<ul>
<li><em>ETH 和 BTC 在图表上似乎已经超卖</em></li>
<li><em>过去两年中，比特币的涨幅超过了以太坊</em></li>
</ul>
<p>比特币（BTC）和以太坊（ETH）仍然是市值最大的加密货币资产。然而，尽管这两种资产都经历了显著的价格波动，但以太坊在过去两年中表现不佳，落后于比特币。</p>
<p>尽管最近 BTC 和 ETH 都获得了现货交易所交易基金（ETF）的批准，但这一发展并不足以扭转另类币的相对表现不佳。</p>
<h2>以太坊相对比特币下滑</h2>
<p>根据 CryptoQuant 的数据，过去两年以太坊相对比特币的表现下降了 44%。分析表明，ETH 相对 BTC 的下降始于 “合并” 之后，该过程将以太坊从工作量证明（PoW）转变为权益证明（PoS）共识机制。</p>
<p>从那时起，以太坊一直在努力跟上比特币的步伐。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/ETH_BTC-Price-1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/ETH_BTC-Price-1.png"/></p>
<p>来源：CryptoQuant</p>
<p>截至目前，ETH/BTC 价格为 0.0425，标志着自 2021 年 4 月以来的最低水平。</p>
<p>尽管 2024 年两种资产的现货 ETF 获批的积极消息——以太坊的 ETF 于 7 月获批——但这一批准对扭转 ETH 相对 BTC 的表现不佳几乎没有起到作用。</p>
<h2>以太坊/比特币差距的一些原因</h2>
<p>过去几个月，以太坊和比特币在网络费用和交易活动方面出现了截然不同的趋势。</p>
<p>事实上，数据显示，以太坊的费用在进行了 Dencun 升级后有所下降，导致网络活动减少。此外，以太坊的相对交易数量大幅下降，从 2021 年 6 月的每秒 27 笔交易的峰值下降到仅 11 笔，创下自 2020 年 7 月以来的最低水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/ETH_BTC-Network-Total-Fee-Ratio.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/ETH_BTC-Network-Total-Fee-Ratio.png"/></p>
<p>来源：CryptoQuant</p>
<p>相反，比特币近几个月的费用和交易量出现了激增。这主要是由于引入了铭文（与比特币序数相关）和符文。这些发展增加了对区块空间的需求，导致比特币网络上交易成本的上升。</p>
<p>以太坊费用的下降也影响了其燃烧速率，与其 EIP-1559 机制相关。由于费用降低，燃烧的 ETH 减少，减轻了网络的通货紧缩压力，使以太坊更具通货膨胀性。</p>
<p>这种转变与早期高网络费用导致更高燃烧速率的时期形成鲜明对比，降低了整体 ETH 供应。</p>
<h2>分析以太坊/比特币两年 MVRV</h2>
<p>最后，对以太坊和比特币两年市值与实现值（MVRV）比率的分析突显了这两种资产之间差距的扩大。</p>
<p>目前，以太坊的 MVRV 略低于零，为-1.16%，而比特币的 MVRV 显著高于 14%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Ethereum-ETH-08.27.35-07-Sep-2024.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Ethereum-ETH-08.27.35-07-Sep-2024.png"/></p>
<p>来源：Santiment</p>
<hr/>
<p>– 不管现实与否，这里是以比特币计价的以太坊市值</p>
<hr/>
<p>MVRV 比率的差异说明了以太坊相对比特币表现不佳的程度。</p>
<p>在这里，MVRV 比率衡量持有者基于资产当前市值和实现值之间的差异而获利或亏损。在这种情况下，比特币持有者获利超过 14%，而以太坊持有者录得超过 1% 的亏损。</p>

ETHE

<p>在过去两年中，以太坊的表现比比特币低了 44%，这是由于自 “合并” 以来低费用和减少的网络活动所驱动的。与此同时，比特币由于新发展导致交易量和费用增加，与以太坊的下降形成对比。此外，以太坊的市值实现价值（MVRV）比率为-1.16%，突显出持有者的损失，而比特币的 MVRV 为正 14% 以上。对于这两种加密货币的现货 ETF 批准对扭转这一趋势几乎没有影响</p>

<ul>
<li><em>ETH and BTC seemed to be at oversold levels on the charts</em></li>
<li><em>Bitcoin has seen more gains over the last two years, compared to ETH</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>ETH 和 BTC 在图表上似乎已经超卖</em></li>
<li><em>过去两年中，比特币的涨幅超过了以太坊</em></li>
</ul>
</div><p>Bitcoin (BTC) and Ethereum (ETH) remain the largest cryptocurrency assets by market capitalization. However, ETH has underperformed BTC over the last two years, despite both assets seeing significant price fluctuations.</p>
<div class="lb-trans"><p>比特币（BTC）和以太坊（ETH）仍然是市值最大的加密货币资产。然而，尽管这两种资产都经历了显著的价格波动，但以太坊在过去两年中表现不佳，落后于比特币。</p>
