ETH/BTC比率命中“极为被低估”的区域，但仍在谨慎

ETH/BTC比率已下降到0.019，标志着多年低点，历史上标志着ETH上空的潜力。

Key Takeaways:

关键要点：

- The ETH/BTC ratio has hit an extremely undervalued zone at 0.019, a level that historically signals significant upside potential for ETH.

- ETH/BTC的比率在0.019处达到了极为被低估的区域，这一水平在历史上标志着ETH的显着上行潜力。

- However, Ethereum's network activity has stagnated since 2021, with no meaningful growth in transactions or the user base.

- 但是，以太坊的网络活动自2021年以来停滞不前，交易或用户群没有有意义的增长。

- Institutional demand for ETH is also weakening, evident in the decline of staked ETH and ETF holdings.

- 对ETH的制度需求也正在削弱，这在Staked ETH和ETF持有的衰落中很明显。

- The Dencun upgrade lowered Ethereum transaction fees, reducing burn rates and weakening ETH's supply-deflation mechanism.

- Dencun升级降低了以太坊交易费用，降低了燃烧率并削弱了ETH的供应式机制。

After a remarkable rally that saw Bitcoin (BTC) nearly breach the $100,000 mark and Ethereum (ETH) outperform most major cryptocurrencies, both assets have encountered resistance at key technical levels. This has sparked a debate among analysts about the potential for further gains in the current market conditions.

在一场杰出的集会之后，比特币（BTC）几乎违反了100,000美元的大关，以太坊（ETH）优于最重要的加密货币，这两个资产都在关键技术水平上遇到了抵抗。这引发了分析师之间关于在当前市场条件下进一步收益的潜力的辩论。

As Bitcoin hovers around the $99,000 mark and faces resistance at the 2023 high of $105,000, analysts at Benzinga remain cautiously optimistic. They believe that a decisive break above $105,000 could open the door for a rally to $120,000. However, they advise traders to use caution and factor in the broader macroeconomic environment.

随着比特币徘徊在$ 99,000的大关，并面临2023年高点105,000美元的阻力，本辛加的分析师仍然谨慎乐观。他们认为，超过$ 105,000的决定性休息时间可以打开大门，达到120,000美元。但是，他们建议交易者在更广泛的宏观经济环境中使用谨慎和因素。

On the other hand, Ethereum is encountering resistance at the $5,000 psychological level, which could be pivotal for the next move in the world's second-largest cryptocurrency. A successful breach of this level could pave the way for a continuation of the bull market, potentially targeting the all-time high of around $5,300.

另一方面，以太坊在5,000美元的心理层面上遇到阻力，这对于世界第二大加密货币的下一步行动可能是关键的。成功违反这一水平可能会为继续牛市的延续铺平道路，这可能以5300美元左右的历史最高点为目标。

In the broader cryptocurrency market, the total market capitalization has remained relatively stable, hovering around $3.5 trillion, while Bitcoin's dominance slipped to 69.6%.

在更广泛的加密货币市场中，总市值保持相对稳定，徘徊在3.5万亿美元，而比特币的统治地位降至69.6％。

ETH/BTC Ratio Reaches Extremely Undervalued Zone

ETH/BTC比率达到极为被低估的区域

According to on-chain data from CryptoQuant, the ETH/BTC ratio has dropped to an extremely undervalued zone.

根据来自加密素养的链链数据，ETH/BTC比率已下降到一个被低估的区域。

This ratio, which measures the value of ETH in terms of BTC, is currently trading at 0.019, its lowest level in years.

该比率以BTC的形式衡量ETH的价值，目前的交易为0.019，是多年来的最低水平。

Typically, when the ratio falls to such low levels, it signals that ETH is becoming undervalued relative to BTC. Historically, when this happens, it tends to be followed by a period of strong ETH price gains as the ratio corrects.

通常，当比率达到如此低的水平时，它表明相对于BTC，ETH被低估了。从历史上看，当发生这种情况时，随着比率纠正的时期，它往往会出现强劲的ETH价格上涨时期。

However, analysts caution that the bullish signal may not play out as strongly in 2025. This is due to the worsening fundamentals on Ethereum's base layer and the weakening investor interest, which are both critical factors that could hamper ETH's ability to recover.

