比特币和以太坊的相关性分解，标志着关键转折点

加密量牌共享的新数据揭示了加密货币市场动态的重大转变：比特币（BTC）和以太坊（ETH）之间的历史牢固相关性崩溃了

The narrative that Bitcoin and major altcoins are becoming less correlated in 2025 continues with striking new data from CryptoQuant.

在2025年，比特币和主要山寨币的叙述与加密量的新数据有关。

Its BTC-Alts Correlation Matrix highlights a dramatic collapse in the correlation coefficient between BTC and ETH.

它的BTC-ALTS相关矩阵突出了BTC和ETH之间的相关系数急剧崩溃。

At the start of the year, on January 1, 2025, the correlation stood at 0.63. However, by May 22, 2025, it plummeted to a near-zero level of 0.05.

在年初，即2025年1月1日，相关性为0.63。但是，到2025年5月22日，它跌至接近零的0.05。

This shift showcases a potential turning point in crypto market dynamics.

这种转变展示了加密市场动态的潜在转折点。

Historically, BTC and ETH were known to move in tandem, especially during market cycles or during periods of strong external pressure, such as geopolitical events or global macroeconomic shifts.

从历史上看，BTC和ETH众所周知，尤其是在市场周期或强烈的外部压力时期，例如地缘政治事件或全球宏观经济转变。

A high correlation coefficient, typically within the range of 0.5 to 1, would indicate that the two crypto assets’ price movements were closely synchronized.

高相关系数通常在0.5至1范围内，表明两个加密资产的价格变动密切同步。

But recent data from CryptoQuant indicates that this correlation has been inverse. As BTC blitzed to new all-time highs in 2025, its gains were largely realized in the first half of the year. From there, BTC went on to trade sideways, with its price failing to sustain gains above the $80,000-$75,000 band.

但是来自加密量的最新数据表明，这种相关性是反相反的。随着BTC在2025年闪闪发光的新历史最高点，其增长在今年的上半年就大大实现了。从那里开始，BTC继续侧面贸易，其价格未能维持超过80,000-75,000美元的乐队。

Conversely, ETH and its Layer 2 ecosystem—including Optimism (OP), Polygon (POL), Arbitrum (ARB), zkSync, and Starknet (STRK)—underperformed or stagnated throughout 2025.

相反，ETH及其第2层生态系统（包括乐观（OP），Polygon（POL），仲裁（ARB），ZKSYNC和Starknet（Strk）（Strk）（Strk）在2025年的表现不足或停滞不前。

Despite a promising start with the successful integration of the Shanghai upgrade, which enabled the withdrawal of staked ETH in February, ETH/USD failed to sustain gains above the $2,000-$2,500.

尽管上海升级成功地集成了一个有前途的开端，这使得2月能够撤离staked ETH，但ETH/USD未能维持超过2,000-2,500美元的收益。

This trend has increased investor uncertainty and raised concerns about Ethereum's positioning in future bull markets.

这种趋势增加了投资者的不确定性，并引起了人们对以太坊在未来牛​​市中的地位的担忧。

Also Read: Institutional Interest in Bitcoin Remains High Despite Recent Price Pullback: Report

另请阅读：尽管最近价格撤回，但对比特币的机构兴趣仍然很高：报告

Its narrative has shifted from ‘when will Shanghai happen’ to worries about its role in the next bull market.

它的叙述已经从“何时威尔上海发生”转变为对其在下一个牛市中的作用的担忧。

For retail investors and ecosystem developers, the breakdown in correlation could hinder confidence and adoption.

对于散户投资者和生态系统开发人员而言，相关性的细分可能会阻碍信心和采用。

Ethereum's struggle to keep pace with Bitcoin may delay mass user onboarding and further tilt capital flows toward BTC-dominated strategies.

以太坊与比特币保持同步的努力可能会延迟大众使用者的入职，并进一步倾向于以BTC为主导的策略。

As the CryptoQuant analyst warns, this historic decoupling is not just a market quirk—it may reshape how crypto portfolios are constructed and how institutional capital views Ethereum in the long term.

正如加密分析师警告的那样，这种历史性的脱钩不仅是市场怪癖，而且可以重塑加密投资组合的建造方式，以及从长远来看的机构资本对以太坊的看法。