ChainCatcher 消息，据 Finance Feeds 报道，ETH/BTC 比率已回落至 2016 年水平，以太坊近期交易价格接近 1,666 美元，比特币交易价格约为 62,956 美元，比率接近 0.0265。该比率是市场偏好的重要指标：上升代表对以太坊需求更强，下降代表投资者更青睐比特币的流动性和机构接受度。
以太坊相对比特币走弱的原因包括：现货价格疲软、ETF 需求下降、Layer 1 网络竞争、扩容升级后费用收入降低，以及市场质疑 ETH 经济模型能否在 Layer 2 迁移中维持货币溢价。比特币因现货 ETF 采用、更深流动性和宏观加密资产地位保持了更强的机构需求。
对投资者而言，做多 ETH 做空 BTC 的仓位更难证明合理性。以太坊的技术敞口使其估值更复杂，而比特币的投资逻辑更简单。以太坊生态并未失败，但市场需要更明确的证据证明网络活动能转化为 ETH 价值捕获。
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