两个素数ETH支持，采用仅比特币的策略

由于Ether的价格在2025年第一季度一直在挣扎中，总部位于美国的投资顾问公司Two Prime已经下降了对ETH的支持，并采用了仅比特币的战略。

US-based investment advisory firm Two Prime has dropped support for Ether (ETH) and adopted a Bitcoin (BTC)-only strategy after the latter's statistical trading behavior, community culture, and value proposition went "uninteresting" to the firm.

总部位于美国的投资咨询公司Two Prime在后者的统计交易行为，社区文化和价值主张对公司“无趣”之后，对Ether（ETH）的支持（ETH）下降，并采用了比特币（BTC）策略。

"We value data more than narratives. As an algorithmic trading firm, we collect and analyze vast quantities of data to guide our investment decisions," Two Primes stated on May 1.

“我们比叙述更重视数据。作为一家算法贸易公司，我们收集和分析大量数据以指导我们的投资决策，”两位Primes在5月1日指出。

The firm, which has been lending in both Bitcoin and Ether over the past 15 months, decided to focus solely on BTC asset management and lending, having already deployed $1.5 billion in loans since 4Q 2024.

在过去的15个月中，该公司一直在比特币和Ether中贷款，但自2024年4时间以来已经部署了15亿美元的贷款，因此决定仅专注于BTC资产管理和贷款。

"Insomuch as the data suggests ETH has fundamentally changed, which isn't necessarily a bad thing," Two Primes added.

两位Primes补充说：“由于数据表明ETH已经发生了根本性改变，这不一定是一件坏事。”

"After de-correlating completely from BTC, ETH has become nearly impossible to model predictably, even by the high volatility expectations of digital asset markets," the firm explained.

该公司解释说：“在完全从BTC中解脱出来后，即使是数字资产市场的高波动性预期，ETH几乎无法预测地建模。”

Such conditions "create a headache" for both algorithmic trading and ETH-back lending as the asset no longer behaves predictably.

由于资产不再可预测的，这些条件都会为算法交易和ETH-BACK贷款“创造头痛”。

"This lack of predictability renders both our core competency and preferred lending strategy suboptimal for ETH in its current form."

“这种缺乏可预测性使我们的核心竞争力和当前形式的ETH优先贷款策略次优。”

Founded in 2019 by Alexander Blum and Marc Fleury, Two Prime is an investment advisory firm registered with the US Securities and Exchange Commission. The firm has been offering trading and lending services for both BTC and ETH for the past six years.

两家Prime由Alexander Blum和Marc Fleury于2019年成立，是一家在美国证券交易委员会注册的投资咨询公司。在过去的六年中，该公司一直在为BTC和ETH提供贸易和贷款服务。

The firm's shift to a Bitcoin-only approach comes as ETH has lost 45% of its value year-to-date, with some optimists speculating that ETH is potentially close to the bottom and reversing its negative trend soon.

该公司向仅比特币的方法转变为ETH损失了其逐年价值的45％，一些乐观主义者猜测ETH可能会接近底部，并很快逆转其负面趋势。

The firm's shift to a Bitcoin-only approach comes as ETH has lost 45% of its value year-to-date, with some optimists speculating that ETH is potentially close to the bottom and reversing its negative trend soon.

该公司向仅比特币的方法转变为ETH损失了其逐年价值的45％，一些乐观主义者猜测ETH可能会接近底部，并很快逆转其负面趋势。

"What a retarded essay statement, considering S&P500 is down 4.7% YTD and has had extremely high volatility this year," one market observer wrote on X, reacting to Two Primes's statement.

一位市场观察家在X上写道：“考虑到S＆P500的质量下降了4.7％，今年的波动性极高，”一位市场观察家在X上写道：“这是智障的论文声明。”

"Never even heard of them. Seems irrelevant to me and I follow this space closely. Which community are we talking about here and what exactly is the value proposition of ETH that they're talking about?” another commentator added, appearing to express doubt on whether the community should rely on Two Prime's shifting approach to Ether.

