以太坊（ETH）偷了比特币的雷声，本月飙升45％

第二大加密货币Ether正在以本月下令人jaw目结舌的45％速度抢走比特币的雷声，其表现最强

Ether (CRYPTO: ETH) has outperformed Bitcoin (CRYPTO: BTC) with a staggering 45% surge this month, marking its strongest performance since late 2021.

Ether（Crypto：ETH）的表现超过了比特币（加密：BTC），本月的增长惊人45％，这是其自2021年底以来最强的表现。

After months of lagging behind rivals like Bitcoin and Solana (CRYPTO: SOL), the second-largest cryptocurrency is roaring back.

经过几个月的落后，诸如比特币和索拉纳（Crypto：Sol）等竞争对手之后，第二大加密货币正在咆哮。

Fueled by a major blockchain upgrade, shifting investor sentiment, and fresh institutional interest, Ether’s rally could be signaling a potential turning point. Let's unpack the forces behind this crypto comeback.

在重大区块链升级，转移投资者的情绪和新的机构兴趣的推动下，以太集会可能表明潜在的转折点。让我们解开此加密货币卷土重来背后的力量。

Pectra Upgrade Sparks Ether Rally

Pectra升级火花以太集会

The long-awaited Pectra upgrade, launched on May 7, set the stage for Ether’s rally. This overhaul, the largest since 2022, boosts transaction efficiency, slashes costs, and simplifies smart contract interactions.

期待已久的Pectra升级于5月7日推出，为Ether的集会奠定了基础。这项大修是自2022年以来最大的大修，提高了交易效率，削减了成本并简化了智能合约的交互。

Traders reacted swiftly: Ether’s price surged 21% within days, while open interest in derivatives soared to $25.8 billion. Alex Cheung of Abra Prime says the upgrade positions Ethereum to handle growing Web3 demand.

贸易商迅速做出反应：以太价格在几天内飙升了21％，而对衍生品的开放兴趣飙升至258亿美元。 Abra Prime的Alex Cheung说，升级位置以太坊以应对不断增长的Web3需求。

Meanwhile, the ETH/BTC ratio rebounded from five-year lows, signaling renewed confidence. “Pectra makes Ethereum faster and cheaper,” Cheung adds. “That’s critical for mass adoption.”

同时，ETH/BTC的比率从五年低点反弹，这表明了信心的信号。 “ Pectra使以太坊更快，更便宜，” Cheung补充说。 “这对于大规模收养至关重要。”

Crypto Sentiment Surges After Tariffs Pause

关税暂停后的加密情绪激增

Risk appetite surged globally after the U.S. and China paused tariff hikes, setting the stage for rallies in both stocks and crypto. The Nasdaq (NDAQ:NDAQ) fully exited bear market territory, while the S&P 500 is now set to close 2024 in the green.

在美国和中国停止关税加息之后，全球风险的胃口激增，为股票和加密货币的集会奠定了基础。纳斯达克（NDAQ：NDAQ）完全退出了熊市市场，而标准普尔500标准普尔500现在将在绿色的2024年关闭2024年。

This shift occurred after months of sluggish performance by U.S. equities, largely blamed on rising interest rates and the threat of a recession. However, the outlook changed drastically in April with the U.S. signaling a pause in the rate hikes.

这次转变发生在美国股票表现缓慢的几个月后，主要归咎于利率上升和经济衰退的威胁。但是，四月份的前景发生了巨大变化，美国表明息息息息。

This development sparked a broad-based rally, with tech stocks leading the charge. The world’s largest cryptocurrency, Bitcoin, also rose to fresh highs for the year.

这一发展引发了一个基于广泛的集会，技术股票领先。全球最大的加密货币比特币在一年中也升至新鲜的高点。

Moreover, derivatives traders ramped up bullish bets on U.S. equities, anticipating further gains in the second half of 2024.

此外，衍生品贸易商加剧了对美国股票的看涨赌注，预计在2024年下半年将进一步增长。

The shift in investor sentiment comes after a period of focus on Bitcoin, which traders believe has reached a critical juncture. As the world’s leading cryptocurrency stabilized near record highs, traders pivoted their attention to Ether.

投资者情绪的转变是在关注比特币的时期之后，交易者认为这已经达到了关键时刻。随着世界领先的加密货币稳定在创纪录的高点附近，交易者将注意力转向以太。

Despite a 37% decline from its 2021 peak, Ether still has room for further gains, according to traders. This shift in focus is noteworthy, as it typically occurs when altcoins begin surging after Bitcoin plateaus in a bull run.

