以太坊[ETH]在市場週期的這一條腿上主導比特幣[BTC]

到頂部的比賽正在加熱 - 這不是另一個Altcoin Frenzy。取而代之的是，這是兩個最大的加密資產之間的頂級對峙。

The crypto market is currently witnessing an interesting narrative unfold, with an apex top-tier face-off.

加密市場目前正在見證一個有趣的敘述，最高級別的對抗。

As the narrative of an impending altcoin season brews, two cryptocurrency giants are engaging in a different kind of "frenzy." It's not an altcoin; rather, it's a top-tier face-off between the two largest crypto assets.

作為即將來臨的Altcoin季節釀造的敘述，兩個加密貨幣巨頭正在從事另一種“瘋狂”。這不是山寨幣；相反，這是兩個最大的加密資產之間的頂級對峙。

Ethereum (ETH) has been making a rapid recovery, adding nearly +50% to its recent lows. Clocking $2,616 at the time of writing, on the 11th of May, the world’s second-largest cryptocurrency is showing no signs of slowing down.

以太坊（ETH）一直在迅速恢復，最近低點增加了近50％。在撰寫本文時，在5月11日寫作時，世界第二大加密貨幣並沒有放慢腳步的跡象。

With a 7-day ROI of +14.58% and a 30-day ROI of +49.54%, the strength of the bulls at this stage is evident.

在此階段，公牛的7天投資回報率為 +14.58％，30天的投資回報率為 +49.54％，公牛的實力很明顯。

The Relative Strength Index (RSI) on the 4-hour chart is hovering at 56.87, indicating that the price momentum is still strong, but it might be approaching an overbought territory.

4小時圖表上的相對強度指數（RSI）的徘徊在56.87處，表明價格勢頭仍然很強，但它可能正在接近超買的領土。

However, considering the recent bullish trends, the RSI could continue to rise.

但是，考慮到最近的看漲趨勢，RSI可能會繼續上升。

As Ethereum experiences a rapid price surge and shows no signs of slowing down, Bitcoin (BTC) has stalled. Despite clocking new all-time highs (ATHs) recently, the flagship cryptocurrency is showing signs of weakness.

由於以太坊經歷了迅速的價格上漲，並且沒有放慢速度的跡象，因此比特幣（BTC）停滯不前。儘管最近有了新的歷史最高點（ATH），但旗艦加密貨幣仍顯示出虛弱的跡象。

After a stellar performance in the first quarter, which saw Bitcoin’s price soar by over 70%, its price rally seems to have hit a pause. In the past month, Bitcoin has only managed to add 16.44% to its price.

在第一季度的出色表現（比特幣的價格上漲70％以上）之後，其價格集會似乎已經停止了。在過去的一個月中，比特幣僅設法增加了16.44％的價格。

The recent price action has seen Bitcoin experience a rejection from the $70,000 resistance. After tagging a high of $68,666 on the 12th of April, the price faced selling pressure, leading to a 6.46% price drop within the next 24 hours.

最近的價格行動使比特幣經歷了70,000美元的電阻拒絕。在4月12日標記了68,666美元的高價後，價格面臨的銷售壓力，導致接下來24小時內的價格下跌6.46％。

This move saw the price retest the $64,000 support level.

此舉使價格重新測試了64,000美元的支持水平。

The capital gains narrative

資本收益敘事

With Bitcoin’s price movement relatively muted in recent times, investors are noticing a tactical tilt in the market as capital is rotating.

隨著比特幣的價格變動近期相對繁重，隨著資本旋轉，投資者註意到市場上的戰術傾向。

Recently, Ethereum experienced a breakout from the $1,800 level. As the price encountered resistance at the $2,597 mark, AMB Crypto highlighted a significant liquidity sweep.

最近，以太坊從$ 1,800的水平出發。隨著價格遇到2597美元的抵抗，AMB加密貨幣強調了大量的流動性。

Around 300,000 ETH were dumped on the market with strength at the time. However, the selling wasn’t a reversal; rather, it was a reset.

當時，大約有30萬ETH以實力傾倒在市場上。但是，銷售不是逆轉。相反，這是一個重置。

On the 8th of May, Bitcoin Dominance (BTC.D) peaked at 65.34% before decreasing. In the days that followed, the BTC.D dropped by 3%, while Ethereum Dominance (ETH.D) rose by 3%, reaching 9.75%. This signaled a clear divergence.

5月8日，比特幣優勢（BTC.D）在減少之前以65.34％的峰值達到峰值。在隨後的日子裡，BTC.D下降了3％，而以太坊優勢（ETH.D）上升了3％，達到9.75％。這標誌著明顯的差異。

This shift in market dynamics can be attributed to a large-scale capital rotation. As investors noticed a lack of strength in BTC’s price and an inability to sustain the $68,000 level despite attempts to defend it, they began noticing the superior relative strength of Ethereum.

市場動態的這種轉變可以歸因於大規模的資本旋轉。正如投資者註意到BTC價格缺乏實力，儘管試圖捍衛它，但仍無法維持68,000美元的水平，他們開始注意到以太坊的相對力量。

The investors are pivoting their capital accordingly to capture the asymmetric upside that Ethereum is offering.

投資者正在相應地將其資本旋轉，以捕獲以太坊提供的不對稱上升空間。

At the beginning of May, investors had already begun noticing a change in the market trends. As Bitcoin encountered resistance at the $68,000-$70,000 band and experienced attempts to dump the price, a bulk of the liquidity was absorbed.

5月初，投資者已經開始注意到市場趨勢的變化。由於比特幣以68,000美元至70,000美元的樂隊遇到阻力，並經歷了傾銷價格的嘗試，因此大部分流動性被吸收了。

However, the selling pressure persisted, indicating that a market structure shift might be in the works.

但是，銷售壓力持續存在，表明市場結構可能正在發生。

With over a 60% ROI in just a few weeks of the investors’ capital being deployed, Ethereum is offering an interesting upside.

在部署投資者資本的短短幾週內，Ethereum提供了一個有趣的上升空間。

Therefore, it’s no surprise that investors are pivoting aggressively to capture this strength, especially as BTC is heating up.

因此，投資者正在積極地促進這種實力也就不足為奇了，尤其是當BTC加熱時。

Moreover, with Abraxas Capital recently reporting the addition of 242,652 ETH to their portfolio in the past week alone, for a total holding of 243,409 ETH valued at $560.8 million, and an average entry price of around $2,312, it seems that smart money is also joining the party.

此外，隨著Abraxas Capital最近在過去一周中報告了其投資組合中的242,652 ETH，總持有243,409 ETH的總額為5.608億美元，平均入場價約為2,312美元，似乎聰明的錢也加入了聚會。

This places them at an unrealized gain of more than $75.8 million, considering the current price of ETH is $2,597.

考慮到當前的ETH價格為2,597美元，這使他們的收益超過了7580萬美元。

The last time Abraxas Capital reported a change in their cryptocurrency holdings was in December 2022, when they disclosed a reduction in their Bitcoin position by 1,600 BTC, taking their total BTC holdings to 162,066 at the time.

Abraxas Capital上次報告的加密貨幣持有量發生了變化，這是2022年12月，當時他們披露了將比特幣位置減少1,600 BTC，當時將其BTC的總持股量減少到162,066。

At the beginning of the year, Abraxas Capital also disclosed a new position in Litecoin (LTC), with

在今年年初，阿布拉薩斯資本還披露了Litecoin（LTC）的新職位，其中