由于新的 ETF 未能激发需求，以太币落后于比特币

（彭博社）——以太币继续落后于领先的加密货币比特币，因为最近推出的交易所交易基金未能激发对排名第二的代币的更大需求。

Despite the recent launch of exchange-traded funds (ETFs) for Ether, the second-largest cryptocurrency, the token continues to lag behind Bitcoin in terms of demand.

尽管最近推出了第二大加密货币以太币的交易所交易基金（ETF），但该代币在需求方面仍然落后于比特币。

Data compiled by Bloomberg shows that spot-Ether ETFs, which launched in July, have experienced eight consecutive days of net outflows, amounting to nearly $112 million in total. This marks the longest losing streak for the ETFs so far.

彭博社整理的数据显示，7月份推出的现货以太ETF已连续八天出现净流出，资金总额接近1.12亿美元。这标志着 ETF 迄今为止最长的连续下跌。

Ether has not yet recovered from the losses incurred during a sharp selloff earlier in August. The selloff was triggered by the unwinding of a yen carry trade, which dealt a blow to crypto markets and global equities alike. While Bitcoin has risen about 8% since then, spot-ETFs for the largest token have seen inflows.

以太坊尚未从 8 月初大幅抛售中遭受的损失中恢复过来。这次抛售是由日元套利交易平仓引发的，这对加密货币市场和全球股市都造成了打击。尽管比特币自那时以来已上涨约 8%，但最大代币的现货 ETF 却出现了资金流入。

“Ether is now searching for a new narrative to fuel its continued growth,” said Muneeb Khan, executive director of Kraken OTC, in an email. He noted that earlier enthusiasm for Ether’s deflationary potential appeared to have waned.

Kraken OTC 执行董事 Muneeb Khan 在一封电子邮件中表示：“以太坊现在正在寻找新的叙述方式来推动其持续增长。”他指出，早些时候对以太币通缩潜力的热情似乎已经减弱。

Unlike Bitcoin, which has a fixed cap of 21 million coins, Ether's supply can change. And the total number of Ether tokens in circulation has increased for most of this year.

与比特币的固定上限为 2100 万枚不同，以太币的供应量可能会发生变化。今年大部分时间里，流通中的以太币总数都在增加。

Platforms like Arbitrum and Optimism, which help scale Ethereum and are also known as Layer-2 chains, are starting to eat into transaction fees on the network, according to Cici Lu McCalman, founder of Venn Link Partners.

Venn Link Partners 创始人 Cici Lu McCalman 表示，Arbitrum 和 Optimism 等平台有助于扩展以太坊，也被称为 Layer-2 链，它们开始蚕食网络上的交易费用。

At the same time, Ethereum relies on burning part of the transaction fees it earns to permanently remove tokens from circulation. So losing fees to Layer-2 platforms is making Ether become “inflationary rather than deflationary,” Lu said.

与此同时，以太坊依靠燃烧其赚取的部分交易费用来永久地将代币从流通中移除。 Lu 表示，因此，向 Layer-2 平台收取费用让以太坊变得“通货膨胀而不是通缩”。

The move of economic activity from Ethereum to a growing number of Layer-2s has led to “some hand-wringing and broader concerns over what Ethereum should focus on developing and what the future of ETH, the asset, looks like,” research firm Messari said in a Monday note.

研究公司 Messari 表示，经济活动从以太坊转移到越来越多的 Layer-2 上，这引发了“一些令人担忧的问题，以及更广泛的担忧，即以太坊应该重点发展什么，以及 ETH 这一资产的未来是什么样子”。在周一的一份报告中说。

A shift in industry focus from decentralized finance projects to memecoins is also partly to blame for Ether’s under-performance relative to Solana, a rival token, Lu added. The Solana blockchain is popular for memecoin issuers.

Lu 补充道，行业焦点从去中心化金融项目转向 memecoin，也是以太坊相对于竞争对手 Solana 表现不佳的部分原因。 Solana 区块链深受模因币发行者的欢迎。

On Friday, Federal Reserve Chair Jerome Powell gave the clearest indication yet that the central bank is preparing to cut benchmark rates from a more than two-decade high. This move would create a more favorable liquidity backdrop for global markets. While this sparked a price uptick in Bitcoin, which was also coupled with strong ETF inflows, the same has not occurred for Ether.

周五，美联储主席杰罗姆·鲍威尔给出了迄今为止最明确的指示，表明央行正准备将基准利率从二十多年来的高点下调。此举将为全球市场创造更有利的流动性背景。虽然这引发了比特币价格上涨，并伴随着 ETF 的强劲流入，但以太坊却没有出现同样的情况。

Bitcoin was trading at $62,889 with Ether at $2,686 as of 10:15 a.m. London time.

截至伦敦时间上午 10:15，比特币交易价格为 62,889 美元，以太币交易价格为 2,686 美元。