以太坊在一周內飆升了43.6％，達到2600美元

一周內以太坊飆升了43.6％，達到2600美元，回報率達到5,000美元

While the cryptocurrency market continues to be a subject of heated debate, with some focusing on Bitcoin’s price and others discussing the possibility of a return to 5,000 dollars for Ethereum, it’s crucial to consider the broader trends at play.

儘管加密貨幣市場仍然是激烈辯論的主題，但有些人則關注比特幣的價格，而另一些則討論了以太坊返回5,000美元的可能性，但考慮到更廣泛的趨勢至關重要。

Recently, there has been a surge in interest in Ethereum, especially as the price rose by 43.6 % over the course of one week, sparking discussion among traders and analysts. However, despite this rally, data from CoinShares and Bloomberg Intelligence reveals that institutional appetite for the cryptocurrency remains very limited.

最近，人們對以太坊的興趣激增，尤其是在一周內的價格上漲了43.6％，引發了交易者和分析師之間的討論。然而，儘管有這樣的集會，但來自Coinshares和彭博情報的數據表明，對加密貨幣的機構胃口仍然非常有限。

As Adriano Feria, a crypto analyst, pointed out on May 12, 2025, on the social network X (formerly Twitter), Ethereum is "the best candidate for institutional diversification." This is because professional fund managers appreciate "similar levels of regulatory clarity and accessibility" through multiple spot Exchange-Traded Funds (ETFs) for both Bitcoin and Ethereum. However, recent data has not been particularly encouraging.

正如加密分析師Adriano Feria於2025年5月12日在社交網絡X（以前稱為Twitter）上指出的那樣，以太坊是“機構多元化的最佳候選人”。這是因為專業基金經理通過對比特幣和以太坊的多個現貨交易所資金（ETF）欣賞“類似的監管清晰度和可訪問性”。但是，最近的數據並不是特別令人鼓舞。

Indeed, between May 12 and 13, Ether ETFs listed in the United States recorded net outflows of $4 million, a figure sharply contrasting with the positive inflows seen in Bitcoin ETFs. These outflows suggest that institutional investors, despite showing interest in cryptocurrencies in general, might be pulling out of their positions in Ethereum at this stage.

實際上，在5月12日至13日之間，美國列出的Ether ETF記錄了400萬美元的淨流出，這一數字與比特幣ETF中的積極流入形成了鮮明的對比。這些流出表明，儘管總體上對加密貨幣表現出了興趣，但在此階段，機構投資者可能會退出以太坊的立場。

Moreover, the size of the Ether ETF market is still 92 % smaller than that of Bitcoin, which is currently valued at $121.5 billion. This disparity highlights a significant deficit in institutional interest in Ethereum at this stage, leading some players to express skepticism about its ability to truly capture large-scale capital.

此外，Ether ETF市場的規模仍然比比特幣小92％，目前價值為1,215億美元。這種差異凸顯了現階段對以太坊的機構利益的嚴重赤字，導致一些參與者對其真正佔領大規模資本的能力表示懷疑。

However, several upcoming regulatory elements could reverse the trend. For instance, James Seyffart, an analyst at Bloomberg Intelligence, asserts that some progress in terms of approval for the first spot Bitcoin ETF is "highly likely before the end of the year." These measures could radically transform the attractiveness of ETH ETFs.

但是，即將到來的幾個監管要素可以扭轉趨勢。例如，彭博情報局的分析師詹姆斯·塞伊法特（James Seyffart）斷言，在對第一名比特幣ETF的認可方面的某些進展“很可能在年底之前”。這些措施可以從根本上改變ETH ETF的吸引力。

If the U.S. Securities and Exchange Commission (SEC) approves an ETF on Bitcoin, the largest cryptocurrency by market capitalization, it could quickly mobilize significant institutional inflows towards the asset.

如果美國證券交易委員會（SEC）批准了按市值最大的加密貨幣比特幣的ETF，它可以迅速動員資產的大量機構流入。

In this context, Ethereum could, in the absence of strong immediate appetite, impose itself by elimination, especially if the SEC refuses to approve ETFs on other altcoins. The lack of direct competition on the institutional field could thus become an unexpected strategic advantage for ETH.

在這種情況下，在沒有強烈的直接食慾的情況下，以太坊可能會因消除而強加自己，尤其是如果SEC拒絕批准其他Altfoins的ETF。因此，在機構領域缺乏直接競爭可能會成為ETH的意外戰略優勢。

But capital movements and regulatory bets aren’t the only factors to consider. Major technical developments are also crucial for understanding Ethereum’s potential return to its peaks.

但是，資本運動和監管投注並不是唯一要考慮的因素。主要的技術發展對於理解以太坊的潛在回報到其高峰也至關重要。

The Pectra upgrade brought a clear improvement in data transmission within the network, boosting activity on Layer 2 solutions. According to L2Beat data, activity on these networks grew by 23% in one month, notably driven by Base, which recorded 244.2 million transactions over 30 days.

Pectra升級在網絡內的數據傳輸方面有了明顯的改善，從而增強了第2層解決方案的活動。根據L2BEAT數據，這些網絡的活動在一個月內增長了23％，特別是由基本驅動，該活動在30天內記錄了2.442億美元的交易。

However, despite this ramp-up, the report by blockchain analytics firm Glassnode indicates that Ethereum’s deflationary momentum remains stalled.

然而，儘管加劇了這種加劇，區塊鏈分析公司玻璃節的報告表明，以太坊的放流動量仍然停滯不前。

The priority given to scalability via rollups has reduced onchain congestion, limiting burn volumes and calling into question the return to a structurally deflationary ETH in the short term.

通過匯總給出的可伸縮性的優先級減少了鏈擁塞，限制了燃燒量，並質疑短期內恢復到結構放氣的ETH。

Another potential driver of this rise rests on the growing integration of artificial intelligence into the Ethereum ecosystem. Indeed, Eric Conner, a historic Ethereum advocate, mentioned on platform X on May 13 an already observable use case.

這種崛起的另一個潛在驅動力取決於人工智能在以太坊生態系統中的不斷增長。確實，歷史悠久的以太坊倡導者埃里克·康納（Eric Conner）在5月13日在X平台上提到的一個已經可以觀察到的用例。

ChatGPT prefers Ethereum’s Layer-2 infrastructure to manage funds via multisignature contracts.

Chatgpt更喜歡以太坊的第2層基礎架構通過多簽名合同來管理資金。

This approach would allow autonomous agents to execute payments, rebalance portfolios, or automatically invest in the DeFi. Such automation could multiply smart contract activity on Ethereum to the point of “growing tenfold from its current level”.

這種方法將允許自主代理執行付款，重新平衡投資組合或自動投資於DEFI。這種自動化可以將以太坊上的智能合同活動乘以“從目前的水平增長十倍”。

Although the actual extent of this adoption is still difficult to predict, the potential of such use, combined with the existing infrastructure, constitutes a strong argument in favor of a return to the top.

儘管這種採用的實際範圍仍然很難預測，但這種使用的潛力與現有的基礎設施相結合，構成了一個強有力的論點，支持返回頂部。