兩個素數ETH支持，採用僅比特幣的策略

由於Ether的價格在2025年第一季度一直在掙扎中，總部位於美國的投資顧問公司Two Prime已經下降了對ETH的支持，並採用了僅比特幣的戰略。

US-based investment advisory firm Two Prime has dropped support for Ether (ETH) and adopted a Bitcoin (BTC)-only strategy after the latter's statistical trading behavior, community culture, and value proposition went "uninteresting" to the firm.

總部位於美國的投資諮詢公司Two Prime在後者的統計交易行為，社區文化和價值主張對公司“無趣”之後，對Ether（ETH）的支持（ETH）下降，並採用了比特幣（BTC）策略。

"We value data more than narratives. As an algorithmic trading firm, we collect and analyze vast quantities of data to guide our investment decisions," Two Primes stated on May 1.

“我們比敘述更重視數據。作為一家算法貿易公司，我們收集和分析大量數據以指導我們的投資決策，”兩位Primes在5月1日指出。

The firm, which has been lending in both Bitcoin and Ether over the past 15 months, decided to focus solely on BTC asset management and lending, having already deployed $1.5 billion in loans since 4Q 2024.

在過去的15個月中，該公司一直在比特幣和Ether中貸款，但自2024年4時間以來已經部署了15億美元的貸款，因此決定僅專注於BTC資產管理和貸款。

"Insomuch as the data suggests ETH has fundamentally changed, which isn't necessarily a bad thing," Two Primes added.

兩位Primes補充說：“由於數據表明ETH已經發生了根本性改變，這不一定是一件壞事。”

"After de-correlating completely from BTC, ETH has become nearly impossible to model predictably, even by the high volatility expectations of digital asset markets," the firm explained.

該公司解釋說：“在完全從BTC中解脫出來後，即使是數字資產市場的高波動性預期，ETH幾乎無法預測地建模。”

Such conditions "create a headache" for both algorithmic trading and ETH-back lending as the asset no longer behaves predictably.

由於資產不再可預測的，這些條件都會為算法交易和ETH-BACK貸款“創造頭痛”。

"This lack of predictability renders both our core competency and preferred lending strategy suboptimal for ETH in its current form."

“這種缺乏可預測性使我們的核心競爭力和當前形式的ETH優先貸款策略次優。”

Founded in 2019 by Alexander Blum and Marc Fleury, Two Prime is an investment advisory firm registered with the US Securities and Exchange Commission. The firm has been offering trading and lending services for both BTC and ETH for the past six years.

兩家Prime由Alexander Blum和Marc Fleury於2019年成立，是一家在美國證券交易委員會註冊的投資諮詢公司。在過去的六年中，該公司一直在為BTC和ETH提供貿易和貸款服務。

The firm's shift to a Bitcoin-only approach comes as ETH has lost 45% of its value year-to-date, with some optimists speculating that ETH is potentially close to the bottom and reversing its negative trend soon.

該公司向僅比特幣的方法轉變為ETH損失了其逐年價值的45％，一些樂觀主義者猜測ETH可能會接近底部，並很快逆轉其負面趨勢。

The firm's shift to a Bitcoin-only approach comes as ETH has lost 45% of its value year-to-date, with some optimists speculating that ETH is potentially close to the bottom and reversing its negative trend soon.

該公司向僅比特幣的方法轉變為ETH損失了其逐年價值的45％，一些樂觀主義者猜測ETH可能會接近底部，並很快逆轉其負面趨勢。

"What a retarded essay statement, considering S&P500 is down 4.7% YTD and has had extremely high volatility this year," one market observer wrote on X, reacting to Two Primes's statement.

一位市場觀察家在X上寫道：“考慮到S＆P500的質量下降了4.7％，今年的波動性極高，”一位市場觀察家在X上寫道：“這是智障的論文聲明。”

"Never even heard of them. Seems irrelevant to me and I follow this space closely. Which community are we talking about here and what exactly is the value proposition of ETH that they're talking about?” another commentator added, appearing to express doubt on whether the community should rely on Two Prime's shifting approach to Ether.

