以太坊 [ETH] 自 4 月份以来表现不佳，尤其是与比特币 [BTC] 相比

作为山寨币市场的领导者，一些参与者预计 ETH 将引领山寨币的看涨价格走势。然而，就目前情况而言，山寨币正在努力跟上市场的步伐。

Ethereum [ETH] has underperformed since April, especially when compared to Bitcoin [BTC]. As the龙头 of the altcoin market, some participants expected ETH to lead the altcoins’ bullish price action. However, currently, the altcoin is failing to keep up with the market.

自 4 月份以来，以太坊 [ETH] 的表现一直不佳，尤其是与比特币 [BTC] 相比。作为山寨币市场的龙头，一些参与者预计ETH将引领山寨币的看涨价格走势。然而，目前，山寨币未能跟上市场的步伐。

ETH/BTC Chart by TradingView

ETH/BTC 图表（TradingView）

The ETH/BTC chart has been in a clear downtrend since April 2023. Until April 2024, the lows from June 2022 at 0.049 were defended, but the persistent downtrend over the last six months took ETH/BTC to lows not seen since April 2021.

自 2023 年 4 月以来，ETH/BTC 图表一直处于明显的下跌趋势。直到 2024 年 4 月，一直守住 2022 年 6 月的低点 0.049，但过去六个月的持续下跌趋势使 ETH/BTC 跌至 2021 年 4 月以来的最低点。

What’s causing Ethereum to lose value?

是什么导致以太坊贬值？

Long-term Ethereum holders might be concerned to see Ethereum losing ground to Bitcoin at such a rapid rate. One reason the token is dropping out is the inflation present in the network since the Dencun update in March 2024.

以太坊的长期持有者可能会担心以太坊以如此快的速度输给比特币。该代币退出的原因之一是自 2024 年 3 月 Dencun 更新以来网络中存在的通货膨胀。

The Dencun update integrated EIP 4844, which drastically reduced the transaction fees of L2 transactions. While this is good news for users, the falling network fees meant a smaller amount of ETH was being burned, rendering the token slightly inflationary over the last six months.

Dencun更新集成了EIP 4844，大幅降低了L2交易的交易费用。虽然这对用户来说是个好消息，但网络费用的下降意味着销毁的 ETH 数量减少，导致该代币在过去六个月内略有通胀。

This was evident in the rising ETH supply chart.

这在 ETH 供应量不断上升的图表中显而易见。

Optimism activity trends strongly bullish

乐观活动趋势强烈看涨

Arbitrum [ARB] and Polygon Ecosystem Token [POL] saw a higher transaction volume, but Optimism [OP] was the clear winner. This showed that the L2s were growing in popularity.

Arbitrum [ARB] 和 Polygon Ecosystem Token [POL] 的交易量较高，但 Optimism [OP] 显然是赢家。这表明 L2 越来越受欢迎。

In particular, Optimism outperforming the rest could be largely attributed to the launch of Coinbase’s Base L2 on top of the Optimism Superchain.

特别是，Optimism 的表现优于其他公司，很大程度上要归功于 Coinbase 在 Optimism 超级链之上推出的 Base L2。

An inflationary ETH and its performance against Bitcoin counters the narrative that Ethereum is sound money. A pickup in activity could ease this concern, but the lack of market conviction in ETH can be highlighted by the ETH/BTC chart.

通货膨胀的 ETH 及其相对于比特币的表现反驳了以太坊是健全货币的说法。活动的回升可能会缓解这种担忧，但 ETH/BTC 图表可以凸显出市场对 ETH 缺乏信心。