Ethereum ETF流入激增56％：這是90年代的技術庫存時刻嗎？

以太坊ETF正在看到創紀錄的流入，反映了90年代科技股的增長。這是可持續的激增還是短暫的時刻？讓我們潛水。

Ethereum ETF Inflows Surge 56%: Is This the '90s Tech Stock Moment?

Ethereum ETF流入激增56％：這是90年代的技術庫存時刻嗎？

Ethereum is having a moment. ETF inflows are surging, reminiscent of the dot-com boom. But is this a new paradigm or a familiar echo of market exuberance? Let’s unpack the latest developments.

以太坊有一刻。 ETF流入正在激增，讓人聯想到點-COM繁榮。但是，這是新的範式還是熟悉的市場旺盛迴聲？讓我們解開最新的發展。

Ethereum's July Rocket Ride

以太坊的七月火箭之旅

July 2025 was a banner month for Ethereum, with its price skyrocketing by 56%, closing the month at $3,862. This was Ethereum's best monthly performance since July 2022. Bloomberg Intelligence ETF analyst Eric Balchunas draws a comparison to early internet platforms, noting the similar growth trajectory and adoption dynamics.

2025年7月是以太坊的橫幅月份，其價格飆升了56％，該月收於3,862美元。這是以太坊自2022年7月以來的最佳月度表現。彭博情報ETF分析師埃里克·巴爾庫納斯（Eric Balchunas）與早期的互聯網平台進行了比較，並指出了類似的增長軌跡和採用動態。

ETF Inflows: A Tidal Wave

ETF流入：潮汐

The price surge coincided with a record influx of capital into Ethereum-based ETFs. U.S. spot-ETH ETFs saw 19 consecutive days of net inflows, amassing $5.37 billion in July. BlackRock’s iShares Ethereum ETF (ETHA) saw its assets grow from $5 billion to $10 billion in just ten trading days. Balchunas called it “the ETF equivalent of a God candle.”

價格漲幅與創紀錄的資本湧入基於以太坊的ETF相吻合。美國Spot-Eth ETF連續19天淨流入，7月積累了53.7億美元。貝萊德（BlackRock）的iShares以太坊ETF（ETHA）認為，僅在十次交易日內，其資產從50億美元增長到100億美元。 Balchunas稱其為“與神蠟燭的ETF”。

Ethereum vs. Bitcoin: A Flippening in Interest?

以太坊與比特幣：感興趣的動盪？

For six consecutive days in July, Ethereum ETF inflows outpaced those of Bitcoin ETFs. Ethereum funds attracted $231.2 million on July 24, compared to $226.6 million for Bitcoin. Over those six days, Ethereum ETFs gathered nearly $2.4 billion, more than triple Bitcoin’s $827.6 million. Has institutional interest shifted?

7月連續六天，Ethereum ETF流入了比特幣ETF的ETF。 7月24日，以太坊資金吸引了2.312億美元，而比特幣為2.266億美元。在那六天的時間裡，以太坊ETF收集了近24億美元，超過三幣的8.276億美元。機構興趣發生了變化嗎？

The Underlying Drivers

基礎司機

Analysts attribute the surge to Ethereum’s accelerating adoption and the growth of DeFi applications. Bitwise CIO Matt Hougan suggests Ethereum is still underweight in ETF portfolios and could see an additional $7–8 billion in inflows. However, on-chain metrics haven't kept pace. While the price has surged, chain activity only increased by 5% in July compared to June.

分析師將激增歸因於以太坊的加速採用和DEFI應用的增長。 Bitwise Cio Matt Hougan認為以太坊在ETF投資組合中仍然體重不足，並且可能會增加7-8億美元的流入。但是，鏈指標尚未保持步伐。儘管價格飆升，但與6月相比，7月的連鎖活動僅增加了5％。

A Word of Caution

謹慎

Despite the bullish sentiment, technical indicators suggest caution. Ethereum’s relative strength index (RSI) shows bearish divergence, indicating weakening buying pressure despite rising prices. Resistance at $4,000 and support at $3,700 are key levels to watch. The rapid gains and comparisons to the '90s tech stocks serve as both an inspiration and a warning.

儘管有看漲的情緒，但技術指標仍表明謹慎。以太坊的相對強度指數（RSI）顯示出看跌的差異，表明儘管價格上漲，購買壓力也會減弱。阻力為$ 4,000，支持$ 3,700是值得關注的關鍵水平。與90年代技術股票的快速增長和比較既是靈感又是警告。

Final Thoughts: To the Moon or Back to Earth?

最終想法：到月球還是回到地球？

Ethereum's recent performance is undeniably impressive. But as any seasoned New Yorker knows, what goes up must come down... eventually. Whether Ethereum can sustain this momentum remains to be seen, but one thing is for sure: it's going to be an interesting ride. Buckle up, folks!

以太坊最近的表現無可否認令人印象深刻。但是，正如任何經驗豐富的紐約人所知道的那樣，最終必須下降。以太坊能否維持這種勢頭還有待觀察，但是可以肯定的是：這將是一個有趣的旅程。搭扣，伙計們！