但是，分析师警告说，看涨信号在2025年可能不会强烈发挥作用。这是由于以太坊基础层的基本原理恶化，投资者的兴趣减弱，这都是可能阻碍ETH恢复能力的关键因素。

Network Usage and Value Accrual Mechanisms Show Weakness

网络使用和价值应计机制显示弱点

Despite the promising valuation metrics, onchain activity on Ethereum remains flat. There has been little to no growth in transaction volumes or active addresses since 2021.

尽管有希望的估值指标，但以太坊上的链活动仍然平坦。自2021年以来，交易量或主动地址几乎没有增长。

This lack of growth is surprising considering the narrative of DeFi and Web3 driving demand for blockchain technology. However, user and developer activity has shifted to Layer 2 networks like Arbitrum and Base. These networks offer cheaper and faster transactions but divert fees and activity away from Ethereum's mainnet.

考虑到Defi和Web3的叙述推动了区块链技术的需求，这种缺乏增长令人惊讶。但是，用户和开发人员的活动已转移到第2层网络，例如仲裁和基础。这些网络可提供更便宜，更快的交易，但从以太坊的主网转移了费用和活动。

One of the key impacts of this trend is a sharp drop in Ethereum's fee burn. This is the mechanism that made ETH deflationary after EIP-1559. Following the Dencun upgrade in March 2024, which significantly reduced base layer gas fees, burn rates have dropped to near-zero levels.

这种趋势的关键影响之一是以太坊的费用燃烧急剧下降。这是在EIP-1559之后使ETH通缩的机制。在2024年3月的Dencun升级后，该升级显着降低了基础层的气费，燃烧率已下降到接近零的水平。

"The increase in ether total supply is directly tied to the sharp decline in fees burned," CryptoQuant reported, further weakening the asset's deflationary narrative.

CryptoQuant报道说：“以太总供应的增加与燃烧的费用的急剧下降直接相关，进一步削弱了资产的通缩叙事。

Another headwind for Ethereum is a noticeable decline in institutional demand. According to CryptoQuant:

以太坊的另一个逆风是机构需求的明显下降。根据加密量：

- Staked ETH has decreased from its all-time high of 35.02 million ETH in November 2024 to 34.4 million ETH as of May 2025.

- 固定的ETH已从2024年11月的3502万ETH的历史最高点下降到截至2025年5月的3440万ETH。

- ETH balances held in ETFs and investment products have fallen by around 400,000 ETH since February, reflecting reduced institutional exposure.

- 自2月以来，ETF和投资产品中持有的ETH余额减少了约40万ETH，反映了机构敞口的减少。

This pullback suggests that ETH is currently losing ground as a yield-bearing or reserve asset in institutional portfolios, with capital possibly rotating to other chains or into more liquid positions.

这种回调表明，ETH目前正在作为机构投资组合中的承重或储备资产失去地面，资本可能会旋转到其他链条或更液体位置。

Bitcoin's Diverging Strength Highlights the Gap

比特币的分化强度突出了差距

While ETH fundamentals face pressure, Bitcoin continues to rally, nearly reaching the $100,000 mark amid broader macroeconomic uncertainty and a flight to safe-haven assets. The divergence underscores a shifting preference toward BTC among institutional and retail investors alike.

尽管ETH基本面面临压力，但比特币继续集会，在更广泛的宏观经济不确定性和飞往避风付款资产的飞行中，几乎达到了100,000美元。差异强调了机构和零售投资者之间对BTC的转变。

"Investor demand for ETH as a yield and institutional asset is weakening," CryptoQuant stated. "Reduced confidence from crypto-native participants and traditional investors is becoming visible across both staking metrics and fund inflows."

加密素养说：“投资者对ETH作为收益率和机构资产的需求正在削弱。” “在存放指标和资金流入中，加密本地参与者和传统投资者的信心降低了。”

Despite ETH's historically low valuation relative to BTC, analysts believe that a rebound will likely depend on stronger catalysts, such as renewed DApp activity, higher Layer

尽管ETH相对于BTC历史上低估的估值低，但分析师认为，反弹可能取决于更强的催化剂，例如更新的DAPP活动，较高的层