据Traders称，尽管其2021年的峰值下降了37％，但Ether仍然有进一步的增长空间。人们值得注意的是，这种转变通常是当山寨币在公牛奔跑中开始飙升时发生的。

Institutions Prefer Ether ETFs Over Bitcoin

机构比比特币更喜欢EthE ETF

The recent launch of U.S. spot Ether ETFs in July has seen a strong start, attracting $577 million in inflows. This surpasses the pace at which Bitcoin funds attracted inflows late last year.

7月份美国现场ETEF最近推出的Ether ETF的开端很强，吸引了5.77亿美元的流入。这超过了去年年底比特币资金吸引流入的速度。

Institutions are increasingly betting on blockchain technology, particularly with the growing use of Ethereum for tokenizing assets.

机构越来越多地押注区块链技术，尤其是随着以太坊不断扩大用于令牌资产的利用。

BlackRock (NYSE:BLK) is spearheading this move, having now tokenized over $6.9 billion in real-world assets, including bonds and commodities, on Ethereum’s blockchain. These tokens are designed for use in decentralized finance (DeFi) applications.

BlackRock（NYSE：BLK）率领这一举动，现在已经在以太坊的区块链上给了超过69亿美元的现实资产，包括债券和商品。这些代币设计用于分散融资（DEFI）应用程序。

“Institutions are now viewing Ether not merely as a currency, but as the fabric upon which institutions are building the next generation of financial products,” says Gautam Chhugani, an analyst at Bernstein.

伯恩斯坦（Bernstein）的分析师高塔姆·舒加尼（Gautam Chhugani）说：“机构现在不仅将以太视为一种货币，而且是机构正在建立下一代金融产品的结构。”

DeFi platforms and Layer-2 solutions like Arbitrum are streamlining smart contract deployment and slashing gas fees, further attracting enterprises. This institutionalization separates Ether from Bitcoin’s “digital gold” narrative and positions it as a key technology.

DEFI平台和诸如Nixum之类的第2层解决方案正在简化智能合同部署并削减汽油费，从而进一步吸引了企业。这种制度化将以太币与比特币的“数字黄金”叙述分开，并将其定位为关键技术。

Short Liquidations And Mega-Whales

简短的清算和巨鲸

A $437 million frenzy of short liquidations also supercharged Ether’s surge. As prices climbed rapidly, bearish traders were forced to unwind their positions, generating additional buying pressure.

一笔4.37亿美元的狂热清算也增强了以太的激增。随着价格迅速上涨，看跌贸易商被迫放松自己的头寸，从而产生额外的购买压力。

At the same time, Ethereum’s “mega-whales” — traders holding at least 10,000 ETH — were busy gobbling up tokens, accumulating a total of 40.75 million ETH, the most since March 2024.

同时，以太坊的“巨型鲸鱼”（至少拥有10,000 ETH的交易者）正忙于吞噬令牌，积累了4075万ETH，这是自2024年3月以来的最多。

“When whales accumulate like this, it usually attracts interest from smaller traders,” said Joel Kruger, an analyst at LMAX. The ETH/BTC ratio’s return to 0.035 also lured investors who typically bet on an “altseason.”

LMAX的分析师乔尔·克鲁格（Joel Kruger）说：“当鲸鱼像这样积累时，它通常会引起较小的商人的兴趣。” ETH/BTC比率的重返0.035也引起了通常在“季后赛”下注的投资者。

In previous cycles, a sustained rally in Ether has often foreshadowed gains in smaller cryptocurrencies like Solana and Cardano (CRYPTO: ADA).

在以前的周期中，以太的持续集会经常预示着较小的加密货币（如Solana和Cardano）（加密：ADA）的收益。

What's Next For Ether?

以太的下一步是什么？

Almost 28% of Ether’s total supply is now locked in staking contracts, which yield around 3% annually. This reduces the amount of tokens available for trading, thereby amplifying price movements when demand spikes.

现在，Ether总供应量的近28％锁定合同，该合同每年约为3％。这减少了可用于交易的代币数量，从而在需求峰值时扩大了价格变动。

With the Federal Reserve set to cut interest rates later this year, the appeal of

随着美联储将于今年晚些时候降低利率，因此