以太坊表现落后44%！与比特币相比下降的原因

自 2022 年 9 月以太坊过渡到权益证明 (PoS) 共识模型以来，该加密货币的表现比比特币低了 44%。

Since Ethereum's transition to the Proof-of-Stake (PoS) consensus model in September 2022, the crypto has indeed underperformed compared to Bitcoin (BTC) by 44%. This underperformance is particularly striking considering the high expectations surrounding “The Merge”, an event that was supposed to herald a new era of efficiency and sustainability for Ethereum.

自 2022 年 9 月以太坊过渡到权益证明 (PoS) 共识模型以来，与比特币 (BTC) 相比，加密货币的表现确实落后了 44%。考虑到人们对“合并”的高期望，这种表现不佳尤其引人注目，这一事件本应预示着以太坊进入了效率和可持续性的新时代。

One of the main reasons for this underperformance is the decline in Ethereum network activity compared to Bitcoin. Cumulative transaction fees on the Ethereum network have decreased, partly due to the Dencun update which reduced median transfer fees. In contrast, the Bitcoin network has seen unprecedented levels of transactional activity, mainly thanks to new Layer 2 solutions and inscriptions.

表现不佳的主要原因之一是与比特币相比，以太坊网络活动有所下降。以太坊网络上的累计交易费用有所下降，部分原因是 Dencun 更新降低了转账费用中位数。相比之下，比特币网络的交易活动达到了前所未有的水平，这主要归功于新的第 2 层解决方案和铭文。

The ETH/BTC price ratio is currently at 0.0425, its lowest level since April 2021. This figure indicates that despite the technical improvements brought by “The Merge”, Ethereum has failed to dominate the market as expected. In July, even the approval of spot ETFs based on Ethereum in the United States wasn't enough to reverse this trend, with an additional 18% drop.

ETH/BTC价格比目前为0.0425，为2021年4月以来的最低水平。这个数字表明，尽管“合并”带来了技术改进，但以太坊未能如预期那样主导市场。 7月份，即使基于以太坊的现货ETF在美国获得批准，也不足以扭转这一趋势，进一步下跌了18%。

Unfavorable supply dynamics and lower transfer fees have also contributed to this underperformance. The ETH/BTC market value to realized value (MVRV) ratio is now 0.6, meaning Ethereum could still fall before hitting its undervaluation zone, identified at a ratio of 0.45. The last time Ethereum entered this zone, its price was 0.02 compared to Bitcoin, suggesting a potential further decline.

不利的供应动态和较低的转让费也导致了表现不佳。 ETH/BTC 市场价值与实现价值 (MVRV) 比率目前为 0.6，这意味着以太坊在触及低估区域（比率为 0.45）之前仍可能下跌。以太坊上次进入该区域时，其价格与比特币相比为 0.02，表明可能进一步下跌。

Interestingly, despite Ethereum's current underperformance, experts predict that this network could outperform Bitcoin by 2029, thanks to its technical improvements and growing adoption. Although “The Merge” was a technical success, it has not yet delivered the expected market performance benefits for Ethereum. Investors seem to prefer Bitcoin, as the data shows. The current situation thus highlights the importance of network activity and supply dynamics in the relative performance of cryptocurrencies.

有趣的是，尽管以太坊目前表现不佳，但专家预测，由于其技术改进和日益普及，到 2029 年该网络的表现可能会超过比特币。尽管“The Merge”在技术上取得了成功，但尚未为以太坊带来预期的市场表现效益。数据显示，投资者似乎更喜欢比特币。因此，当前的情况凸显了网络活动和供应动态在加密货币相对表现中的重要性。