“甚至從未聽說過它們。似乎與我無關，我密切關注這個空間。我們在這裡談論哪個社區，他們在談論的ETH的價值主張到底是什麼？”另一位評論員補充說，似乎對社區是否應依靠兩種主要的轉換方法表示懷疑。

"If this isn't a bottom signal for ETH idk [I don't know] what is. They're pivoting to a BTC-only strategy and closing out their ETH lending positions. Union Bank also reportedly closed out its crypto derivatives positions recently," another poster speculated, joining the many expecting ETH price to bounce following a downtrend cycle.

“如果這不是ETH IDK [我不知道]的最低信號。他們正在旋轉僅BTC策略並結束其ETH貸款職位。據報導，聯合銀行最近也關閉了最近的海報，”另一位海報猜測，“另一個海報都猜測，加入了許多人期望ETH PRIP會在下降傾斜週期後反彈。

Two Primes also mentioned the weak performance of Ether exchange-traded funds (ETFs), highlighting that BTC ETF buying has outpaced ETH by almost 24 times.

兩個素數也提到了以太交易所貿易資金（ETF）的薄弱表現，這強調了BTC ETF的購買已超過ETH近24倍。

"Finally, despite rumors of 'huge institutional inflows into ETH,' the data tells a different story. In the realm of ETFs specifically, BTC ETF buying has outpaced ETH ETF buying by nearly 24x this year alone. This despite the fact that the vast majority of new ETF approvals have been for ETH, not BTC. Among the few institutions that do appear to be interested in ETH, their focus has shifted heavily to lending rather than trading, which isn't surprising given the low interest rates and high yields available in the crypto lending market. But even in lending, BTC is still preferred—suggesting that the narrative of institutions plowing more money into ETH over BTC is simply incorrect. In fact, the failure of ETH's ETF creates a reflexive loop whereby institutions like BlackRock dedicate fewer resources to their promotion and sale. BTC has found the mainstream while ETH has floundered, leading to less institutional involvement in selling and promoting ETH products, which further hampers their performance, and so on. This vicious cycle explains why ETH's ETF performance has been underwhelming at best.

“最後，儘管有謠言說'大量的機構流入ETH'，但數據講述了一個不同的故事。在ETF的領域中，BTC ETF的購買超過了今年近24倍的ETH ETF購買。這事實是，儘管絕大多數新的ETF批准都不是在ETH中遠不及其遠方的興趣，而不是在遠處進行過這種興趣，而不是他們在遠處的興趣，而與他們相處的興趣。令人驚訝的是，即使在貸款中，BTC的利率和高收益率仍然是優先的，即使機構的敘事與BTC相比，機構的敘述實際上是不正確的。陷入困境，導致機構參與銷售和推廣ETH產品，這進一步妨礙了他們的性能，等等。這個惡性循環解釋了為什麼ETH的ETF性能充其量充其量。

Despite Ether ETFs seeing low performance, Ether is still the biggest altcoin for crypto ETFs in terms of assets under management (AUM), far outpacing others like Solana (SOL) and XRP (XRP).

儘管Ether ETF的性能較低，但在管理資產（AUM）方面，Ether仍然是加密ETF的最大山寨幣，遠遠超過了Solana（Sol）（Sol）和XRP（XRP）等其他人。

According to the latest update from CoinShares, Ether-based exchange-traded products had $9.2 billion in AUM by the end of last week, while Solana and XRP followed with $1.4 billion and $1 billion, respectively.

根據Coinshares的最新更新，到上週末，基於Ether的Exchange交易產品的AUM為92億美元，而Solana和XRP則分別提供14億美元和10億美元。

Following approval from the US SEC in May 2024, spot Ether ETFs saw a slow start in 2024, with performance losing ground compared to the massive spot Bitcoin ETF debut.

在2024年5月獲得美國SEC的批准之後，Spot Ether ETF在2024年開局緩慢，與大量的現場比特幣ETF首次亮相相比，性能失去了地面。

Amid low investor demand, some issuers like VanEck ceased trading futures Ether ETFs, while WisdomTree withdrew its Ethereum Trust ETF proposal in September 2024. In March 202

在投資者需求低的情況下，像Vaneck這樣的發行人停止了交易期貨Ether ETF，而WisdomTree於2024年9月撤回了以太坊信託ETF提案。