ChainCatcher 消息，据 The Block 报道，摩根大通分析师表示，尽管伊朗冲突后加密市场整体复苏，但以太坊和山寨币持续跑输 Bitcoin。分析师认为，除非网络活动、DeFi 和现实世界应用出现实质性改善，否则这一自 2023 年开始的趋势不太可能改变。
分析师指出，现货 Bitcoin ETF 已收复约三分之二的此前流出资金，而现货以太坊 ETF 仅收复约三分之一。CME 期货持仓显示，机构重建 Bitcoin 敞口的力度强于以太坊，Bitcoin 期货持仓已几乎完全恢复，而以太坊期货持仓仍低于此前水平。
分析师还质疑即将到来的以太坊升级能否有效提升网络活动。他们表示，过去三年的升级主要降低了 Layer 2 交易成本，导致以太坊网络费用下降、代币销毁机制减弱、净供应增长加快，从而削弱了 ETH 的价格支撑。
对于山寨币，分析师指出流动性差、市场深度不足、DeFi 活动增长有限以及屡次黑客事件侵蚀了信心，阻碍了新资本配置。
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