Ether（ETH）表现不佳的比特币（BTC）在最新的公牛周期中，命中四年低点

Ether（ETH）是第二大加密货币，相对于比特币（BTC），投资者失败了

Ether (ETH) has underperformed relative to bitcoin (BTC) in the current bull cycle, delivering the worst performance against its larger rival since the Ethereum blockchain was launched in 2015.

Ether（ETH）在当前的公牛周期中相对于比特币（BTC）表现不佳，自2015年以太坊区块链发射以来，与其更大的竞争对手相比，其表现最差。

A comparison of the ether to bitcoin ratio across past cycles from the tokens' respective lows shows a consistent underperformance. The black line in the chart above represents the current cycle that started in November 2022, when bitcoin bottomed at around $15,500 during the collapse of crypto exchange FTX.

从代币各自的低点的过去循环中以太与比特币比的比较表明表现不佳。上图中的黑线代表了2022年11月开始的当前周期，当时比特币在加密交易所FTX倒闭期间的底部约为15,500美元。

With each cycle, ether's return against bitcoin has diminished.

在每个周期中，以太币对比特币的回报都在减少。

On Wednesday, the ratio dropped below 0.0300 to touch 0.02993, a four-year low. The previous low was recorded on Jan. 19, a day before President Trump's inauguration. This month, the ratio — the exchange rate between the two largest cryptocurrencies — is down 15%. It has declined 44% over the past year.

周三，该比率下降到0.0300以下，触及0.02993，这是四年低点。前低点记录在1月19日，即特朗普总统就职典礼前一天。本月，这两个最大的加密货币之间的汇率（汇率）下降了15％。在过去的一年中，它下降了44％。

Bitcoin is currently trading around $105,000, having recovered from the slump to $98,000 caused by the release of DeepSeek, a Chinese artificial intelligence (AI) program. Ether, currently at $3,202, would need to reach roughly $3,360 to undo the DeepSeek damage.

比特币目前的交易约为105,000美元，从低迷中恢复到中国人工智能（AI）计划DeepSeek造成的98,000美元。 Ether目前的价格为3,202美元，需要达到约3,360美元，以消除DeepSeek损失。

"My general take is that the ether to bitcoin ratio underperformance is more due to a strength of bitcoin rather than a weakness of ether," said Andre Dragosch, head of research at Bitwise's European desk. "Ether tends to suffer from 'middle child syndrome,' it is not as scalable as smart contract competitors like solana (SOL) while it is not really competing with bitcoin as the prime store-of-value."

Bitwise的欧洲办公桌研究主管Andre Dragosch说：“我的总体认为，比特币比的表现不佳是由于比特币的力量而不是以太弱点的力量。” “以太倾向于遭受'中间儿童综合症的困扰，它不像Solana（Sol）这样的智能合同竞争对手那么可扩展，而它并没有真正与比特币作为主要商店的竞争。”