比特币飙升期间以太币表现落后引发担忧

尽管最近进行了技术升级，但以太坊（ETH）的表现仍落后于其主要对手比特币（BTC）。尽管 ETH 今年迄今已上涨 53%，但仍低于 2021 年 11 月的峰值。机构对以太坊 ETF 缺乏需求，且其法律地位不明确（由于其质押机制，它可能被归类为证券），进一步阻碍了其增长。

Ether's Lagging Performance Amidst Bitcoin's Bull Run Raises Concerns

比特币牛市中以太币表现落后引发担忧

The cryptocurrency market has witnessed a significant surge in recent months, with Bitcoin (BTC) taking the lead. However, Ethereum (ETH), the second largest cryptocurrency by market capitalization, has struggled to keep pace, raising concerns among investors.

近几个月来，加密货币市场大幅上涨，其中比特币（BTC）处于领先地位。然而，市值第二大加密货币以太坊（ETH）却难以跟上步伐，引发了投资者的担忧。

As of March 2023, Bitcoin has outperformed Ether, with a gain of approximately 65% in the first three months of the year. In contrast, Ether has experienced a more modest increase of around 53% during the same period. Furthermore, Ether currently trades at around $3,612, remaining at least 26% below its all-time high of $4,867.60 reached in November 2021.

截至 2023 年 3 月，比特币的表现优于以太币，今年前三个月涨幅约为 65%。相比之下，以太币同期涨幅较为温和，约为 53%。此外，以太坊目前的交易价格约为 3,612 美元，比 2021 年 11 月创下的历史高点 4,867.60 美元至少低 26%。

The recent technical upgrade to the Ethereum blockchain, known as the Dencun upgrade, which aimed to reduce transaction fees, failed to generate significant enthusiasm among investors. This contrasts with the anticipation surrounding Bitcoin's upcoming "halving" event, scheduled for next month, which is expected to slow the supply of the coin.

最近以太坊区块链的技术升级（称为 Dencun 升级）旨在降低交易费用，但未能引起投资者的极大热情。这与预计下个月即将到来的比特币“减半”事件形成鲜明对比，预计该事件将减缓比特币的供应。

Analysts have attributed Ether's lackluster performance to several factors, including limited name recognition among non-crypto enthusiasts. Joseph Edwards, head of research at Enigma Securities, a London-based crypto firm, emphasized the persistent challenge of Ether's appeal beyond the crypto community.

分析师将以太币表现不佳归因于几个因素，其中包括非加密货币爱好者的知名度有限。总部位于伦敦的加密货币公司 Enigma Securities 的研究主管 Joseph Edwards 强调了以太币在加密货币社区之外的吸引力所面临的持续挑战。

"Ethereum is persistently dogged by its lack of name recognition among non-endemic investors," Edwards said. "There's a lot more economic activity on it compared to 2020... but it reaching all-time highs will likely come fairly late."

爱德华兹表示：“以太坊一直因其在非流行投资者中缺乏知名度而受到困扰。” “与 2020 年相比，今年的经济活动要多得多……但达到历史新高可能会相当晚。”

The approval of spot Ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has emerged as a potential catalyst for Ether's growth. The launch of several U.S. spot Bitcoin ETFs has been credited with driving institutional demand and propelling Bitcoin to record highs. Ether ETFs are awaiting similar approval, with VanEck's filing expected to receive a decision on May 23, 2023.

美国证券交易委员会（SEC）批准现货以太币交易所交易基金（ETF）已成为以太币增长的潜在催化剂。美国多个现货比特币 ETF 的推出被认为推动了机构需求并推动比特币创下历史新高。以太坊 ETF 正在等待类似的批准，VanEck 的文件预计将于 2023 年 5 月 23 日收到决定。

Standard Chartered Bank anticipates that the approval of U.S. Ether ETFs could boost its price to $8,000 by the end of 2024 and $14,000 by the end of 2025. However, not all experts share this optimism, citing concerns about the legal status of Ether.

渣打银行预计，美国以太坊 ETF 的批准可能会使其价格在 2024 年底前升至 8,000 美元，到 2025 年底升至 14,000 美元。然而，并非所有专家都持这种乐观态度，理由是对以太坊法律地位的担忧。

While the SEC has classified Bitcoin as a commodity, Ether's legal status remains ambiguous. Unlike Bitcoin, Ether operates on a "proof-of-stake" blockchain, which allows users to earn rewards for staking their tokens. This process has led to some speculation that Ether could be considered a security, which would subject it to stricter regulations.

尽管美国证券交易委员会已将比特币归类为商品，但以太币的法律地位仍然不明确。与比特币不同，以太币在“权益证明”区块链上运行，允许用户通过抵押其代币来获得奖励。这一过程引发了一些猜测，即以太币可能被视为一种证券，这将使其受到更严格的监管。

Anders Helset, head of research at K33, a digital assets analytics firm, expressed skepticism about the SEC's approval of staked Ether ETFs.

数字资产分析公司 K33 的研究主管 Anders Helset 对 SEC 批准质押以太 ETF 表示怀疑。

"Getting the SEC on board to allow staked ether ETFs will be a very tough bargain and is, for now, extremely unlikely," Helset said.

Helset 表示：“让 SEC 允许质押以太 ETF 将是一项非常艰难的交易，而且就目前而言，可能性极小。”

Institutional demand for Ether has also lagged behind that of Bitcoin. Digital asset funds tracking Ether have experienced outflows of $46.4 million in the month leading up to March 23, 2023, according to CoinShares data, while products tracking Bitcoin have seen inflows of over $4 billion.

机构对以太币的需求也落后于比特币。根据 CoinShares 的数据，截至 2023 年 3 月 23 日的一个月内，追踪以太币的数字资产基金流出了 4640 万美元，而追踪比特币的产品则流入了超过 40 亿美元。

Despite the challenges, some market participants remain optimistic about Ether's long-term prospects. They emphasize the significance of Ethereum's technology, which serves as the foundation for many "Web3" decentralized applications, including decentralized finance and blockchain gaming.

尽管面临挑战，一些市场参与者仍然对以太坊的长期前景持乐观态度。他们强调以太坊技术的重要性，该技术是许多“Web3”去中心化应用程序的基础，包括去中心化金融和区块链游戏。

Last month, BlackRock unveiled its first tokenized fund on the Ethereum blockchain, sparking discussions about the platform's potential in the broader tokenization of real-world assets. According to 21Shares, a Swiss cryptocurrency manager, over $2 billion worth of commodities and government securities have been tokenized on various networks, with 80% of those tokens being issued on the Ethereum blockchain.

上个月，贝莱德在以太坊区块链上推出了首个代币化基金，引发了有关该平台在更广泛的现实世界资产代币化方面潜力的讨论。据瑞士加密货币管理公司 21Shares 称，价值超过 20 亿美元的商品和政府证券已在各种网络上进行代币化，其中 80% 的代币是在以太坊区块链上发行的。

As the cryptocurrency market continues to evolve, it remains to be seen whether Ether will be able to catch up to Bitcoin or if its unique characteristics will lead it down a different path.

随着加密货币市场的不断发展，以太坊是否能够赶上比特币，或者其独特的特性是否会引导其走上不同的道路，还有待观察。