隨著機構投資者湧入市場

激增並沒有在真空中發生。自2月以來，以太坊首次打破了2800美元，而監管，市場和技術敘事的罕見一致性再次開始傾向於ETH的支持。

The recent surge in cryptocurrency prices has been nothing short of spectacular, with Bitcoin just 1% away from setting new all-time highs. However, while much attention has been paid to BTC’s recovery, another cryptocurrency has been quietly posting some stellar gains.

最近的加密貨幣價格上漲簡直令人嘆為觀止，比特幣距離設定新的高高僅1％。但是，儘管對BTC的恢復已經引起了很多關注，但另一種加密貨幣一直在悄悄地發布一些出色的收益。

Those who prefer a bit more bullish banter will be pleased to know that Ethereum still has a massive 45% run-up before it can do the same.

那些更喜歡看漲的戲ter的人會很高興知道以太坊在做同樣的事情之前仍有45％的競賽。

What this means for traders is that if Bitcoin can manage to hold strong at these elevated levels, then ETH has a huge window to post some spectacular gains as it plies on to that last apex. And when ETH does finally run hard, that means the long-awaited altseason is likely to follow.

這對貿易商意味著，如果比特幣能夠在這些升高的水平上保持強大的穩定，那麼ETH將有一個巨大的窗口，可以發布一些巨大的收益，因為它將佔據最後一個頂點。當ETH最終努力運行時，這意味著期待已久的Altseason可能會隨之而來。

Of course, we need to be patient. Phase one is for Ethereum to continue gaining ground against Bitcoin as the leading cryptocurrency.

當然，我們需要耐心等待。第一階段是使以太坊繼續對比特幣作為主要加密貨幣的立場。

But in the case of this "Largely Ignores BTC" narrative, well, we might already be seeing the signs.

但是，在這種“很大程度上忽略BTC”的敘述中，我們可能已經看到了這些跡象。

According to BNC data, BlackRock’s iShares Ethereum Trust ETF (ETHA) led the charge with a dominant $80.6 million of those inflows.

根據BNC數據，BlackRock的Ishares Ethereum Trust ETF（ETHA）以8060萬美元的流入為主導。

The entire class of U.S.-based spot ETH ETFs has now soaked up $745 million over the last 11 trading days. That’s not a melt-up—yet—but it’s the kind of steady accumulation that suggests institutional confidence is slowly returning.

在過去的11個交易日中，整個美國現貨ETH ETF現在已經吸收了7.45億美元。這不是融化的 - 是的，而是這種穩定的積累表明機構信心正在慢慢恢復。

To put that into perspective, consider that on February 2nd—the last time things got this frothy—$276 million went into ETHA in a single day. At the time, Ethereum was flirting with $2,900.

為了看一看，請考慮2月2日（上次事情得到這種泡沫），一日賺了2.76億美元。當時，以太坊以2,900美元調情。

We’re not quite back to those levels, but ETH trading around $2,814 (up 1.25% in 24 hours per BNC) shows real momentum. For a digital asset that’s spent months lagging behind Bitcoin’s all-time highs, this is a notable reversal of fortune.

我們還沒有回到這些水平，但是ETH交易約2,814美元（每BNC 24小時內增長1.25％）顯示出真正的動力。對於一個數月的數字資產而落後於比特幣的歷史最高點，這是一個顯著的財富逆轉。

What’s Behind the Surge?

激增的背後是什麼？

Part of the answer lies in regulatory tea leaves. On Monday, SEC Commissioner Paul Atkins made unusually bullish comments during a DeFi roundtable, teasing out the idea of “innovation relief” for projects operating in decentralized finance.

答案的一部分在於監管茶葉。週一，SEC專員保羅·阿特金斯（Paul Atkins）在圓桌會議上發表了異常看法，為在分散融資中運作的項目逗弄了“創新救濟”的想法。

It’s classic bureaucratic speak, but read between the lines and you get this: the SEC might be preparing to soften its war stance on DeFi and Ethereum-adjacent protocols. In crypto, perception often precedes policy, and that was enough to move markets.

這是經典的官僚演講，但是在台詞之間閱讀，您可以理解這一點：SEC可能正在準備軟化其對Defi和以太坊的協議的戰爭立場。在加密貨幣中，感知通常在政策之前先於政策，這足以轉移市場。

Accordingly, Ethereum governance tokens like Uniswap (CRYPTO: UNI), Aave (CRYPTO: AAVE), and Sky responded immediately. Prices jumped 23%, 16%, and 15% respectively.

因此，像Uniswap（加密：UNI），AAVE（加密：AAVE）這樣的以太坊治理令牌，而天空立即做出了回應。價格分別躍升了23％，16％和15％。

Ethereum, meanwhile, briefly touched $2,700 during the news cycle and kept climbing—proof that confidence is broadening beyond Bitcoin.

與此同時，以太坊在新聞周期中短暫觸及了2,700美元，並不斷攀登，這使人們的信心超越了比特幣。

Even Ethereum’s perennial complexity isn’t scaring off buyers. Last week, Vitalik Buterin threw his weight behind a tenfold scalability upgrade to Ethereum’s base layer—not just layer-2 rollups. His argument? The main chain can and should evolve, and fast.

即使是以太坊的多年生復雜性，也不會嚇到買家。上週，維塔利克·布特林（Vitalik Buterin）將自己的重量放在十倍的可伸縮性升級到以太坊的基礎層後面，而不僅僅是第2層匯總。他的論點？主鏈可以並且應該進化，快速。

It’s a subtle but powerful narrative shift: Ethereum isn’t giving up on its core. It’s doubling down. Plus Ethereum’s recent Pectra upgrade was a big success, and a bigger deal than the merge.

這是一個微妙但有力的敘事轉變：以太坊並沒有放棄其核心。它正在加倍。再加上以太坊最近的Pectra升級取得了巨大的成功，比合併更大。

That context helps explain why this ETF inflow spike actually matters. As Valentin Fournier at BRN pointed out, “The uptick is notable due to Ethereum’s smaller institutional base. This signals renewed confidence in the crypto rally, especially among large players.”

這種情況有助於解釋為什麼這種ETF流入峰值實際上很重要。正如BRN的Valentin Fournier指出的那樣，“由於以太坊的機構較小，這一爆炸式上值得注意。這表明這表明對加密貨幣集會的信心重新信心，尤其是在大型球員中。”

Since their debut last July, U.S.-listed Ethereum ETFs have pulled in about $3.5 billion in net inflows. That’s still dwarfed by Bitcoin’s numbers, but it’s no longer a sideshow. And as Ethereum builds momentum—on-chain and off—the smart money seems to be rotating back in.

自去年七月首次亮相以來，美國上市的以太坊ETF已獲得約35億美元的淨流入。這仍然被比特幣的數字夾住了，但它不再是雜耍。隨著以太坊建立動力（鍊和偏離），聰明的錢似乎正在旋轉。

Investors take note: Ethereum is heating up. Institutional appetite is returning. And with both regulatory tone and technical roadmap turning favorable, the next leg up may already be underway.

投資者註意：以太坊正在加熱。機構的胃口正在回來。隨著監管語調和技術路線圖的良好表現，下一條腿可能已經在進行。