Cryptoquant：自合并以来，以太坊的表现比比特币低 44%

以太坊向权益证明 (PoS) 区块链的过渡（称为“合并”）发生在近两年前的 2022 年 9 月 12 日。

input: A recent analysis by Cryptoquant reveals that Ethereum has underperformed Bitcoin by 44% since The Merge. Despite significant upgrades and the recent approval of ethereum spot exchange-traded funds (ETFs), the cryptocurrency continues to face challenges relative to bitcoin.

输入：Cryptoquant 最近的一项分析显示，自合并以来，以太坊的表现比比特币低了 44%。尽管进行了重大升级并且最近以太坊现货交易所交易基金（ETF）获得批准，但加密货币仍然面临着相对于比特币的挑战。

Cryptoquant: Ethereum Continues to Underperform Bitcoin by 44%

Cryptoquant：以太坊的表现继续落后比特币 44%

After undergoing the highly anticipated transition to a proof-of-stake (PoS) blockchain, known as The Merge, on Sept. 12, 2022, Ethereum's performance has been a subject of discussion among crypto enthusiasts.

2022 年 9 月 12 日，以太坊经历了备受期待的向权益证明 (PoS) 区块链的过渡（称为“合并”）后，以太坊的表现一直是加密货币爱好者讨论的话题。

According to recent analysis, ether has notably underperformed bitcoin, with the ETH/BTC price ratio reaching 0.0425 — its lowest since April 2021. This price disparity has attracted attention, especially considering the recent approval of ether spot ETFs in July 2024.

根据最近的分析，以太坊的表现明显逊于比特币，ETH/BTC 价格比达到 0.0425，为 2021 年 4 月以来的最低水平。这种价格差异引起了人们的关注，特别是考虑到以太坊现货 ETF 于 2024 年 7 月获得批准。

Cryptoquant's data shows that ether has seen a further 18% decline following this development. These figures highlight the ongoing concerns regarding Ethereum's relative market performance.

Cryptoquant 的数据显示，随着这一发展，以太币进一步下跌了 18%。这些数据凸显了人们对以太坊相对市场表现的持续担忧。

Delving deeper into the analysis, Cryptoquant's researchers suggest that Ethereum's weaker network activity compared to Bitcoin's network is a key factor in its underperformance.

通过深入分析，Cryptoquant 的研究人员认为，与比特币网络相比，以太坊的网络活动较弱，这是其表现不佳的一个关键因素。

Total transaction fees on the Ethereum network have seen a decline following the Dencun upgrade, which significantly reduced transaction costs. Additionally, ether's transaction count has dropped from a peak of 27 transactions per second in June 2021 to just 11, marking one of the lowest levels since July 2020.

Dencun 升级后，以太坊网络的总交易费用有所下降，交易成本显着降低。此外，以太坊的交易数量已从 2021 年 6 月每秒 27 笔交易的峰值下降至仅 11 笔，这是自 2020 年 7 月以来的最低水平之一。

In contrast, Bitcoin has experienced an all-time high in transactions, driven by new activity on its network, including inscriptions, runes, and layer two (L2) solutions.

相比之下，在其网络上的新活动（包括铭文、符文和第二层（L2）解决方案）的推动下，比特币的交易量创下历史新高。

Moreover, Ethereum's supply dynamics have contributed to its continued decline. The total supply of ETH has been increasing steadily since early April 2024 and now stands at 120.323 million ETH.

此外，以太坊的供应动态也导致其持续下跌。自 2024 年 4 月上旬以来，ETH 的总供应量一直在稳步增长，目前为 12032.3 万个 ETH。

This growth, according to Cryptoquant's analysis, reverses the deflationary trends seen immediately after The Merge and could further impact ether's market position relative to bitcoin in the coming months.

根据 Cryptoquant 的分析，这种增长扭转了合并后立即出现的通货紧缩趋势，并可能在未来几个月进一步影响以太坊相对于比特币的市场地位。

Cryptoquant researchers conclude that ETH would need to fall an additional 50% to be considered undervalued in relation to bitcoin.output

Cryptoquant 研究人员得出结论，ETH 需要再下跌 50% 才能被认为相对于比特币被低估。