Pepe的頭腦加深以太坊對比特幣的折扣，但這可能不是購買信號

用以太坊對比特幣進行測量時，以太坊可能被低估了，但是根據CryptoQuant的分析師的說法，這種折扣並不一定使其成為便宜貨。

Ethereum’s discount to Bitcoin is deepening, but on-chain data hints this may not be the buy signal it once was. The role of crypto-native AI agents is also luring capital elsewhere–with MIND of Pepe leading the charge.

以太坊對比特幣的折扣正在加深，但是鏈上的數據暗示這可能不是曾經的購買信號。加密本地AI代理人的作用也在誘使資本在其他地方 - 佩佩（Pepe）的頭腦領導這一指控。

Despite a widening discount to Bitcoin and indicators placing it in “extremely undervalued” territory, Ethereum isn’t necessarily a bargain buy, according to analysts at CryptoQuant.

儘管CryptoFumquant的分析師表示，儘管對比特幣和指標將其折價擴大，但將其置於“極為被低估的”領域中，但以太坊不一定是便宜的購買。

The analysts, in the latest edition of the weekly CryptoQuant Spotlight, pointed out that the MVRV ratio for ETH has dropped to levels that previously heralded major recoveries.

分析師在最新版的《每週加密聚光燈》中指出，ETH的MVRV比率已下降到以前預示著重大回收率的水平。

However, several market conditions suggest a more complicated picture.

但是，幾種市場條件表明情況更複雜。

ETH’s Deflationary Narrative Is Quickly Unraveling

ETH的通縮敘事正在迅速解開

The narrative around ETH’s burning and scarcity has been a key driver of interest in recent cycles, but that narrative is quickly shifting in 2024.

圍繞ETH燃燒和稀缺性的敘述一直是最近週期感興趣的關鍵驅動力，但這種敘述在2024年很快就在轉移。

The rapid collapse of the ETH burn rate after the Dencun upgrade has drastically reduced the rate at which new supply is being destroyed.

Dencun升級後，ETH燃燒率的快速崩潰大大降低了新供應的破壞率。

After reaching a peak of 1,600 ETH per day in early 2023, the burn rate has since fallen almost to zero, with volumes now averaging around 50 ETH per day.

在2023年初達到每天1,600 ETH的峰值之後，此後的燃燒率幾乎下降到零，現在平均每天50個ETH。

This has quickly pushed Ethereum back into inflationary territory, with total supply recently hitting an all-time high of 120.7 million.

這很快使以太坊重新融入了通貨膨脹領土，最近的總供應量達到了1.207億。

The Stellar Role of Layer 2s in Shifting Demand

第2層在轉移需求中的出色作用

Another factor is the role of Layer 2 rollups in shifting demand away from the mainnet.

另一個因素是第2層匯總在將需求轉移到主網中的作用。

While these L2s help improve Ethereum’s scalability, they are also siphoning demand for transactions from the base-layer.

儘管這些L2S有助於提高以太坊的可伸縮性，但它們也在汲取對基層交易的需求。

This is especially pertinent in the case of institutional outflows, which has seen some 400,000 ETH exit ETF holdings this year alone,鈍 the mainnet.

在機構流出的情況下，這尤其相關，僅今年，它就有大約40萬ETH ETET ETF HOUPTINGS，MAILNET。

But as these outflows continue to funnel into L2s, they are impacting the network’s core utility.

但是，隨著這些流出繼續匯入L2，它們正在影響網絡的核心公用事業。

Ethereum May Be Structurally Slower in 2024

以太坊在2024年的結構上可能較慢

The crypto behemoth is certainly not short of bullish news. The launch of the Pectra upgrade last week sparked a 30% rally in ETH prices.

加密龐然大物肯定不足以看漲新聞。上週Pectra升級的推出導致了30％的ETH價格集會。

However, despite this rally, on-chain metrics suggest that broader market sentiment remains largely indifferent to the changes.

但是，儘管進行了集會，但鏈上指標表明，更廣泛的市場情緒在很大程度上仍然對變化無動於衷。

But while crypto traders scan charts for optimal entry and exit points, smart money is already moving into the next sector.

但是，儘管加密貨幣交易者掃描圖表以獲取最佳進入和出口點，但智能貨幣已經進入下一個領域。

With the macro outlook still uncertain and major central banks showing no signs of pivoting from their hawkish stance, several market participants are seeking out new frontiers within the crypto market.

