<ul>
<li><em>ETH 和 BTC 在圖表上似乎已經超賣</em></li>
<li><em>過去兩年中，比特幣的漲幅超過了以太坊</em></li>
</ul>
<p>比特幣（BTC）和以太坊（ETH）仍然是市值最大的加密貨幣資產。然而，儘管這兩種資產都經歷了顯著的價格波動，但以太坊在過去兩年中表現不佳，落後於比特幣。</p>
<p>儘管最近 BTC 和 ETH 都獲得了現貨交易所交易基金（ETF）的批准，但這一發展並不足以扭轉另類幣的相對錶現不佳。</p>
<h2>以太坊相對比特幣下滑</h2>
<p>根據 CryptoQuant 的數據，過去兩年以太坊相對比特幣的表現下降了 44%。分析表明，ETH 相對 BTC 的下降始於 “合併” 之後，該過程將以太坊從工作量證明（PoW）轉變為權益證明（PoS）共識機制。</p>
<p>從那時起，以太坊一直在努力跟上比特幣的步伐。</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>來源：CryptoQuant</p>
<p>截至目前，ETH/BTC 價格為 0.0425，標誌着自 2021 年 4 月以來的最低水平。</p>
<p>儘管 2024 年兩種資產的現貨 ETF 獲批的積極消息——以太坊的 ETF 於 7 月獲批——但這一批准對扭轉 ETH 相對 BTC 的表現不佳幾乎沒有起到作用。</p>
<h2>以太坊/比特幣差距的一些原因</h2>
<p>過去幾個月，以太坊和比特幣在網絡費用和交易活動方面出現了截然不同的趨勢。</p>
<p>事實上，數據顯示，以太坊的費用在進行了 Dencun 升級後有所下降，導致網絡活動減少。此外，以太坊的相對交易數量大幅下降，從 2021 年 6 月的每秒 27 筆交易的峯值下降到僅 11 筆，創下自 2020 年 7 月以來的最低水平。</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>來源：CryptoQuant</p>
<p>相反，比特幣近幾個月的費用和交易量出現了激增。這主要是由於引入了銘文（與比特幣序數相關）和符文。這些發展增加了對區塊空間的需求，導致比特幣網絡上交易成本的上升。</p>
<p>以太坊費用的下降也影響了其燃燒速率，與其 EIP-1559 機制相關。由於費用降低，燃燒的 ETH 減少，減輕了網絡的通貨緊縮壓力，使以太坊更具通貨膨脹性。</p>
<p>這種轉變與早期高網絡費用導致更高燃燒速率的時期形成鮮明對比，降低了整體 ETH 供應。</p>
<h2>分析以太坊/比特幣兩年 MVRV</h2>
<p>最後，對以太坊和比特幣兩年市值與實現值（MVRV）比率的分析突顯了這兩種資產之間差距的擴大。</p>
<p>目前，以太坊的 MVRV 略低於零，為-1.16%，而比特幣的 MVRV 顯著高於 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>來源：Santiment</p>
<hr/>
<p>– 不管現實與否，這裏是以比特幣計價的以太坊市值</p>
<hr/>
<p>MVRV 比率的差異説明了以太坊相對比特幣表現不佳的程度。</p>
<p>在這裏，MVRV 比率衡量持有者基於資產當前市值和實現值之間的差異而獲利或虧損。在這種情況下，比特幣持有者獲利超過 14%，而以太坊持有者錄得超過 1% 的虧損。</p>

ETHE

<p>在過去兩年中，以太坊的表現比比特幣低了 44%，這是由於自 “合併” 以來低費用和減少的網絡活動所驅動的。與此同時，比特幣由於新發展導致交易量和費用增加，與以太坊的下降形成對比。此外，以太坊的市值實現價值（MVRV）比率為-1.16%，突顯出持有者的損失，而比特幣的 MVRV 為正 14% 以上。對於這兩種加密貨幣的現貨 ETF 批准對扭轉這一趨勢幾乎沒有影響</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 在圖表上似乎已經超賣</em></li>
<li><em>過去兩年中，比特幣的漲幅超過了以太坊</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>比特幣（BTC）和以太坊（ETH）仍然是市值最大的加密貨幣資產。然而，儘管這兩種資產都經歷了顯著的價格波動，但以太坊在過去兩年中表現不佳，落後於比特幣。</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>儘管最近 BTC 和 ETH 都獲得了現貨交易所交易基金（ETF）的批准，但這一發展並不足以扭轉另類幣的相對錶現不佳。</p>
</div><h2>Ethereum slides against Bitcoin</h2>
<div class="lb-trans"><h2>以太坊相對比特幣下滑</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>根據 CryptoQuant 的數據，過去兩年以太坊相對比特幣的表現下降了 44%。分析表明，ETH 相對 BTC 的下降始於 “合併” 之後，該過程將以太坊從工作量證明（PoW）轉變為權益證明（PoS）共識機制。</p>
</div><p>Since then, Ethereum has struggled to keep pace with Bitcoin.</p>
<div class="lb-trans"><p>從那時起，以太坊一直在努力跟上比特幣的步伐。</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>來源：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 價格為 0.0425，標誌着自 2021 年 4 月以來的最低水平。</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>儘管 2024 年兩種資產的現貨 ETF 獲批的積極消息——以太坊的 ETF 於 7 月獲批——但這一批准對扭轉 ETH 相對 BTC 的表現不佳幾乎沒有起到作用。</p>
</div><h2>Some reasons for the Ethereum/Bitcoin disparity</h2>
<div class="lb-trans"><h2>以太坊/比特幣差距的一些原因</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>過去幾個月，以太坊和比特幣在網絡費用和交易活動方面出現了截然不同的趨勢。</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>事實上，數據顯示，以太坊的費用在進行了 Dencun 升級後有所下降，導致網絡活動減少。此外，以太坊的相對交易數量大幅下降，從 2021 年 6 月的每秒 27 筆交易的峯值下降到僅 11 筆，創下自 2020 年 7 月以來的最低水平。</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>來源：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，比特幣近幾個月的費用和交易量出現了激增。這主要是由於引入了銘文（與比特幣序數相關）和符文。這些發展增加了對區塊空間的需求，導致比特幣網絡上交易成本的上升。</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>以太坊費用的下降也影響了其燃燒速率，與其 EIP-1559 機制相關。由於費用降低，燃燒的 ETH 減少，減輕了網絡的通貨緊縮壓力，使以太坊更具通貨膨脹性。</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>這種轉變與早期高網絡費用導致更高燃燒速率的時期形成鮮明對比，降低了整體 ETH 供應。</p>
</div><h2>Analyzing the ETH/BTC two-year MVRV</h2>
<div class="lb-trans"><h2>分析以太坊/比特幣兩年 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>最後，對以太坊和比特幣兩年市值與實現值（MVRV）比率的分析突顯了這兩種資產之間差距的擴大。</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 略低於零，為-1.16%，而比特幣的 MVRV 顯著高於 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>來源：Santiment</p>
<hr/>
</div><p>– Realistic or not, here’s ETH market cap in BTC’s terms</p>
<hr/>
<div class="lb-trans"><p>– 不管現實與否，這裏是以比特幣計價的以太坊市值</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 比率的差異説明了以太坊相對比特幣表現不佳的程度。</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>在這裏，MVRV 比率衡量持有者基於資產當前市值和實現值之間的差異而獲利或虧損。在這種情況下，比特幣持有者獲利超過 14%，而以太坊持有者錄得超過 1% 的虧損。</p>
</div>

以太坊 vs 比特幣 – 解釋 44% 的表現落後