</div><p>While both BTC and ETH saw the approval of Spot Exchange Traded Funds (ETFs) recently, this development has not been enough to reverse the altcoin’s relative underperformance.</p>
<div class="lb-trans"><p>尽管最近 BTC 和 ETH 都获得了现货交易所交易基金（ETF）的批准，但这一发展并不足以扭转另类币的相对表现不佳。</p>
</div><h2>Ethereum slides against Bitcoin</h2>
<div class="lb-trans"><h2>以太坊相对比特币下滑</h2>
</div><p>According to data from CryptoQuant, Ethereum has underperformed Bitcoin by 44% over the past two years. The analysis indicated that ETH’s decline relative to BTC began after The Merge, which transitioned Ethereum from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus mechanism.</p>
<div class="lb-trans"><p>根据 CryptoQuant 的数据，过去两年以太坊相对比特币的表现下降了 44%。分析表明，ETH 相对 BTC 的下降始于 “合并” 之后，该过程将以太坊从工作量证明（PoW）转变为权益证明（PoS）共识机制。</p>
</div><p>Since then, Ethereum has struggled to keep pace with Bitcoin.</p>
<div class="lb-trans"><p>从那时起，以太坊一直在努力跟上比特币的步伐。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/ETH_BTC-Price-1.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2024/09/ETH_BTC-Price-1.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>The ETH/BTC price, at press time, stood at 0.0425, marking its lowest level since April 2021.</p>
<div class="lb-trans"><p>截至目前，ETH/BTC 价格为 0.0425，标志着自 2021 年 4 月以来的最低水平。</p>
</div><p>Despite the positive news of Spot ETF approvals for both assets in 2024 — Ethereum’s ETF being approved in July — The approval has done little to reverse ETH’s lack of performance against BTC.</p>
<div class="lb-trans"><p>尽管 2024 年两种资产的现货 ETF 获批的积极消息——以太坊的 ETF 于 7 月获批——但这一批准对扭转 ETH 相对 BTC 的表现不佳几乎没有起到作用。</p>
</div><h2>Some reasons for the Ethereum/Bitcoin disparity</h2>
<div class="lb-trans"><h2>以太坊/比特币差距的一些原因</h2>
</div><p>Ethereum and Bitcoin have noted contrasting trends in network fees and transaction activity over the past few months.</p>
<div class="lb-trans"><p>过去几个月，以太坊和比特币在网络费用和交易活动方面出现了截然不同的趋势。</p>
</div><p>In fact, data showed that Ethereum’s fees have declined following its Dencun upgrade, contributing to decreased network activity. Additionally, Ethereum’s relative transaction count has dropped significantly, from a peak of 27 transactions per second in June 2021 to just 11 – Marking one of the lowest levels since July 2020.</p>
