稳定币余额暴增 65%,以太坊能否借势逆转四年颓势?

ambcryptoОпубликовано 2026-01-13Обновлено 2026-01-13

Введение

ETH/BTC 比率大概率已在 4 月完成筑底,以太坊正走在复苏之路上。

ETH/BTC 比率于 2025 年 4 月完成触底,走势与 2019 年周期高度相似。与此同时,以太坊的开发热度持续高企,越来越多的价值正源源不断流入网络上的代币化资产。

尽管当下市场目光聚焦于其他领域,但以太坊的逆袭时刻或许已近在眼前。

ETH/BTC 周期即将转变?

ETH/BTC 交易对曾经历了长达近四年的下行趋势,这一颓势让不少市场参与者认为,以太坊(ETH)的相对表现已经陷入疲软。

而这一下降趋势,似乎在 2025 年 4 月正式止步 —— 该比率在当时探明底部,并进入震荡企稳阶段。

市场分析师迈克尔・范德波普将这一走势与 2019 年的周期进行对标,彼时 ETH/BTC 比率同样是在经历长期下跌后触底反弹,开启了一轮趋势反转。

自 4 月以来,以太坊价格走势保持积极态势,K 线图上持续构筑更高的低点。尽管这一上行进程节奏偏缓,但种种迹象表明,以太坊相对于比特币(BTC),或许正在走出其表现最为疲软的阶段。

以太坊上的稳定币:潜藏的看涨信号

即便以太坊自身价格表现不尽如人意,其网络上的稳定币余额却迎来大幅增长。数据显示,以太坊稳定币供应量在 2025 年增幅超 65%,当前规模已达到 2021 年历史峰值的两倍左右。

这一数据的变化至关重要,因为稳定币通常被视作市场中的 “闲置资金蓄水池”。稳定币余额的增加,意味着用户与机构依然对以太坊生态抱有坚定信心。

范德波普也认为这是一项建设性信号,历史规律显示,稳定币流动性的扩张,往往会先于市场交易量的增长到来。

主干完好无损:结算功能稳居核心地位

据 DeFiLlama 统计,以太坊上的稳定币当前总市值达到 1600 亿 - 1700 亿美元区间,创下历史新高,远超以往任何一个周期的峰值水平。

值得注意的是,即便以太坊价格长时间处于区间震荡,稳定币市值的扩张趋势也从未中断。

网络使用量同样保持着同步增长的节奏。Token Terminal 数据显示,2025 年第四季度,以太坊上的稳定币交易量突破 8 万亿美元,再度刷新历史纪录。

这一系列数据足以证明,以太坊依旧是全球美元结算活动的首选结算层。

最后想说的话

ETH/BTC 比率大概率已在 4 月完成筑底,以太坊正走在复苏之路上。

而其作为核心结算层的功能,始终稳固如初。

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