Pepe的头脑加深以太坊对比特币的折扣，但这可能不是购买信号

用以太坊对比特币进行测量时，以太坊可能被低估了，但是根据CryptoQuant的分析师的说法，这种折扣并不一定使其成为便宜货。

Ethereum’s discount to Bitcoin is deepening, but on-chain data hints this may not be the buy signal it once was. The role of crypto-native AI agents is also luring capital elsewhere–with MIND of Pepe leading the charge.

以太坊对比特币的折扣正在加深，但是链上的数据暗示这可能不是曾经的购买信号。加密本地AI代理人的作用也在诱使资本在其他地方 - 佩佩（Pepe）的头脑领导这一指控。

Despite a widening discount to Bitcoin and indicators placing it in “extremely undervalued” territory, Ethereum isn’t necessarily a bargain buy, according to analysts at CryptoQuant.

尽管CryptoFumquant的分析师表示，尽管对比特币和指标将其折价扩大，但将其置于“极为被低估的”领域中，但以太坊不一定是便宜的购买。

The analysts, in the latest edition of the weekly CryptoQuant Spotlight, pointed out that the MVRV ratio for ETH has dropped to levels that previously heralded major recoveries.

分析师在最新版的《每周加密聚光灯》中指出，ETH的MVRV比率已下降到以前预示着重大回收率的水平。

However, several market conditions suggest a more complicated picture.

但是，几种市场条件表明情况更复杂。

ETH’s Deflationary Narrative Is Quickly Unraveling

ETH的通缩叙事正在迅速解开

The narrative around ETH’s burning and scarcity has been a key driver of interest in recent cycles, but that narrative is quickly shifting in 2024.

围绕ETH燃烧和稀缺性的叙述一直是最近周期感兴趣的关键驱动力，但这种叙述在2024年很快就在转移。

The rapid collapse of the ETH burn rate after the Dencun upgrade has drastically reduced the rate at which new supply is being destroyed.

Dencun升级后，ETH燃烧率的快速崩溃大大降低了新供应的破坏率。

After reaching a peak of 1,600 ETH per day in early 2023, the burn rate has since fallen almost to zero, with volumes now averaging around 50 ETH per day.

在2023年初达到每天1,600 ETH的峰值之后，此后的燃烧率几乎下降到零，现在平均每天50个ETH。

This has quickly pushed Ethereum back into inflationary territory, with total supply recently hitting an all-time high of 120.7 million.

这很快使以太坊重新融入了通货膨胀领土，最近的总供应量达到了1.207亿。

The Stellar Role of Layer 2s in Shifting Demand

第2层在转移需求中的出色作用

Another factor is the role of Layer 2 rollups in shifting demand away from the mainnet.

另一个因素是第2层汇总在将需求转移到主网中的作用。

While these L2s help improve Ethereum’s scalability, they are also siphoning demand for transactions from the base-layer.

尽管这些L2S有助于提高以太坊的可伸缩性，但它们也在汲取对基层交易的需求。

This is especially pertinent in the case of institutional outflows, which has seen some 400,000 ETH exit ETF holdings this year alone,鈍 the mainnet.

在机构流出的情况下，这尤其相关，仅今年，它就有大约40万ETH ETET ETF HOUPTINGS，MAILNET。

But as these outflows continue to funnel into L2s, they are impacting the network’s core utility.

但是，随着这些流出继续汇入L2，它们正在影响网络的核心公用事业。

Ethereum May Be Structurally Slower in 2024

以太坊在2024年的结构上可能较慢

The crypto behemoth is certainly not short of bullish news. The launch of the Pectra upgrade last week sparked a 30% rally in ETH prices.

加密庞然大物肯定不足以看涨新闻。上周Pectra升级的推出导致了30％的ETH价格集会。

However, despite this rally, on-chain metrics suggest that broader market sentiment remains largely indifferent to the changes.

但是，尽管进行了集会，但链上指标表明，更广泛的市场情绪在很大程度上仍然对变化无动于衷。

But while crypto traders scan charts for optimal entry and exit points, smart money is already moving into the next sector.

但是，尽管加密货币交易者扫描图表以获取最佳进入和出口点，但智能货币已经进入下一个领域。

With the macro outlook still uncertain and major central banks showing no signs of pivoting from their hawkish stance, several market participants are seeking out new frontiers within the crypto market.