“甚至从未听说过它们。似乎与我无关，我密切关注这个空间。我们在这里谈论哪个社区，他们在谈论的ETH的价值主张到底是什么？”另一位评论员补充说，似乎对社区是否应依靠两种主要的转换方法表示怀疑。

"If this isn't a bottom signal for ETH idk [I don't know] what is. They're pivoting to a BTC-only strategy and closing out their ETH lending positions. Union Bank also reportedly closed out its crypto derivatives positions recently," another poster speculated, joining the many expecting ETH price to bounce following a downtrend cycle.

“如果这不是ETH IDK [我不知道]的最低信号。他们正在旋转仅BTC策略并结束其ETH贷款职位。据报道，联合银行最近也关闭了最近的海报，”另一位海报猜测，“另一个海报都猜测，加入了许多人期望ETH PRIP会在下降倾斜周期后反弹。

Two Primes also mentioned the weak performance of Ether exchange-traded funds (ETFs), highlighting that BTC ETF buying has outpaced ETH by almost 24 times.

两个素数也提到了以太交易所贸易资金（ETF）的薄弱表现，这强调了BTC ETF的购买已超过ETH近24倍。

"Finally, despite rumors of 'huge institutional inflows into ETH,' the data tells a different story. In the realm of ETFs specifically, BTC ETF buying has outpaced ETH ETF buying by nearly 24x this year alone. This despite the fact that the vast majority of new ETF approvals have been for ETH, not BTC. Among the few institutions that do appear to be interested in ETH, their focus has shifted heavily to lending rather than trading, which isn't surprising given the low interest rates and high yields available in the crypto lending market. But even in lending, BTC is still preferred—suggesting that the narrative of institutions plowing more money into ETH over BTC is simply incorrect. In fact, the failure of ETH's ETF creates a reflexive loop whereby institutions like BlackRock dedicate fewer resources to their promotion and sale. BTC has found the mainstream while ETH has floundered, leading to less institutional involvement in selling and promoting ETH products, which further hampers their performance, and so on. This vicious cycle explains why ETH's ETF performance has been underwhelming at best.

“最后，尽管有谣言说'大量的机构流入ETH'，但数据讲述了一个不同的故事。在ETF的领域中，BTC ETF的购买超过了今年近24倍的ETH ETF购买。这事实是，尽管绝大多数新的ETF批准都不是在ETH中远不及其远方的兴趣，而不是在远处进行过这种兴趣，而不是他们在远处的兴趣，而与他们相处的兴趣。令人惊讶的是，即使在贷款中，BTC的利率和高收益率仍然是优先的，即使机构的叙事与BTC相比，机构的叙述实际上是不正确的。陷入困境，导致机构参与销售和推广ETH产品，这进一步妨碍了他们的性能，等等。这个恶性循环解释了为什么ETH的ETF性能充其量充其量。

Despite Ether ETFs seeing low performance, Ether is still the biggest altcoin for crypto ETFs in terms of assets under management (AUM), far outpacing others like Solana (SOL) and XRP (XRP).

尽管Ether ETF的性能较低，但在管理资产（AUM）方面，Ether仍然是加密ETF的最大山寨币，远远超过了Solana（Sol）（Sol）和XRP（XRP）等其他人。

According to the latest update from CoinShares, Ether-based exchange-traded products had $9.2 billion in AUM by the end of last week, while Solana and XRP followed with $1.4 billion and $1 billion, respectively.

根据Coinshares的最新更新，到上周末，基于Ether的Exchange交易产品的AUM为92亿美元，而Solana和XRP则分别提供14亿美元和10亿美元。

Following approval from the US SEC in May 2024, spot Ether ETFs saw a slow start in 2024, with performance losing ground compared to the massive spot Bitcoin ETF debut.

在2024年5月获得美国SEC的批准之后，Spot Ether ETF在2024年开局缓慢，与大量的现场比特币ETF首次亮相相比，性能失去了地面。

Amid low investor demand, some issuers like VanEck ceased trading futures Ether ETFs, while WisdomTree withdrew its Ethereum Trust ETF proposal in September 2024. In March 202

在投资者需求低的情况下，像Vaneck这样的发行人停止了交易期货Ether ETF，而WisdomTree于2024年9月撤回了以太坊信托ETF提案。