<div class="lb-trans"><p>事实上，数据显示，以太坊的费用在进行了 Dencun 升级后有所下降，导致网络活动减少。此外，以太坊的相对交易数量大幅下降，从 2021 年 6 月的每秒 27 笔交易的峰值下降到仅 11 笔，创下自 2020 年 7 月以来的最低水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/ETH_BTC-Network-Total-Fee-Ratio.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2024/09/ETH_BTC-Network-Total-Fee-Ratio.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>On the contrary, Bitcoin has seen a spike in both fees and transactions in recent months. This has been driven primarily by the introduction of Inscriptions (related to Bitcoin Ordinals) and Runes. These developments have increased the demand for block space, contributing to the rise in transaction costs on the Bitcoin network.</p>
<div class="lb-trans"><p>相反，比特币近几个月的费用和交易量出现了激增。这主要是由于引入了铭文（与比特币序数相关）和符文。这些发展增加了对区块空间的需求，导致比特币网络上交易成本的上升。</p>
</div><p>The fall in Ethereum fees has also affected its burn rate, tied to its EIP-1559 mechanism. With lower fees, less ETH is being burned, reducing the deflationary pressure on the network and making Ethereum more inflationary.</p>
<div class="lb-trans"><p>以太坊费用的下降也影响了其燃烧速率，与其 EIP-1559 机制相关。由于费用降低，燃烧的 ETH 减少，减轻了网络的通货紧缩压力，使以太坊更具通货膨胀性。</p>
</div><p>This shift contrasts with earlier periods when high network fees led to a higher burn rate, reducing the overall ETH supply.</p>
<div class="lb-trans"><p>这种转变与早期高网络费用导致更高燃烧速率的时期形成鲜明对比，降低了整体 ETH 供应。</p>
</div><h2>Analyzing the ETH/BTC two-year MVRV</h2>
<div class="lb-trans"><h2>分析以太坊/比特币两年 MVRV</h2>
</div><p>Finally, an analysis of the two-year Market Value to Realized Value (MVRV) ratio for Ethereum and Bitcoin highlighted the growing disparity between the two assets.</p>
<div class="lb-trans"><p>最后，对以太坊和比特币两年市值与实现值（MVRV）比率的分析突显了这两种资产之间差距的扩大。</p>
</div><p>At the time of writing, Ethereum’s MVRV stood slightly below zero at -1.16%, while Bitcoin’s MVRV was significantly higher at over 14%.</p>
<div class="lb-trans"><p>目前，以太坊的 MVRV 略低于零，为-1.16%，而比特币的 MVRV 显著高于 14%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Ethereum-ETH-08.27.35-07-Sep-2024.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2024/09/Ethereum-ETH-08.27.35-07-Sep-2024.png"/></p>
<p>Source: Santiment</p>
<hr/>
<div class="lb-trans"><p>来源：Santiment</p>
<hr/>
</div><p>– Realistic or not, here’s ETH market cap in BTC’s terms</p>
<hr/>
<div class="lb-trans"><p>– 不管现实与否，这里是以比特币计价的以太坊市值</p>
<hr/>
</div><p>This disparity in MVRV ratios illustrates how much ETH has underperformed, compared to BTC.</p>
<div class="lb-trans"><p>MVRV 比率的差异说明了以太坊相对比特币表现不佳的程度。</p>
</div><p>Here, the MVRV ratio measures the profit or loss of holders based on the difference between the current market value and the realized value of an asset. In this case, BTC holders are sitting on over 14% profit, while ETH holders are recording a loss of over 1%.</p>
<div class="lb-trans"><p>在这里，MVRV 比率衡量持有者基于资产当前市值和实现值之间的差异而获利或亏损。在这种情况下，比特币持有者获利超过 14%，而以太坊持有者录得超过 1% 的亏损。</p>
</div>

以太坊 vs 比特币 – 解释 44% 的表现落后