由于宏观前景仍然不确定，并且主要的中央银行没有从鹰派立场中枢转的迹象，因此一些市场参与者正在加密市场中寻找新的边界。

This time, the focus is shifting to emerging technologies that are rapidly changing the financial landscape.

这次，重点是转移到正在迅速改变金融格局的新兴技术。

At the Forefront of the Altcoin Charge: AI Agents

在Altcoin收费的最前沿：AI代理商

In an industry increasingly driven by artificial intelligence and automation, crypto-native AI agents are quickly stealing the spotlight.

在一个越来越多的人工智能和自动化驱动的行业中，加密本地的AI代理商迅速抢下了焦点。

Capital has been flowing aggressively into altcoins boasting AI integration, with a slew of new projects emerging to capitalize on the hype.

Capital一直在积极地进入AI集成的Altcoins，并有大量的新项目出现，以利用炒作。

Among these, MIND of Pepe is quietly assembling one of the most watched presales of 2025.

其中，佩佩的思想正在悄悄地组装2025年最受关注的预售之一。

Combining the meme coin culture that drove the 2021 bull market with the cutting-edge tech of AI, MIND of Pepe has already raised nearly $9 million.

Pepe的Mind of Pepe结合了推动2021年牛市的模因硬币文化与AI的尖端技术相结合，已经筹集了近900万美元。

Unlike other frog-themed tokens cashing in on virality, $MIND is anchored by actual product development. Its AI trading agent, launching imminently, will scan platforms like X (formerly Twitter) and Reddit to monitor real-time sentiment shifts, trading signals and liquidity.

与其他以青蛙为主题的代币兑现病毒性不同，$ Mind是由实际的产品开发奠定了基础。它的AI交易代理即将推出，将扫描X（以前为Twitter）和Reddit之类的平台，以监视实时情感转移，交易信号和流动性。

Using Retrieval-Augmented Generation (RAG), the agent pulls in live data to assess which coins are gaining traction and when. Its interface is user-friendly but powerful, delivering curated insights via an exclusive dashboard for token holders. Even casual traders can benefit from early alpha before trends go mainstream.

使用检索增强的生成（RAG），代理会拉出实时数据，以评估哪些硬币正在获得吸引力以及何时获得关注。它的界面是用户友好但功能强大的，可通过为代币持有人提供的独家仪表板提供精心策划的见解。即使是休闲交易者也可以从趋势成为主流之前就可以从早期的阿尔法中受益。

More impressively, the AI agent goes beyond just analysis. When market activity cools, it will engage directly with dApps to launch new tokens – giving $MIND holders first access before listings go public.

更令人印象深刻的是，AI代理不仅仅是分析。当市场活动冷却时，它将直接与Dapps互动以推出新的代币 - 在列表公开之前为$ Mind持有者提供了访问。

From ETH Undervaluation to AI Upside

从低估到AI上升空间

The timing of this shift is no coincidence. As Ethereum struggles to retain its market share amidst fading institutional appetite and base-layer demand, the narrative around AI agent crypto is heating up.

这种转变的时机不是偶然的。随着以太坊努力保持其市场份额在褪色的机构食欲和基础层需求中，围绕AI Agent Crypto的叙述正在加热。

Projects like Virtuals Protocol and Artificial Superintelligence Alliance have seen their token prices spike by double and triple digits in recent weeks.

诸如虚拟协议和人工超级智能联盟之类的项目在近几周内将其代价的价格飙升。

What makes $MIND even more compelling is its staking model. Investors can currently earn up to 249% APY by locking their tokens and nearly 1.4 billion have already been staked – underscoring growing community confidence in the protocol. With exchange listings on the horizon and the presale price locked at just $0.0037515, the entry point looks attractive for those seeking exposure to both meme coin enthusiasm and AI sector growth.

使$更引人注目的是其陈制模型。目前，投资者可以通过锁定其令牌来赚取高达249％的APY，并且已经将近14亿块APY赚钱 - 强调了社区对协议的信心不断增长。随着交换清单即将到来，预售价格仅为0.0037515美元，对于那些寻求接触Meme Coin热情和AI部门增长的人来说，入口点看起来很有吸引力。

Crucially, MIND of Pepe doesn’t just promise functionality; it delivers. Former Binance CEO Chang

至关重要的是，佩佩的思想不仅承诺功能。它提供了。前Binance首席执行官Chang