尽管推出了大量的升级和创新，但以太坊价格仍在落后于比特币（BTC）的范围内。

尽管推出了大量的升级和创新，但以太坊价格仍在落后于比特币（BTC）。报道表明，ETH的价格崩溃了77％

In a recent report by On-chain analytics platform Santiment, researchers have delved into the pressing question on everyone's minds: Why is Ethereum lagging so far behind Bitcoin? Despite rolling out a large number of upgrades and innovations, ETH continues to be outperformed by BTC by a wide margin.

在On-Chain Analytics Platform Santiment的最新报告中，研究人员深入研究了每个人的脑海中的紧迫问题：为什么以太坊落后于比特币？尽管推出了大量的升级和创新，但ETH仍然超过了BTC的优于。

The analysis reveals that Ethereum has suffered a staggering 77% price crash against Bitcoin since December 2021. While the dollar value of ETH hasn't completely collapsed, especially compared to other altcoins, the long-term BTC/ETH ratio still paints a gruesome picture for Ethereum holders.

该分析表明，自2021年12月以来，以太坊遭受了77％的价格崩溃。尽管ETH的美元价值尚未完全崩溃，尤其是与其他AltCoins相比，长期的BTC/ETH比率仍然使以太坊持有人描绘了可怕的图片。

"The good news is that Ethereum node count has hit a 10-month high as of last Friday. But the bad news is that we've seen a complete lack of recovery in the BTC/ETH ratio since December 2021. At the beginning of the year, the ratio was 1:150, and now it stands at 1:650. This means that Bitcoin has appreciated 4.33x since the beginning of the year, while Ethereum has only appreciated 1.5x," the report highlights.

“好消息是，截至上周五，以太坊节点的数量已经达到了10个月的高点。但是坏消息是，自2021年12月以来，BTC/ETH比率完全不足。在年初，比率为1：150，现在是1：650的，这意味着比特币在4.33x上享受了4.33x的兴趣。亮点。

According to the chart, Ethereum price failed to recover anywhere near its November 2021 all-time high of $4,760. On the other hand, Bitcoin managed to surge ahead, reclaiming much of its market dominance and outpacing ETH across almost every timeframe. This disparity has led many traders and former maximalists to compare ETH to a "shitcoin."

根据图表，以太坊价格在2021年11月的历史最高高点$ 4,760的任何地方都无法恢复。另一方面，比特币设法迅速发展，几乎每个时间范围内都收回了其大部分市场的统治地位，并超过了ETH。这种差异使许多交易者和前最大化主义者将ETH与“狗屎币”进行了比较。

"The optimists among us might say that at least Ethereum isn't performing as poorly as other altcoins. However, even various mid to low-cap altcoins have managed to outperform Ethereum over the short, mid, and long-term timeframes, causing further embarrassment for the world's second-largest cryptocurrency by market capitalization."

“我们当中的乐观主义者可能会说，至少以太坊的表现不如其他山寨币那样差。但是，即使是各种中型至低CAP山寨币，在短期，中期和长期的时间范围内都设法超越了以太坊，从而为全球第二大的加密货币而造成了市值资本化的进一步尴尬。”

According to Santiment, the ETH/BTC price ratio chart alone is enough to trigger doubt and uncertainty among long-term holders.

根据Santiment的说法，仅ETH/BTC价格比图表就足以引发长期持有人的怀疑和不确定性。

"The final point to consider is that, despite the hype surrounding the Shanghai upgrade and the potential for a price increase, we're still in the same price range as we were at the beginning of the year. This fact might be causing some annoyance among long-term Ethereum holders."

“要考虑的最后一点是，尽管围绕上海升级以及价格上涨的潜力进行了炒作，但我们仍然与年初相同的价格范围。这一事实可能会引起长期以太坊持有人的烦恼。”

The report further highlights that there are fundamental reasons for Ethereum's sluggish performance over the years. Some of the major criticisms that analysts and traders have pointed out include technical, sentimental, and regulatory issues.

该报告进一步凸显了以太坊多年来表现缓慢的根本原因。分析师和交易员指出的一些主要批评包括技术，感性和监管问题。

Ironically, Ethereum's Layer 2 solutions are one of the key drivers of its underperformance. L2 solutions like Arbitrum, Optimism, and zkSync are reportedly cannibalizing activity on the mainnet, taking investments from ETH while spreading investor attention thinly.