由於宏觀前景仍然不確定，並且主要的中央銀行沒有從鷹派立場中樞轉的跡象，因此一些市場參與者正在加密市場中尋找新的邊界。

This time, the focus is shifting to emerging technologies that are rapidly changing the financial landscape.

這次，重點是轉移到正在迅速改變金融格局的新興技術。

At the Forefront of the Altcoin Charge: AI Agents

在Altcoin收費的最前沿：AI代理商

In an industry increasingly driven by artificial intelligence and automation, crypto-native AI agents are quickly stealing the spotlight.

在一個越來越多的人工智能和自動化驅動的行業中，加密本地的AI代理商迅速搶下了焦點。

Capital has been flowing aggressively into altcoins boasting AI integration, with a slew of new projects emerging to capitalize on the hype.

Capital一直在積極地進入AI集成的Altcoins，並有大量的新項目出現，以利用炒作。

Among these, MIND of Pepe is quietly assembling one of the most watched presales of 2025.

其中，佩佩的思想正在悄悄地組裝2025年最受關注的預售之一。

Combining the meme coin culture that drove the 2021 bull market with the cutting-edge tech of AI, MIND of Pepe has already raised nearly $9 million.

Pepe的Mind of Pepe結合了推動2021年牛市的模因硬幣文化與AI的尖端技術相結合，已經籌集了近900萬美元。

Unlike other frog-themed tokens cashing in on virality, $MIND is anchored by actual product development. Its AI trading agent, launching imminently, will scan platforms like X (formerly Twitter) and Reddit to monitor real-time sentiment shifts, trading signals and liquidity.

與其他以青蛙為主題的代幣兌現病毒性不同，$ Mind是由實際的產品開發奠定了基礎。它的AI交易代理即將推出，將掃描X（以前為Twitter）和Reddit之類的平台，以監視實時情感轉移，交易信號和流動性。

Using Retrieval-Augmented Generation (RAG), the agent pulls in live data to assess which coins are gaining traction and when. Its interface is user-friendly but powerful, delivering curated insights via an exclusive dashboard for token holders. Even casual traders can benefit from early alpha before trends go mainstream.

使用檢索增強的生成（RAG），代理會拉出實時數據，以評估哪些硬幣正在獲得吸引力以及何時獲得關注。它的界面是用戶友好但功能強大的，可通過為代幣持有人提供的獨家儀表板提供精心策劃的見解。即使是休閒交易者也可以從趨勢成為主流之前就可以從早期的阿爾法中受益。

More impressively, the AI agent goes beyond just analysis. When market activity cools, it will engage directly with dApps to launch new tokens – giving $MIND holders first access before listings go public.

更令人印象深刻的是，AI代理不僅僅是分析。當市場活動冷卻時，它將直接與Dapps互動以推出新的代幣 - 在列表公開之前為$ Mind持有者提供了訪問。

From ETH Undervaluation to AI Upside

從低估到AI上升空間

The timing of this shift is no coincidence. As Ethereum struggles to retain its market share amidst fading institutional appetite and base-layer demand, the narrative around AI agent crypto is heating up.

這種轉變的時機不是偶然的。隨著以太坊努力保持其市場份額在褪色的機構食慾和基礎層需求中，圍繞AI Agent Crypto的敘述正在加熱。

Projects like Virtuals Protocol and Artificial Superintelligence Alliance have seen their token prices spike by double and triple digits in recent weeks.

諸如虛擬協議和人工超級智能聯盟之類的項目在近幾週內將其代價的價格飆升。

What makes $MIND even more compelling is its staking model. Investors can currently earn up to 249% APY by locking their tokens and nearly 1.4 billion have already been staked – underscoring growing community confidence in the protocol. With exchange listings on the horizon and the presale price locked at just $0.0037515, the entry point looks attractive for those seeking exposure to both meme coin enthusiasm and AI sector growth.

使$更引人注目的是其陳制模型。目前，投資者可以通過鎖定其令牌來賺取高達249％的APY，並且已經將近14億塊APY賺錢 - 強調了社區對協議的信心不斷增長。隨著交換清單即將到來，預售價格僅為0.0037515美元，對於那些尋求接觸Meme Coin熱情和AI部門增長的人來說，入口點看起來很有吸引力。

Crucially, MIND of Pepe doesn’t just promise functionality; it delivers. Former Binance CEO Chang

至關重要的是，佩佩的思想不僅承諾功能。它提供了。前Binance首席執行官Chang