以太币币（ETH/BTC）比率已达到“极为被低估”的区域

以太币币（ETH/BTC）的比率已达到一个“极为被低估”的区域，此举闪烁了历史上看涨的信号

The ether-bitcoin (ETH/BTC) ratio has reached an “extremely undervalued” zone in a move that flashes a historically bullish signal — but traders betting on a sharp ether (ETH) recovery may want to pause.

以太币（ETH/BTC）的比率在闪烁历史上看涨的信号的举动中达到了一个“被低估的”区域，但是交易者下注急剧（ETH）恢复的恢复可能会暂停。

According to data from on-chain data firm CryptoQuant, the ETH/BTC market value to realized value (MVRV) ratio has dropped to multi-year lows to reach levels that have previously marked periods of ETH outperformance against BTC.

根据链链数据公司加密征的数据，ETH/BTC的市场价值（MVRV）比率已下降到多年低点，以达到以前标志着对BTC的ETH ETH超出表现时期的水平。

The exchange rate for the two tokens, conventionally called a ratio, peaked above 0.08 in late 2021. The ETH/BTC ratio was 0.019 at press time, down more than 75% from record highs.

两个令牌的汇率（通常称为一个比率）在2021年末达到0.08的峰值。在发稿时，ETH/BTC的比率为0.019，比创纪录高点下降了75％以上。

MVRV is a metric that compares a token’s current market cap to its realized capitalization, or the value of each coin based on the price it was last moved on the blockchain. This effectively reflects the average cost basis of all coins in circulation.

MVRV是一个指标，将令牌当前的市值与已实现的资本化或根据最后一次在区块链上转移的价格进行比较。这有效地反映了所有循环中所有硬币的平均成本基础。

But the setup may not be as straightforward this time. Network activity remains flat and core usage metrics like transaction count and active addresses have seen little momentum since the last bull run, CryptoQuant said.

但是这次设置可能并不那么简单。 CryptoQuant说，自上次公牛运行以来，网络活动保持平坦，核心用法指标（如交易计数）几乎没有动力。

The increase in ether total supply is directly tied to the sharp decline in fees burned, as shown in the above chart, showing burn activity falling to near zero. The reason behind this shift is the Dencun upgrade, implemented in March 2024, which significantly reduces transaction fees across the network, the firm said.

如上图中所示，以太总供应的增加直接与燃烧的费用急剧下降相关，显示燃烧活性降至零接近。该公司表示，这一转变的原因是Dencun升级于2024年3月实施，该升级大大降低了整个网络的交易费用。

Ethereum’s network activity has remained largely flat since 2021, with no sustained growth in usage over the past three years. This stagnation is evident across key metrics such as transaction volume and active addresses, indicating that Ethereum’s base layer has not experienced significant expansion in on-chain activity.

自2021年以来，以太坊的网络活动一直保持平坦，在过去三年中，使用情况没有持续增长。在关键指标（例如交易量和主动地址）之间，这种停滞很明显，这表明以太坊的基础层在链上活性并没有显着扩展。

Meanwhile, the growth of Layer 2 solutions such as Arbitrum and Base has come at the cost of mainnet activity. This cannibalization dynamic reduces base layer fees and weakens ETH’s value accrual narrative.

同时，诸如仲裁和基础等第2层解决方案的增长是以主网活动为代价的。这种动态化可以减少基本层费，并削弱ETH的价值应计叙述。

Institutional demand is also cooling: “Investor demand for ETH as a yield and institutional asset is weakening, as evidenced by declining staked ETH and lower balances held by ETFs and other investment vehicles,” CryptoQuant wrote.

机构需求也很冷却：“投资者对ETH作为收益率和机构资产的需求正在削弱，这证明了固定的ETH和ETF和其他投资工具持有的较低余额，” CryptoQuant写道。

“The total value staked has fallen from its all-time high, while fund holdings continue to trend downward, indicating reduced confidence from crypto-native participants and traditional investors,” it added.

它补充说：“固定的总价值已经从其历史最高的高处下降，而基金持有却继续向下趋势，这表明加密本地参与者和传统投资者的信心降低了。”

The amount of ETH staked has declined notably from it’s all-time high of 35.02 million ETH in November 2024 to around 34.4 million ETH, suggesting that investors may be reallocating capital or seeking more liquid positions amid a less favorable market environment.

ETH的数量已从2024年11月的历史最高高点（3502万）下降到约3440万ETH，这表明投资者可能在市场环境中不太有利的资本或寻求更多的流动头寸。

Additionally, ETH balances in investment products have fallen by about 400,000 ETH since early February, highlighting a broader decline in institutional demand.

此外，自2月初以来，投资产品中的ETH余额减少了约40万ETH，强调了机构需求的广泛下降。