以太坊[ETH]在市场周期的这一条腿上主导比特币[BTC]

到顶部的比赛正在加热 - 这不是另一个Altcoin Frenzy。取而代之的是，这是两个最大的加密资产之间的顶级对峙。

The crypto market is currently witnessing an interesting narrative unfold, with an apex top-tier face-off.

加密市场目前正在见证一个有趣的叙述，最高级别的对抗。

As the narrative of an impending altcoin season brews, two cryptocurrency giants are engaging in a different kind of "frenzy." It's not an altcoin; rather, it's a top-tier face-off between the two largest crypto assets.

作为即将来临的Altcoin季节酿造的叙述，两个加密货币巨头正在从事另一种“疯狂”。这不是山寨币；相反，这是两个最大的加密资产之间的顶级对峙。

Ethereum (ETH) has been making a rapid recovery, adding nearly +50% to its recent lows. Clocking $2,616 at the time of writing, on the 11th of May, the world’s second-largest cryptocurrency is showing no signs of slowing down.

以太坊（ETH）一直在迅速恢复，最近低点增加了近50％。在撰写本文时，在5月11日写作时，世界第二大加密货币并没有放慢脚步的迹象。

With a 7-day ROI of +14.58% and a 30-day ROI of +49.54%, the strength of the bulls at this stage is evident.

在此阶段，公牛的7天投资回报率为 +14.58％，30天的投资回报率为 +49.54％，公牛的实力很明显。

The Relative Strength Index (RSI) on the 4-hour chart is hovering at 56.87, indicating that the price momentum is still strong, but it might be approaching an overbought territory.

4小时图表上的相对强度指数（RSI）的徘徊在56.87处，表明价格势头仍然很强，但它可能正在接近超买的领土。

However, considering the recent bullish trends, the RSI could continue to rise.

但是，考虑到最近的看涨趋势，RSI可能会继续上升。

As Ethereum experiences a rapid price surge and shows no signs of slowing down, Bitcoin (BTC) has stalled. Despite clocking new all-time highs (ATHs) recently, the flagship cryptocurrency is showing signs of weakness.

由于以太坊经历了迅速的价格上涨，并且没有放慢速度的迹象，因此比特币（BTC）停滞不前。尽管最近有了新的历史最高点（ATH），但旗舰加密货币仍显示出虚弱的迹象。

After a stellar performance in the first quarter, which saw Bitcoin’s price soar by over 70%, its price rally seems to have hit a pause. In the past month, Bitcoin has only managed to add 16.44% to its price.

在第一季度的出色表现（比特币的价格上涨70％以上）之后，其价格集会似乎已经停止了。在过去的一个月中，比特币仅设法增加了16.44％的价格。

The recent price action has seen Bitcoin experience a rejection from the $70,000 resistance. After tagging a high of $68,666 on the 12th of April, the price faced selling pressure, leading to a 6.46% price drop within the next 24 hours.

最近的价格行动使比特币经历了70,000美元的电阻拒绝。在4月12日标记了68,666美元的高价后，价格面临的销售压力，导致接下来24小时内的价格下跌6.46％。

This move saw the price retest the $64,000 support level.

此举使价格重新测试了64,000美元的支持水平。

The capital gains narrative

资本收益叙事

With Bitcoin’s price movement relatively muted in recent times, investors are noticing a tactical tilt in the market as capital is rotating.

随着比特币的价格变动近期相对繁重，随着资本旋转，投资者注意到市场上的战术倾向。

Recently, Ethereum experienced a breakout from the $1,800 level. As the price encountered resistance at the $2,597 mark, AMB Crypto highlighted a significant liquidity sweep.

最近，以太坊从$ 1,800的水平出发。随着价格遇到2597美元的抵抗，AMB加密货币强调了大量的流动性。

Around 300,000 ETH were dumped on the market with strength at the time. However, the selling wasn’t a reversal; rather, it was a reset.

当时，大约有30万ETH以实力倾倒在市场上。但是，销售不是逆转。相反，这是一个重置。

On the 8th of May, Bitcoin Dominance (BTC.D) peaked at 65.34% before decreasing. In the days that followed, the BTC.D dropped by 3%, while Ethereum Dominance (ETH.D) rose by 3%, reaching 9.75%. This signaled a clear divergence.

5月8日，比特币优势（BTC.D）在减少之前以65.34％的峰值达到峰值。在随后的日子里，BTC.D下降了3％，而以太坊优势（ETH.D）上升了3％，达到9.75％。这标志着明显的差异。

This shift in market dynamics can be attributed to a large-scale capital rotation. As investors noticed a lack of strength in BTC’s price and an inability to sustain the $68,000 level despite attempts to defend it, they began noticing the superior relative strength of Ethereum.

市场动态的这种转变可以归因于大规模的资本旋转。正如投资者注意到BTC价格缺乏实力，尽管试图捍卫它，但仍无法维持68,000美元的水平，他们开始注意到以太坊的相对力量。

The investors are pivoting their capital accordingly to capture the asymmetric upside that Ethereum is offering.

投资者正在相应地将其资本旋转，以捕获以太坊提供的不对称上升空间。

At the beginning of May, investors had already begun noticing a change in the market trends. As Bitcoin encountered resistance at the $68,000-$70,000 band and experienced attempts to dump the price, a bulk of the liquidity was absorbed.

5月初，投资者已经开始注意到市场趋势的变化。由于比特币以68,000美元至70,000美元的乐队遇到阻力，并经历了倾销价格的尝试，因此大部分流动性被吸收了。

However, the selling pressure persisted, indicating that a market structure shift might be in the works.

但是，销售压力持续存在，表明市场结构可能正在发生。

With over a 60% ROI in just a few weeks of the investors’ capital being deployed, Ethereum is offering an interesting upside.

在部署投资者资本的短短几周内，Ethereum提供了一个有趣的上升空间。

Therefore, it’s no surprise that investors are pivoting aggressively to capture this strength, especially as BTC is heating up.

因此，投资者正在积极地促进这种实力也就不足为奇了，尤其是当BTC加热时。

Moreover, with Abraxas Capital recently reporting the addition of 242,652 ETH to their portfolio in the past week alone, for a total holding of 243,409 ETH valued at $560.8 million, and an average entry price of around $2,312, it seems that smart money is also joining the party.

此外，随着Abraxas Capital最近在过去一周中报告了其投资组合中的242,652 ETH，总持有243,409 ETH的总额为5.608亿美元，平均入场价约为2,312美元，似乎聪明的钱也加入了聚会。

This places them at an unrealized gain of more than $75.8 million, considering the current price of ETH is $2,597.

考虑到当前的ETH价格为2,597美元，这使他们的收益超过了7580万美元。

The last time Abraxas Capital reported a change in their cryptocurrency holdings was in December 2022, when they disclosed a reduction in their Bitcoin position by 1,600 BTC, taking their total BTC holdings to 162,066 at the time.

Abraxas Capital上次报告的加密货币持有量发生了变化，这是2022年12月，当时他们披露了将比特币位置减少1,600 BTC，当时将其BTC的总持股量减少到162,066。

At the beginning of the year, Abraxas Capital also disclosed a new position in Litecoin (LTC), with

在今年年初，阿布拉萨斯资本还披露了Litecoin（LTC）的新职位，其中