Ether（ETH）今年相对于比特币（BTC）下降了39％，比率达到了新的4年低点

Ether（ETH）今年相对于比特币（BTC）（最大的加密货币）下降了39％

Ether (ETH) has dropped 39% this year relative to bitcoin (BTC), the largest cryptocurrency, taking the ratio between the two to the lowest in almost five years.

Ether（ETH）今年相对于比特币（BTC）（最大的加密货币）下降了39％，将两者之间的比率介于近五年内。

At the current level, 1 ETH is the equivalent of 0.02191 BTC. That's the least since May 2020, when ether was trading around $200 and bitcoin just under $10,000. Today the ETH price is about $1,800 and the BTC price around $82,000.

在当前水平上，1个ETH相当于0.02191 BTC。这是自2020年5月以来的最低限额，当时以太交易约200美元，比特币不到10,000美元。如今，ETH价格约为1,800美元，BTC价格约为82,000美元。

The chart shows the ratio of ether to bitcoin. It now stands at its lowest point since May 2020.

该图显示了以太币与比特币的比率。现在它是自2020年5月以来的最低点。

The relative weakness of ether is striking because it's the first time the second-largest cryptocurrency has sustained weakness against bitcoin in the 12 months after a BTC reward halving. On April 20, 2024, the payment Bitcoin miners received for confirming blocks on the blockchain was reduced by 50% to 3.125 BTC.

以太的相对弱点令人震惊，因为这是在BTC奖励减半后的12个月内，第二大加密货币第一次对比特币持续弱。 2024年4月20日，付款比特币矿工确认区块链上的区块收到了50％，至3.125 BTC。

In previous halving cycles, ether usually outperformed bitcoin in the first year after a halving. This time, the ratio has dropped by more than 50%.

在以前的一半循环中，在减半后的第一年，以太通常优于比特币。这次，比率下降了50％以上。

That's partly because the threat of a tariff-driven trade war, persistent inflation and elevated bonds yields globally have driven investors to assets seen as more liquid and less risky. Gold, the ultimate haven, has climbed to record highs, and in the cryptocurrency market bitcoin is seen as a safer bet than ether.

这部分是因为关税驱动的贸易战，持续的通货膨胀和债券收益率提高的威胁使投资者驱使投资者被视为流动性和风险更低的资产。终极避风港黄金已经攀登了高高，而在加密货币市场中，比特币被视为比以太币更安全的赌注。

This relative performance also marks one of ether’s worst quarterly performances against bitcoin in several years, according to data from Glassnode. The last time ether underperformed bitcoin to a similar degree was in the third quarter of 2019, when the ratio dropped to 0.0164, a quarterly decline of 46%.

根据GlassNode的数据，这种相对性能还标志着Ether几年来对比特币的最差季度表现之一。 Ether上一次表现不佳的比特币在2019年第三季度，当时比率下降到0.0164，季度下降了46％。

This current slump mirrors the underperformance seen in 2019 and further highlights ether's relative weakness, especially when compared to other layer-1 assets. The SOLETH ratio — measuring the value of Solana’s SOL relative to ether — is up 24% year-to-date to 0.07007. This indicates that SOL has significantly outperformed ether in 2025, despite the token itself itself being down 35% year-to-date.

当前的低迷反映了2019年所见的表现不佳，并进一步凸显了以太的相对弱点，尤其是与其他第1层资产相比。 soleth比率（测量索拉纳溶胶相对于以太醚的价值）的年度为24％，至0.07007。这表明，尽管令牌本身本身下降了35％，但SOL在2025年的表现明显优于Ether。

UPDATE (March 31, 9:25 UTC): Adds macroeconomic environment in fifth paragraph.

更新（3月31日，9:25 UTC）：在第五段中添加宏观经济环境。