以太坊（ETH）市场恢复，但ETF仅持续1天

加密货币市场最近享有一些恢复，但以太坊ETF在过去3天中仅注册了1天的积极流量。

The cryptocurrency markets enjoyed some recovery lately but Ethereum ETFs only registered 1 day of positive flows in the last 3 days.

加密货币市场最近享有一些恢复，但是在过去3天内，以太坊ETF仅注册了1天的正流量。

This result has been disseminating the narrative that the cryptocurrency has been lagging.

该结果已经传播了加密货币一直落后的叙述。

According to digital assets management firm Coinshares, Ethereum ETFs saw net outflows of $23.9 million on 23 April.

根据数字资产管理公司Coinshares的数据，以太坊ETF在4月23日的净流出为2390万美元。

The outcome extended the negative flows observed in the last 2 weeks.

结果延长了过去2周内观察到的负流。

On the contrary, the recent wave of bullish excitement in the market saw strong institutional flows into Bitcoin.

相反，最近在市场上的看涨兴奋浪潮使制度性大量流入比特币。

For context, Bitcoin ETFs had over $2.2 billion worth of inflows from Monday to Wednesday, confirming robust institutional demand.

在上下文中，比特币ETF从周一到周三有超过22亿美元的流入，证实了强劲的机构需求。

Meanwhile, Ethereum ETFs had a net $-10.5 million worth of net flows during the same three-day period.

同时，以太坊ETF在相同的三天期间的净流量价值-1050万美元。

This performance highlights weak institutional demand for Ethereum. An outcome that could no doubt impact ETH’s ability to recover.

这种表现强调了以太坊的机构需求较弱。无疑会影响ETH恢复能力的结果。

ETH Underperformance is Not Just a Fluke

ETH表现不佳不仅是flu虫

Ethereum ETF performance no doubt indicates that institutional demand for ETH has been weak.

Ethereum ETF绩效无疑表明对ETH的制度需求较弱。

But, this is not new for the cryptocurrency whose performance has been weak especially compared to Bitcoin and top altcoin rival Solana.

但是，对于加密货币而言，这并不是什么新鲜事物，与比特币和顶级替代竞争对手Solana相比，其性能较弱。

But is it just the institutional class of investors that are not buying or is the rest of the market in a similar situation?

但是，这只是不购买的投资者的机构类别，还是在类似情况下的其他市场？

ETH price action did bounce back by about 32.6% from its lowest price so far this month ($1,383) to its recent high this week ($1,835).

ETH Price Action的确从本月迄今为止的最低价格（1,383美元）回弹到本周的最低价格（1,835美元）。

Price recovery confirmed that there was still significant demand in the market. It even managed to bounce back by a higher percentage that Bitcoin, although it is worth noting that rival SOL achieved almost double the gains.

价格回收证实，市场需求仍然很大。它甚至设法以比特币更高的比例反弹，尽管值得注意的是，竞争对手的SOL取得了几乎两倍的收益。

Despite the recovery, declining ETH institutional demand could certainly undercut or slow down ETH’s recovery even in the long term. Unless institutional demand makes a strong comeback.

尽管恢复了，但从长远来看，ETH机构需求的下降肯定可以削弱或减慢ETH的恢复。除非机构需求强烈卷土重来。

Nevertheless, this price performance does not necessarily impact network performance.

但是，这种价格性能不一定会影响网络性能。

The Ethereum network remains one of the blockchains with the highest levels of network utility.

以太坊网络仍然是网络实用程序级别最高的区块链之一。

Its performance could possibly be the reason why ETH continues to sustain significant demand in the market.

它的绩效可能是ETH继续在市场上保持巨大需求的原因。

Here’s How Demand for ETH Faired Recently

这是最近对ETH的需求最近的需求

ETH exchange flows surged at the start of the week but it was short-lived judging by the rapid pace at which the exchange flows pivoted after 22 April.

ETH Exchange流量在本周开始时飙升，但从短暂的速度来看，交易所在4月22日之后旋转的速度迅速流动。

The latest data revealed that exchange inflows were significantly higher than outflows as profit-taking extended its upside.

最新数据表明，随着利润的上涨，交换流入显着高于流出。

Exchange flows are only part of the picture but exchange reserves offered significantly more clarity. This is because ETH exchange reserves have been growing since earlier this month.

交换流只是图片的一部分，但交换储备提供了更大的清晰度。这是因为自本月早些时候以来，ETH Exchange储量一直在增长。

For context, there were roughly 19.88 million ETH coins in circulation which was the lowest level of reserves on exchanges.

在上下文中，流通中大约有1,988百万个ETH硬币，这是交易所中最低的储量水平。

That figure has since gone up to 19.60 million ETH coins at the time of observation.

自从观察时，这个数字已达到196亿ETH硬币。

A closer look at ETH exchange reserves reveals that they have been moving in a wedge pattern. Moreover, it was underpinned by descending resistance and ascending support.

仔细观察ETH Exchange储量表明，它们一直在楔形模式中移动。此外，它的基础是降序的抵抗和上升支持。

Now that price is retracing, ETH exchange reserves could potentially retest the descending resistance and trigger a new wave of demand.

既然价格正在回溯，ETH Exchange储备可能会重新测试下降的抵抗力并触发新的需求。

This observation could significantly dictate the next ETH price move. As far as long term outlook is concerned, some recent CryptoQuant data may offer more insights.

该观察结果可能会大大决定下一个ETH价格转移。就长期前景而言，最近的一些加密数据可能会提供更多的见解。

For example, long term accumulators that never sell (denoted as accumulating addresses) reportedly acquired over 640,000 ETH in the last 48 hours.

例如，据报道，从未出售（表示为累积地址）的长期蓄能器在过去48小时内收购了640,000多个ETH。

This means the accumulating addresses contributed more than $1.1 billion worth of liquidity to the cryptocurrency.

这意味着累积的地址为加密货币贡献了价值超过11亿美元的流动性。

While this may have significantly aided its upside, it also revealed that the biggest class of investors that purchased recently were long term holders.

尽管这可能会大大帮助其上升空间，但它还揭示了最近购买的最大的投资者是长期持有人。