加密分析师Merlijn Trader指出，投资者目前正在将更多的资金存入以太坊（ETH）（ETH），而不是比特币（BTC）

在2025年第二季度，当ETH以主要方式掩盖了比特币时，这种变化更加明显。第二季度比特币上涨了30.5％

Crypto analyst Merlijn The Trader has noted that investors are currently depositing more funds into Ethereum (ETH) than Bitcoin (BTC), which, according to the analyst, indicates a so-called capital rotation within the crypto market.

Crypto分析师Merlijn交易员指出，投资者目前正在将更多的资金存入以太坊（ETH），而比特币（BTC），据分析师称，该资金表明在加密货币市场中所谓的资本轮换。

This change was more pronounced during the second quarter of 2025, when ETH overshadowed Bitcoin in a major way. As much as Bitcoin rose by 30.5% in the second quarter, Ethereum rocketed by 51.87%, making it look like the market is shifting focus to ETH.

在2025年第二季度，当ETH以主要方式掩盖了比特币时，这种变化更加明显。在第二季度，比特币上涨了30.5％，以太坊飙升了51.87％，使市场看起来像是将重点转移到ETH上。

Merlijn Identifies Ethereum’s Emergence in Market Cycle

Merlin确定以太坊在市场周期中的出现

Merlijn explained that this marks the beginning of what he called “Phase 2: Ethereum,” in a market cycle model. The model describes four phases: Phase 1 focuses on Bitcoin dominance when most capital flows into BTC.

Merlijn解释说，这标志着他在市场周期模型中所谓的“第2阶段：以太坊”的开始。该模型描述了四个阶段：第1阶段的重点是当大多数资本流入BTC时，比特币优势。

Source: X @MerlijnTrader

资料来源：x @merlijntrader

In Phase 2, money begins moving into the leading altcoin, which starts outperforming Bitcoin. This is followed by Phase 3, where large-cap altcoins (other than ETH) start gaining traction. Finally, Phase 4, known as “altseason,” is when money flows into smaller altcoins and meme coins, often leading to explosive but short-lived rallies.

在第2阶段，金钱开始进入领先的Altcoin，这开始优于比特币。接下来是第3阶段，其中大型高山高元素（ETH除外）开始受到关注。最后，第4阶段被称为“ Altseason”，是当金钱流入较小的Altcoins和Meme Coins时，通常会导致爆炸性但短暂的集会。

Supporting this view, the quarterly return charts from Coinglass show that while Bitcoin had a tough Q1 in 2025, dropping by -11.82%, it recovered in Q2 with a +30.5% gain. Ethereum, however, had an even more impressive comeback.

在支持这一观点的情况下，Coinglass的季度回报表显示，尽管比特币在2025年的Q1艰难，下降了-11.82％，但在Q2中恢复了 +30.5％。然而，以太坊的复出更加令人印象深刻。

After falling -45.41% in Q1, it rebounded with +51.87% in Q2. This strong performance difference suggests that investors are shifting their funds from Bitcoin into Ether.

在第1季度下降-45.41％后，它以 +51.87％的反弹在Q2中。这种强烈的绩效差异表明，投资者将其资金从比特币转移到了以太币。

ETH/BTC Chart Confirms Major Market Shift Signal

ETH/BTC图表确认主要市场转移信号

Merlijn also pointed to the ETH/BTC chart, which tracks how ETH is performing against BTC directly. He noted that the chart had just confirmed a major move similar to what happened in 2020—right before a huge altseason.

Merlijn还指出了ETH/BTC图表，该图表跟踪ETH直接针对BTC的表现。他指出，该图表刚刚确认了类似于2020年发生的事情的重大举措，就在巨大的季后赛之前。

The chart he shared showed that in early 2020, money had rotated from BTC to ETH, followed by an altcoin boom. Then, in 2022, the money moved back into Bitcoin. Now, in mid-2025, the chart shows a new green signal indicating another rotation from BTC to ETH, suggesting a possibility of repeating the 2020 pattern.

他分享的图表显示，在2020年初，钱从BTC转到ETH，随后是Altcoin Boom。然后，在2022年，这笔钱回到了比特币中。现在，在2025年中，该图显示了一个新的绿色信号，表明从BTC到ETH的另一个旋转，这表明有可能重复2020模式。

Source: X @MerlijnTrader

资料来源：x @merlijntrader

He emphasized that Ethereum’s momentum is building and warned not to ignore the signal. With ETH gaining strength and outperforming Bitcoin, Merlijn suggested that the ETH narrative is heating up and that a broader altcoin season could be right around the corner.

他强调，以太坊的势头正在建立，并警告不要忽略信号。随着ETH的实力和表现优于比特币，Merlijn建议Eth叙事正在加热，并且更广泛的Altcoin季节可能会临近。