ETH 兑 BTC 暴跌加剧，看跌情绪盛行

ETH/BTC比率已降至2021年4月以来的最低水平，表明市场对比特币的偏好。以太币的下跌归因于交易所交易产品需求减少、来自 Solana 等第一层区块链的竞争以及美国现货 ETH ETF 批准的持续不确定性等因素。

Ether's Decline Against Bitcoin Deepens as Bearish Sentiment Persists

由于看跌情绪持续，以太坊兑比特币的跌幅加深

The Ethereum (ETH) to Bitcoin (BTC) ratio continues to plummet, reaching a three-year low and extending year-to-date losses. This trend, coupled with the bearish death cross pattern observed a month ago, suggests a growing bias towards Bitcoin in the cryptocurrency market.

以太坊（ETH）与比特币（BTC）的比率继续暴跌，达到三年来的低点，并扩大了年初至今的损失。这种趋势，加上一个月前观察到的看跌死亡交叉模式，表明加密货币市场对比特币的偏见日益加深。

As of press time, ETH/BTC had slipped to 0.04563 on crypto exchange Binance, its lowest level since April 2021. This year alone, the ratio has declined nearly 16%, indicating a shift in investor preference towards Bitcoin, the leading cryptocurrency by market value.

截至发稿，加密货币交易所币安上的 ETH/BTC 已跌至 0.04563，为 2021 年 4 月以来的最低水平。仅今年，该比率就下降了近 16%，表明投资者对比特币（市场领先的加密货币）的偏好发生了转变价值。

The downward trajectory for ETH/BTC follows a decline in demand for exchange-traded products (ETPs) linked to Ether. According to data from Bloomberg, global Ether ETPs experienced net outflows of around $63.5 million last week, with Hong Kong-listed exchange-traded funds (ETFs) bearing the brunt of the withdrawals. In contrast, Bitcoin ETPs attracted inflows of $92.5 million during the same period.

ETH/BTC 的下跌轨迹是由于与以太币相关的交易所交易产品（ETP）的需求下降所致。据彭博社数据，上周全球以太坊 ETP 净流出约 6350 万美元，其中香港上市的交易所交易基金 (ETF) 首当其冲。相比之下，比特币 ETP 同期吸引了 9250 万美元的资金流入。

Multiple factors are contributing to ETH's waning popularity among investors. One reason is the increased competition from layer 1 blockchains, particularly Solana. Solana's share of total decentralized exchange volumes has surged tenfold to 21% in just one year, eroding Ethereum's dominance in the dApp ecosystem.

多种因素导致 ETH 在投资者中的受欢迎程度下降。原因之一是来自第 1 层区块链（尤其是 Solana）的竞争加剧。 Solana 在去中心化交易总量中的份额在短短一年内飙升了十倍，达到 21%，削弱了以太坊在 dApp 生态系统中的主导地位。

Another factor is the lingering uncertainty surrounding the approval of spot ETH ETFs in the United States. While the SEC has approved numerous spot BTC ETFs, it has yet to give the green light to similar products tracking Ether. This has created a vacuum in the market, potentially diverting capital away from ETH.

另一个因素是美国现货 ETH ETF 的批准仍存在不确定性。尽管 SEC 已批准了众多现货 BTC ETF，但尚未批准追踪以太坊的类似产品。这造成了市场真空，可能会导致资金从 ETH 上转移。

Traders on decentralized betting platform Polymarket estimate only a 10% chance of the SEC approving a spot ETH ETF by May 31. The regulator has until May 23 to make a decision on VanEck's application and June 23 for BlackRock's application.

去中心化博彩平台 Polymarket 的交易员估计 SEC 在 5 月 31 日之前批准现货 ETH ETF 的可能性只有 10%。监管机构必须在 5 月 23 日之前对 VanEck 的申请做出决定，对贝莱德的申请则要在 6 月 23 日做出决定。

Finance lawyer Scott Johnsson suggests that the SEC may be inclined to reject ETH ETF applications due to concerns over their classification as commodity-based trust shares and the potential for them to qualify as securities.

金融律师 Scott Johnsson 表示，SEC 可能倾向于拒绝 ETH ETF 申请，因为担心它们被归类为基于商品的信托股票以及它们有可能符合证券资格。

According to Ilan Solot, co-head of digital assets at Marex Solutions, Ether has become a target for negative sentiment from both within the crypto community and external actors. He attributes this to the fragmentation of capital across various Layer 2 tokens and native protocol tokens.

Marex Solutions 数字资产联席主管 Ilan Solot 表示，以太币已成为加密社区内部和外部参与者负面情绪的目标。他将此归因于各种第 2 层代币和本机协议代币之间的资本碎片化。

Moreover, Solot points to the vocal anti-ETH sentiment from the Solana community and Bitcoin proponents. Ether's high beta nature, he argues, makes it a convenient vehicle for external players to express bearish views, especially given its presence on traditional exchanges like the Chicago Mercantile Exchange.

此外，Solot 还指出了 Solana 社区和比特币支持者强烈的反 ETH 情绪。他认为，以太坊的高贝塔性质使其成为外部参与者表达看跌观点的便捷工具，特别是考虑到它在芝加哥商业交易所等传统交易所的存在。

Adding to the bearish sentiment, Ether recently turned inflationary, reversing the deflationary trend seen since Ethereum's transition to proof-of-stake. This reversal could further erode investor confidence in ETH's long-term value proposition.

以太坊最近出现通胀，扭转了以太坊向权益证明转型以来的通货紧缩趋势，加剧了看跌情绪。这种逆转可能会进一步削弱投资者对 ETH 长期价值主张的信心。

In conclusion, the ongoing decline of the ETH/BTC ratio reflects the challenges Ether faces in maintaining its dominance in the cryptocurrency market. Reduced demand for ETH ETPs, competition from layer 1 blockchains, regulatory uncertainty, and inflationary pressure are all contributing to investors' shift towards Bitcoin. As the SEC weighs the approval of spot ETH ETFs and the cryptocurrency ecosystem continues to evolve, it remains to be seen whether Ether can regain its former glory or if it will continue to lag behind its larger rival.

总而言之，ETH/BTC比率的持续下降反映了以太坊在维持其在加密货币市场的主导地位方面面临的挑战。对 ETH ETP 的需求减少、来自第一层区块链的竞争、监管不确定性和通胀压力都促使投资者转向比特币。随着 SEC 权衡现货 ETH ETF 的批准以及加密货币生态系统的不断发展，以太坊是否能够重获昔日辉煌，或者是否会继续落后于其更大的竞争对手，还有待观察。