具有讽刺意味的是，以太坊的第2层解决方案是其表现不佳的关键驱动力之一。据报道，仲裁，乐观和ZKSYNC等L2解决方案正在对主网的活动进行蚕食，从而从ETH中获得了投资，同时却稀疏地传播了投资者的关注。

"The introduction of L2 solutions has led to a decline in mainnet activity, with users preferring the lower gas fees and faster transaction speeds offered by Arbitrum, Optimism, and zkSync. This shift in attention has ultimately devalued the use cases of the mainnet, diverting interest and capital from ETH."

“ L2解决方案的引入导致了主网活动的下降，用户更喜欢仲裁，乐观和ZKSYNC提供的较低的汽油费和更快的交易速度。这种注意力的这种转变最终贬低了主网，将利息和资本从ETH转移的利益和资本。”

Another point of contention is that Ethereum struggles with complex roadmaps and communication, which has led to confusion among investors. Major updates like The Merge and Shanghai have been difficult for investors to comprehend, making ETH feel less accessible than BTC.

另一个争论是，以太坊在复杂的路线图和沟通中挣扎，这导致了投资者的困惑。诸如Merge和Hanghai之类的重大更新很难让投资者理解，这使得ETH的感觉不及BTC。

"Despite the hype surrounding the new narrative for 2024, which focuses on Ethereum's technological advantages and its role as a DeFi hub, the reality is that users are becoming increasingly frustrated by the relatively high gas fees and the slow rollout of key upgrades, pushing them toward more affordable and faster alternatives."

“尽管围绕2024年的新叙述进行了炒作，该叙事的重点是以太坊的技术优势及其作为Defi Hub的作用，但现实是，用户越来越受到相对较高的汽油费和密钥升级缓慢的推出，将它们推向更实惠和更快的替代方案。”

This frustration is a primary reason why they are turning to L2 solutions or pivoting to other blockchains like Solana, Cardano, and Flow, which offer cheaper and faster transaction capabilities, ultimately reducing adoption of the world no 2 cryptocurrency.

这种挫败感是他们转向L2解决方案或转向其他区块链（如Solana，Cardano和Flow）的主要原因，这些区块链具有更便宜，更快的交易功能，最终降低了世界2号加密货币的采用。

The report concludes by stating that the regulatory narrative is another primary reason for Ethereum's crash against Bitcoin. Unlike Bitcoin, which has a more established legal precedent, Ethereum faces constant uncertainty about whether it could be labeled a security.

该报告的结论是，监管叙事是以太坊对比特币崩溃的另一个主要原因。与比特币具有更确定的法律先例不同，以太坊对是否可以将其标记为安全性不确定。

"Finally, we can't ignore the narrative that Bitcoin is being used as a narrative against which to measure the weakness of other cryptocurrencies, especially in the case of Ethereum. While Bitcoin has managed to maintain a stable price and narrative as digital gold, Ethereum seems to be caught in between, having no clear or attractive investment narrative."

“最后，我们不能忽略比特币被用作叙述的叙述，以衡量其他加密货币的弱点，尤其是在以太坊的情况下。尽管比特币设法保持了稳定的价格和叙事，因为数字黄金，但以太坊似乎介于两者之间，没有清晰或有吸引力的投资叙述。”

Other points that the report mentions include Ethereum's lack of investment appeal as it's neither a stable digital gold like Bitcoin nor a rapidly growing chain like Solana or Cardano, which are attracting a significant number of users with cheaper and faster solutions, ultimately pulling investments away from ETH.

该报告提到的其他观点包括以太坊缺乏投资吸引力，因为它既不是像比特币这样稳定的数字黄金，也不是Solana或Cardano等快速增长的连锁店，它们吸引了大量具有更便宜，更快的解决方案的用户，最终使投资从ETH远离ETH。

The final reason that Santiment has identified for Ethereum's long-term price descent is the rising selling pressure. Post-upgrade withdrawals of stakes ETHs have created steady sell-side pressure, especially when compared to Bitcoin, which is heating up on the buy side with a price target of $500

Santiment确定以太坊的长期价格下降的最终原因是销售压力上升。升级后的赌注提款eTHS造成了稳定的卖方压力，尤其是与比特币相比，比特币在购买方面加热，目标价为500美元