Odaily星球日報訊 加密研究機構10x Research在X平台發文分析指出,以太坊正處於估值與基本面雙重考驗的關鍵階段,市場需判斷其當前低迷是周期性底部,還是面臨更深層次的結構性受損。以太坊財庫公司Bitmine目前承受約88億美元的帳面虧損,超過FTX崩盤初期客戶約80億美元的損失規模,該公司在需求趨弱、ETH價格接近2021年4月水平之際大舉增持ETH也進一步加劇了市場爭議。這一對比凸顯資本配置結果可能出現的巨大分化,以及時機與治理決策如何決定長期價值創造的最終歸屬。以太坊當前交易價格已逼近關鍵估值與成本區間,其核心價值主張正面臨結構性檢驗,投資者需審慎評估以太坊究竟處於周期性低谷,還是正步入更深層的結構性受損階段。
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