以太坊（ETH）市場恢復，但ETF僅持續1天

加密貨幣市場最近享有一些恢復，但以太坊ETF在過去3天中僅註冊了1天的積極流量。

The cryptocurrency markets enjoyed some recovery lately but Ethereum ETFs only registered 1 day of positive flows in the last 3 days.

加密貨幣市場最近享有一些恢復，但是在過去3天內，以太坊ETF僅註冊了1天的正流量。

This result has been disseminating the narrative that the cryptocurrency has been lagging.

該結果已經傳播了加密貨幣一直落後的敘述。

According to digital assets management firm Coinshares, Ethereum ETFs saw net outflows of $23.9 million on 23 April.

根據數字資產管理公司Coinshares的數據，以太坊ETF在4月23日的淨流出為2390萬美元。

The outcome extended the negative flows observed in the last 2 weeks.

結果延長了過去2週內觀察到的負流。

On the contrary, the recent wave of bullish excitement in the market saw strong institutional flows into Bitcoin.

相反，最近在市場上的看漲興奮浪潮使製度性大量流入比特幣。

For context, Bitcoin ETFs had over $2.2 billion worth of inflows from Monday to Wednesday, confirming robust institutional demand.

在上下文中，比特幣ETF從周一到週三有超過22億美元的流入，證實了強勁的機構需求。

Meanwhile, Ethereum ETFs had a net $-10.5 million worth of net flows during the same three-day period.

同時，以太坊ETF在相同的三天期間的淨流量價值-1050萬美元。

This performance highlights weak institutional demand for Ethereum. An outcome that could no doubt impact ETH’s ability to recover.

這種表現強調了以太坊的機構需求較弱。無疑會影響ETH恢復能力的結果。

ETH Underperformance is Not Just a Fluke

ETH表現不佳不僅是flu蟲

Ethereum ETF performance no doubt indicates that institutional demand for ETH has been weak.

Ethereum ETF績效無疑表明對ETH的製度需求較弱。

But, this is not new for the cryptocurrency whose performance has been weak especially compared to Bitcoin and top altcoin rival Solana.

但是，對於加密貨幣而言，這並不是什麼新鮮事物，與比特幣和頂級替代競爭對手Solana相比，其性能較弱。

But is it just the institutional class of investors that are not buying or is the rest of the market in a similar situation?

但是，這只是不購買的投資者的機構類別，還是在類似情況下的其他市場？

ETH price action did bounce back by about 32.6% from its lowest price so far this month ($1,383) to its recent high this week ($1,835).

ETH Price Action的確從本月迄今為止的最低價格（1,383美元）回彈到本週的最低價格（1,835美元）。

Price recovery confirmed that there was still significant demand in the market. It even managed to bounce back by a higher percentage that Bitcoin, although it is worth noting that rival SOL achieved almost double the gains.

價格回收證實，市場需求仍然很大。它甚至設法以比特幣更高的比例反彈，儘管值得注意的是，競爭對手的SOL取得了幾乎兩倍的收益。

Despite the recovery, declining ETH institutional demand could certainly undercut or slow down ETH’s recovery even in the long term. Unless institutional demand makes a strong comeback.

儘管恢復了，但從長遠來看，ETH機構需求的下降肯定可以削弱或減慢ETH的恢復。除非機構需求強烈捲土重來。

Nevertheless, this price performance does not necessarily impact network performance.

但是，這種價格性能不一定會影響網絡性能。

The Ethereum network remains one of the blockchains with the highest levels of network utility.

以太坊網絡仍然是網絡實用程序級別最高的區塊鏈之一。

Its performance could possibly be the reason why ETH continues to sustain significant demand in the market.

它的績效可能是ETH繼續在市場上保持巨大需求的原因。

Here’s How Demand for ETH Faired Recently

這是最近對ETH的需求最近的需求

ETH exchange flows surged at the start of the week but it was short-lived judging by the rapid pace at which the exchange flows pivoted after 22 April.

ETH Exchange流量在本週開始時飆升，但從短暫的速度來看，交易所在4月22日之後旋轉的速度迅速流動。

The latest data revealed that exchange inflows were significantly higher than outflows as profit-taking extended its upside.

最新數據表明，隨著利潤的上漲，交換流入顯著高於流出。

Exchange flows are only part of the picture but exchange reserves offered significantly more clarity. This is because ETH exchange reserves have been growing since earlier this month.

交換流只是圖片的一部分，但交換儲備提供了更大的清晰度。這是因為自本月早些時候以來，ETH Exchange儲量一直在增長。

For context, there were roughly 19.88 million ETH coins in circulation which was the lowest level of reserves on exchanges.

在上下文中，流通中大約有1,988百萬個ETH硬幣，這是交易所中最低的儲量水平。

That figure has since gone up to 19.60 million ETH coins at the time of observation.

自從觀察時，這個數字已達到196億ETH硬幣。

A closer look at ETH exchange reserves reveals that they have been moving in a wedge pattern. Moreover, it was underpinned by descending resistance and ascending support.

仔細觀察ETH Exchange儲量表明，它們一直在楔形模式中移動。此外，它的基礎是降序的抵抗和上升支持。

Now that price is retracing, ETH exchange reserves could potentially retest the descending resistance and trigger a new wave of demand.

既然價格正在回溯，ETH Exchange儲備可能會重新測試下降的抵抗力並觸發新的需求。

This observation could significantly dictate the next ETH price move. As far as long term outlook is concerned, some recent CryptoQuant data may offer more insights.

該觀察結果可能會大大決定下一個ETH價格轉移。就長期前景而言，最近的一些加密數據可能會提供更多的見解。

For example, long term accumulators that never sell (denoted as accumulating addresses) reportedly acquired over 640,000 ETH in the last 48 hours.

例如，據報導，從未出售（表示為累積地址）的長期蓄能器在過去48小時內收購了640,000多個ETH。

This means the accumulating addresses contributed more than $1.1 billion worth of liquidity to the cryptocurrency.

這意味著累積的地址為加密貨幣貢獻了價值超過11億美元的流動性。

While this may have significantly aided its upside, it also revealed that the biggest class of investors that purchased recently were long term holders.

儘管這可能會大大幫助其上升空間，但它還揭示了最近購買的最大的投資者是長期持有人。