随着以太坊面临挑战，ETH/BTC的比率已降至四年低点

加密货币市场见证了比特币和以太坊之间价值关系的重大转变。 ETH/BTC比率已降至0.027，这是四年来未见的水平。尽管比特币继续吸引机构投资者，但与主要竞争者相比，以太坊面临着限制其增长的技术和经济挑战。

The value relationship between Bitcoin and Ethereum has shifted dramatically, with the ETH/BTC ratio dropping to 0.027, a level unseen in over four years. While Bitcoin continues to attract institutional investors, Ethereum faces technical and economic challenges that have limited its growth compared to its main competitor.

比特币和以太坊之间的价值关系发生了巨大变化，ETH/BTC的比率下降到0.027，这是四年来未见水平。尽管比特币继续吸引机构投资者，但与主要竞争者相比，以太坊面临限制其增长的技术和经济挑战。

One key factor is the strong preference for Bitcoin ETFs, which have seen around $35 billion in investments, compared to $2.6 billion in Ethereum-based products. This disparity highlights Bitcoin's continued dominance as the preferred choice for major investors, such as MicroStrategy, while Ethereum has yet to gain similar momentum.

一个关键因素是对比特币ETF的强烈偏爱，该比特币的投资约为350亿美元，而基于以太坊的产品为26亿美元。这种差异凸显了比特币的持续统治地位，这是主要投资者（例如MicroStrategy）的首选选择，而以太坊尚未获得类似的势头。

Another concern is Ethereum's worrying trend of increasing supply. Since February 2024, the supply has risen by 5.4%, partially reversing the expected deflationary effect after the Merge upgrade. This has raised doubts among investors, as Ethereum was supposed to become scarcer over time, but in practice, its supply has returned to pre-proof-of-stake transition levels from 2022.

另一个问题是以太坊增加供应的令人担忧的趋势。自2024年2月以来，供应量增长了5.4％，部分逆转了合并升级后的预期放气效应。这引起了投资者的怀疑，因为以太坊应该随着时间的流逝而变得稀缺，但实际上，其供应已恢复到2022年以来的供应前过渡水平。

Adding to the challenges, Ethereum's fee revenue has declined, now ranking sixth behind platforms like Solana and USDC, according to Token Terminal. In contrast, Solana has captured over 50% of trading volume in DEXs, thanks to its speed and lower transaction costs, though part of this volume comes from speculative projects like "pumpdotfun."

据Token Terminal称，除了挑战外，以太坊的费用收入下降了，现在落后于Solana和USDC等平台的第六名。相比之下，索拉纳（Solana）捕获了DEX的交易量的50％以上，这要归功于其速度和较低的交易成本，尽管该量的一部分来自诸如“ PumpDotFun”之类的投机项目。

However, Ethereum's ecosystem still has cards to play. The Pectra upgrade, scheduled for March 2025, is set to bring significant improvements in scalability and efficiency. According to Vitalik Buterin, these changes could be key to reversing the bearish trend.

但是，以太坊的生态系统仍然有可以玩的卡片。原定于2025年3月进行的Pectra升级将带来可扩展性和效率的显着提高。根据Vitalik Buterin的说法，这些变化可能是扭转看跌趋势的关键。

Despite these challenges, cryptocurrency history has shown that major opportunities often arise in times of doubt. While Bitcoin continues to dominate institutional interest, Ethereum might be in an accumulation phase before a new bullish move. Will the Pectra upgrade be the catalyst Ethereum needs?

尽管存在这些挑战，但加密货币历史表明，在怀疑时期通常会出现主要机会。尽管比特币继续主导着机构的兴趣，但以太坊可能处于新看涨行动之前的积累阶段。 Pectra升级会成为以太坊需求的催化剂吗？