随着机构投资者涌入市场

激增并没有在真空中发生。自2月以来，以太坊首次打破了2800美元，而监管，市场和技术叙事的罕见一致性再次开始倾向于ETH的支持。

The recent surge in cryptocurrency prices has been nothing short of spectacular, with Bitcoin just 1% away from setting new all-time highs. However, while much attention has been paid to BTC’s recovery, another cryptocurrency has been quietly posting some stellar gains.

最近的加密货币价格上涨简直令人叹为观止，比特币距离设定新的高高仅1％。但是，尽管对BTC的恢复已经引起了很多关注，但另一种加密货币一直在悄悄地发布一些出色的收益。

Those who prefer a bit more bullish banter will be pleased to know that Ethereum still has a massive 45% run-up before it can do the same.

那些更喜欢看涨的戏ter的人会很高兴知道以太坊在做同样的事情之前仍有45％的竞赛。

What this means for traders is that if Bitcoin can manage to hold strong at these elevated levels, then ETH has a huge window to post some spectacular gains as it plies on to that last apex. And when ETH does finally run hard, that means the long-awaited altseason is likely to follow.

这对贸易商意味着，如果比特币能够在这些升高的水平上保持强大的稳定，那么ETH将有一个巨大的窗口，可以发布一些巨大的收益，因为它将占据最后一个顶点。当ETH最终努力运行时，这意味着期待已久的Altseason可能会随之而来。

Of course, we need to be patient. Phase one is for Ethereum to continue gaining ground against Bitcoin as the leading cryptocurrency.

当然，我们需要耐心等待。第一阶段是使以太坊继续对比特币作为主要加密货币的立场。

But in the case of this "Largely Ignores BTC" narrative, well, we might already be seeing the signs.

但是，在这种“很大程度上忽略BTC”的叙述中，我们可能已经看到了这些迹象。

According to BNC data, BlackRock’s iShares Ethereum Trust ETF (ETHA) led the charge with a dominant $80.6 million of those inflows.

根据BNC数据，BlackRock的Ishares Ethereum Trust ETF（ETHA）以8060万美元的流入为主导。

The entire class of U.S.-based spot ETH ETFs has now soaked up $745 million over the last 11 trading days. That’s not a melt-up—yet—but it’s the kind of steady accumulation that suggests institutional confidence is slowly returning.

在过去的11个交易日中，整个美国现货ETH ETF现在已经吸收了7.45亿美元。这不是融化的 - 是的，而是这种稳定的积累表明机构信心正在慢慢恢复。

To put that into perspective, consider that on February 2nd—the last time things got this frothy—$276 million went into ETHA in a single day. At the time, Ethereum was flirting with $2,900.

为了看一看，请考虑2月2日（上次事情得到这种泡沫），一日赚了2.76亿美元。当时，以太坊以2,900美元调情。

We’re not quite back to those levels, but ETH trading around $2,814 (up 1.25% in 24 hours per BNC) shows real momentum. For a digital asset that’s spent months lagging behind Bitcoin’s all-time highs, this is a notable reversal of fortune.

我们还没有回到这些水平，但是ETH交易约2,814美元（每BNC 24小时内增长1.25％）显示出真正的动力。对于一个数月的数字资产而落后于比特币的历史最高点，这是一个显着的财富逆转。

What’s Behind the Surge?

激增的背后是什么？

Part of the answer lies in regulatory tea leaves. On Monday, SEC Commissioner Paul Atkins made unusually bullish comments during a DeFi roundtable, teasing out the idea of “innovation relief” for projects operating in decentralized finance.

答案的一部分在于监管茶叶。周一，SEC专员保罗·阿特金斯（Paul Atkins）在圆桌会议上发表了异常看法，为在分散融资中运作的项目逗弄了“创新救济”的想法。

It’s classic bureaucratic speak, but read between the lines and you get this: the SEC might be preparing to soften its war stance on DeFi and Ethereum-adjacent protocols. In crypto, perception often precedes policy, and that was enough to move markets.

这是经典的官僚演讲，但是在台词之间阅读，您可以理解这一点：SEC可能正在准备软化其对Defi和以太坊的协议的战争立场。在加密货币中，感知通常在政策之前先于政策，这足以转移市场。

Accordingly, Ethereum governance tokens like Uniswap (CRYPTO: UNI), Aave (CRYPTO: AAVE), and Sky responded immediately. Prices jumped 23%, 16%, and 15% respectively.

因此，像Uniswap（加密：UNI），AAVE（加密：AAVE）这样的以太坊治理令牌，而天空立即做出了回应。价格分别跃升了23％，16％和15％。

Ethereum, meanwhile, briefly touched $2,700 during the news cycle and kept climbing—proof that confidence is broadening beyond Bitcoin.

与此同时，以太坊在新闻周期中短暂触及了2,700美元，并不断攀登，这使人们的信心超越了比特币。

Even Ethereum’s perennial complexity isn’t scaring off buyers. Last week, Vitalik Buterin threw his weight behind a tenfold scalability upgrade to Ethereum’s base layer—not just layer-2 rollups. His argument? The main chain can and should evolve, and fast.

即使是以太坊的多年生复杂性，也不会吓到买家。上周，维塔利克·布特林（Vitalik Buterin）将自己的重量放在十倍的可伸缩性升级到以太坊的基础层后面，而不仅仅是第2层汇总。他的论点？主链可以并且应该进化，快速。

It’s a subtle but powerful narrative shift: Ethereum isn’t giving up on its core. It’s doubling down. Plus Ethereum’s recent Pectra upgrade was a big success, and a bigger deal than the merge.

这是一个微妙但有力的叙事转变：以太坊并没有放弃其核心。它正在加倍。再加上以太坊最近的Pectra升级取得了巨大的成功，比合并更大。

That context helps explain why this ETF inflow spike actually matters. As Valentin Fournier at BRN pointed out, “The uptick is notable due to Ethereum’s smaller institutional base. This signals renewed confidence in the crypto rally, especially among large players.”

这种情况有助于解释为什么这种ETF流入峰值实际上很重要。正如BRN的Valentin Fournier指出的那样，“由于以太坊的机构较小，这一爆炸式上值得注意。这表明这表明对加密货币集会的信心重新信心，尤其是在大型球员中。”

Since their debut last July, U.S.-listed Ethereum ETFs have pulled in about $3.5 billion in net inflows. That’s still dwarfed by Bitcoin’s numbers, but it’s no longer a sideshow. And as Ethereum builds momentum—on-chain and off—the smart money seems to be rotating back in.

自去年七月首次亮相以来，美国上市的以太坊ETF已获得约35亿美元的净流入。这仍然被比特币的数字夹住了，但它不再是杂耍。随着以太坊建立动力（链和偏离），聪明的钱似乎正在旋转。

Investors take note: Ethereum is heating up. Institutional appetite is returning. And with both regulatory tone and technical roadmap turning favorable, the next leg up may already be underway.

投资者注意：以太坊正在加热。机构的胃口正在回来。随着监管语调和技术路线图的良好表现，下一条腿可能已经在进行。