlike Bitcoin, which has a fixed cap of 21 million coins, Ether's supply can change. And the total number of Ether tokens in circulation has increased for most of this year.

與比特幣的固定上限為 2,100 萬枚不同，以太幣的供應量可能會改變。今年大部分時間裡，流通中的以太幣總數都在增加。

Platforms like Arbitrum and Optimism, which help scale Ethereum and are also known as Layer-2 chains, are starting to eat into transaction fees on the network, according to Cici Lu McCalman, founder of Venn Link Partners.

Venn Link Partners 創辦人 Cici Lu McCalman 表示，Arbitrum 和 Optimism 等平台有助於擴展以太坊，也被稱為 Layer-2 鏈，它們開始蠶食網路上的交易費用。

At the same time, Ethereum relies on burning part of the transaction fees it earns to permanently remove tokens from circulation. So losing fees to Layer-2 platforms is making Ether become “inflationary rather than deflationary,” Lu said.

同時，以太坊依靠燃燒其賺取的部分交易費用來永久地將代幣從流通中移除。 Lu 表示，因此，向 Layer-2 平台收取費用讓以太坊變得「通貨膨脹而不是通貨緊縮」。

The move of economic activity from Ethereum to a growing number of Layer-2s has led to “some hand-wringing and broader concerns over what Ethereum should focus on developing and what the future of ETH, the asset, looks like,” research firm Messari said in a Monday note.

研究公司Messari 表示，經濟活動從以太坊轉移到越來越多的Layer-2 上，這引發了「一些令人擔憂的問題，以及更廣泛的擔憂，即以太坊應該重點發展什麼，以及ETH 這一資產的未來是什麼樣子」。在周一的一份報告中說。

A shift in industry focus from decentralized finance projects to memecoins is also partly to blame for Ether’s under-performance relative to Solana, a rival token, Lu added. The Solana blockchain is popular for memecoin issuers.

Lu 補充道，產業焦點從去中心化金融計畫轉向 memecoin，也是以太坊相對於競爭對手 Solana 表現不佳的部分原因。 Solana 區塊鏈深受迷因幣發行者的歡迎。

On Friday, Federal Reserve Chair Jerome Powell gave the clearest indication yet that the central bank is preparing to cut benchmark rates from a more than two-decade high. This move would create a more favorable liquidity backdrop for global markets. While this sparked a price uptick in Bitcoin, which was also coupled with strong ETF inflows, the same has not occurred for Ether.

週五，聯準會主席鮑威爾給出了迄今為止最明確的指示，表明央行正準備將基準利率從二十多年來的高點下調。此舉將為全球市場創造更有利的流動性背景。雖然這引發了比特幣價格上漲，並伴隨著 ETF 的強勁流入，但以太坊卻沒有出現同樣的情況。

Bitcoin was trading at $62,889 with Ether at $2,686 as of 10:15 a.m. London time.

截至倫敦時間上午 10:15，比特幣交易價格為 62,889 美元，以太幣交易價格為 2,686 美元。