自2025年初以来，以太坊（ETH）已与比特币（BTC）脱钩，开放了新的投资策略

自本周期开始以来，与比特币相比，以太坊的表现已经驯服了，这已经不是什么秘密了。但是，这种趋势在今年年初变得最明显

It’s no secret that Ethereum’s performance has been tame compared to Bitcoin since the start of this cycle. However, this trend became most apparent at the start of the year when ETH’s price fell toward the $3,000 mark while BTC continued to move sideways above $100,000.

自本周期开始以来，与比特币相比，以太坊的表现已经驯服了，这已经不是什么秘密了。但是，在年初，当ETH的价格下降到3,000美元，而BTC继续向侧面移动100,000美元以上，这种趋势变得最明显。

When the Bitcoin price eventually lost the $100,000 level in the first quarter, the value of Ethereum had already fallen close to $2,000. While the premier cryptocurrency has reached a new all-time high in recent days, the “king of altcoins” faces significant resistance around $2,800.

当比特币价格最终在第一季度损失了100,000美元的水平时，以太坊的价值已经下降了接近2,000美元。虽然最近几天的主要加密货币已经达到了新的历史最高，但“ Altcoins之王”面临着大约2,800美元的明显阻力。

Will Divergence Lead To Revaluation Of Investment Strategies?

分歧会导致对投资策略的重估？

The rate of both assets’ price growth in the past few weeks and months provides an insight into the declining relationship between Bitcoin and Ethereum. In a recent Quicktake post on the CryptoQuant platform, on-chain analyst Carmelo Aleman shared that a decoupling has occurred between the world’s two largest cryptocurrencies.

在过去的几周和几个月中，这两种资产的价格增长率都可以洞悉比特币和以太坊之间的关系下降。在最近在加密平台上的QuickTake帖子中，链链分析师Carmelo Aleman分析说，世界上两个最大的加密货币之间已经发生了解耦。

Aleman defined correlation in his post:

阿勒曼在他的帖子中定义了相关性：

Correlation is a statistical measure of the relationship between two variables. In financial analysis, it helps determine whether two assets tend to move in the same direction (positive correlation), in opposite directions (negative correlation), or independently (near zero).

相关是两个变量之间关系的统计量度。在财务分析中，它有助于确定两个资产倾向于朝着相同方向（正相关），相反方向（负相关）或独立（接近零）移动。

Historically, Bitcoin and Ethereum have always maintained a strong positive correlation — usually above 0.7. This long-term trend explains why most of BTC’s movements were often mirrored by the price of Ethereum over the past few years.

从历史上看，比特币和以太坊始终保持着很强的正相关性 - 通常高于0.7。这种长期趋势解释了为什么BTC的大部分运动经常被过去几年以太坊的价格所反映。

Aleman, however, noted that a decoupling has occurred between the top two assets since start of this year. Data from the BTC-Alts Correlation Matrix (Yearly) shows that the correlation was 0.63 on January 1, 2025 before falling to 0.05 by May 22, 2025.

然而，阿勒曼指出，自今年年初以来，在前两个资产之间发生了脱钩。来自BTC-ALTS相关矩阵（年）的数据表明，到2025年1月1日，此相关性为0.63，然后到2025年5月22日跌至0.05。

From an investment perspective, this major divergence breaks one of the crypto market’s most consistent patterns, leading to a reevaluation of strategies based on Bitcoin-Ethereum correlation. “It also adds uncertainty for investors, who can no longer expect ETH to follow BTC,” Aleman added.

从投资的角度来看，这一重大差异打破了加密市场最一致的模式之一，从而导致基于比特币 - 埃塞姆相关性的策略进行了重新评估。 Aleman补充说：“这也增加了不再期望ETH遵循BTC的投资者的不确定性。”

The on-chain analyst said:

链分析师说：

Portfolio models, risk strategies, and return forecasts must now adapt. This may also reflect how Ethereum is becoming driven by its own internal factors—like protocol upgrades, regulation, or DeFi—indicating growing independence.

现在必须适应投资组合模型，风险策略和返回预测。这也可能反映了以太坊如何受到其自身的内部因素（例如协议升级，监管或Defi）的驱动，从而表明了日益增长的独立性。

Aleman also mentioned that this shift means Ether and related assets are at an increased risk of missing out on bull markets. This effect is largely seen in 2025 where the Bitcoin price has climbed, while the value of ETH and other Ethereum-related altcoins has often stalled or declined.

Aleman还提到，这种转变意味着以太和相关资产的风险增加了在牛市上错过的风险。这种影响在2025年，比特币价格上涨了，而ETH和其他与以太坊相关的山寨币的价值经常停滞或下降。

Bitcoin And Ethereum Price

比特币和以太坊价格

As of this writing, Bitcoin and Ethereum are valued at around $107,450 and $2,507, respectively. While the BTC price climbed by more than 5% this past week, ETH’s value is up by less than half of that in the same period.

在撰写本文时，比特币和以太坊的价值分别为107,450美元和2,507美元。尽管过去一周的BTC价格上涨了5％以上，但ETH的价值在同一时期不到一半。