比特币人的困境

上周早些时候，在以太坊将获得现货 ETF 批准以及其作为非证券的监管明确性之后，许多加密资产价格飙升，但这一发展却让比特币生态系统失去了动力。

After a promising start to the week with news of Ethereum's spot ETF approval, a surprising development left many scratching their heads: Bitcoin's ecosystem underperformed significantly.

以太坊现货 ETF 获批的消息带来了本周的良好开局，但令人惊讶的事态发展让许多人摸不着头脑：比特币生态系统表现明显不佳。

As BTC eked out gains amid rumors of ETH ETF approval, last week marked the worst performance in Bitcoin Dominance since the arrival of spot BTC ETFs, leading to Grayscale Bitcoin Trust (GBTC) redemptions in January.

随着 BTC 在 ETH ETF 获得批准的传言中勉强上涨，上周比特币主导地位出现了自现货 BTC ETF 到来以来最差的表现，导致灰度比特币信托 (GBTC) 在 1 月份赎回。

If conducted today, ETH's initial coin offering (ICO) would be deemed an illegal security offering, highlighting that any crypto asset can be classified as a non-security, dealing a blow to doctrines that positioned BTC as uniquely immune to regulatory capture.

如果今天进行，ETH 的首次代币发行（ICO）将被视为非法证券发行，这突显出任何加密资产都可以被归类为非证券，这对将 BTC 定位为唯一不受监管捕获的学说造成了打击。

This revelation has sparked a shift in market participants' preferences, evidenced by the weaker performance of BTC-linked tokens compared to their ETH-native counterparts.

这一消息引发了市场参与者偏好的转变，与 ETH 原生代币相比，与 BTC 相关的代币的表现较差就证明了这一点。

While Bitcoin boasts the first-mover advantage and remains the oldest blockchain, its non-ssecurity status is no longer a unique selling point, forcing the ecosystem to compete on technological merits.

虽然比特币拥有先发优势，并且仍然是最古老的区块链，但其非安全地位不再是一个独特的卖点，迫使生态系统在技术优势上进行竞争。

Bitcoin's resistance to technological advancements, prioritizing ultra-hard money, has led to a subpar user experience and developers resorting to workarounds to deploy applications, resulting in the network's low score in this category…

比特币对技术进步的抵制，优先考虑超硬通货，导致用户体验不佳，开发人员采取变通办法来部署应用程序，导致网络在这一类别中得分较低……

Assets created using Bitcoin-native standards like Ordinals, BRC-20s, and Runes initially attracted investors seeking increased BTC returns, but these assets are cumbersome to interact with and have no inherent value beyond speculation.

使用 Ordinals、BRC-20 和 Runes 等比特币原生标准创建的资产最初吸引了寻求增加 BTC 回报的投资者，但这些资产交互起来很麻烦，而且除了投机之外没有内在价值。

Developers have tried to enhance Bitcoin's utility through layer 2s, but current solutions are essentially sidechains that don't inherit any base-layer consensus security.

开发人员试图通过第 2 层来增强比特币的实用性，但当前的解决方案本质上是侧链，不继承任何基础层共识安全性。

With BTC no longer being the sole asset with regulatory clarity and TradFi access, market participants appear to be rotating out of BTC-linked tokens, which is evident in the weaker performance of these tokens compared to their ETH-native counterparts.

随着 BTC 不再是唯一具有监管明确性和 TradFi 访问权限的资产，市场参与者似乎正在逐渐退出与 BTC 相关的代币，与 ETH 原生代币相比，这些代币的表现较差，这一点显而易见。

Despite the substantial gains these tokens have seen, the loss of the regulatory capture narrative should bring these investments to trade more in line with their fundamentals at comparable valuations to applications on other chains.

尽管这些代币取得了巨大的收益，但监管捕获叙述的丧失应该会使这些投资的交易更符合其基本面，其估值与其他链上的应用程序相当。