以太坊储蓄计划：十二期平均每期1,981欧元，一次性支付3,318欧元

Ethereum Fixed Investment Plan: Average Cost Analysis over Twelve Months

No matter how the price fluctuates, the Ethereum Fixed Investment Plan will purchase Ethereum in a fixed amount of euros every month. Calculations over the past twelve months demonstrate the importance of this mechanism: 100 euros will be paid on the 1st day of each month for twelve installments, and the final average buying price will be 1,981 euros per Ethereum. If the same € 1,200 were invested in one go on the day of the first payment, the cost at that time was as high as € 3,318.

This is not investment advice because data from a single year cannot predict the future. But it clearly reveals how fixed investments work: why fixed investments are more significant on Ethereum than on Bitcoin, and the tax impact of twelve independent purchases per year. All data below are based on daily euro prices and will be recalculated on October 8.

The core logic of fixed investment: The average cost is lower than the market average

Fixed investment is essentially a "buying machine." You set the amount and frequency, the service provider performs the purchase, and the price of the day determines how many tokens you can get. When the price falls, the same 100 euros can buy more ether; when the price rises, the amount purchased decreases. This technical term is called "Dollar-Cost Averaging": Because more units are purchased in low-priced months than in high-priced months, the final average purchase price is usually lower than the average price for the period.

这种效应的强弱完全取决于定投期间价格的波动幅度。对于稳步上涨的资产，定投的效果不如早期一次性投入（Lump Sum）；而对于先大幅下跌后复苏的资产，定投则会胜出。在过去的一年中，以太坊经历了后者。

详细计算：投入1,200欧元，持有0.6057枚以太币

基础数据为2025年10月9日至2026年10月8日期间以太坊的每日欧元价格。模型假设在该时间窗口内，每月1日自动买入，共十二次，每次100欧元，且不计算手续费。结果如下：

• 总投入：1,200欧元（分十二期支付）
• 累计获得：0.6057枚以太币
• 平均买入价格：每枚1,981.05欧元
• 截至10月8日（按约2,300欧元的价格计算），该持仓价值约为1,393欧元
• 税前及费用前的收益：+16.1%

平均买入价格目前比当前水平低约14%。这个差额正是定投在此期间积累的全部优势，它纯粹源于价格路径的影响。

对比一次性投入：亏损30.7%的代价

作为对照，如果在2025年11月1日（即第一期支付日）一次性投入相同的1,200欧元，当天的价格为3,318.20欧元，因此买入了0.3616枚以太币。这些以太币目前的价值约为832欧元，比初始投入少了30.7%。

The difference between the results of the two paths is 561 euros, a gap of nearly 47 percentage points. The fixed investment eventually held 1.67 times the amount of ether with the same funds. The reason lies in the price path: Ethereum trading prices were close to a one-year high on the starting day, and then fell sharply. If a one-time investment is made at the bottom, the effect will obviously be better than the fixed investment. Which path is better depends on the timing of entry, which no one can predict.

Volatility and asset characteristics: Differences between Ethereum and Bitcoin

Volatility determines the effect of fixed investment

Since fixed investment relies on price fluctuations, the magnitude of fluctuations is crucial. Volatility measures the degree of dispersion of prices around their trend line and is usually expressed in annualized data. Based on the same daily price data, Ethereum's average daily volatility is 3.29%, which is 62.9% annualized. Bitcoin's daily volatility is 2.33%, and annualized to 44.5%.

The price range also confirms this. Over the past twelve months, Ethereum prices have fluctuated between 1,361 and 3,914 euros, with the highest price being 2.87 times the lowest price. Bitcoin fluctuates between 51,474 and 106,651 euros, with the highest price being 2.07 times the lowest price. During this period, Ethereum's performance was significantly more active, which not only enhanced the effect of fixed investment, but also increased the psychological burden. The two go hand in hand.

Pledge and destruction mechanism: unique characteristics of Ethereum

In addition to price fluctuations, there are two characteristics that Bitcoin does not have that make Ethereum's fixed investment unique.

The first is Staking 。Ether can be deposited into the network to confirm blocks and receive rewards. According to Ethereum official information, running your own verification node requires at least 32 ether, up to a maximum of 2,048; there are also pooling solutions for small amounts of money. Demonstrable violations by verifiers result in "forfeiture," i.e., destruction of a portion of pledged ether. For fixed investments, this means that accumulated positions may generate additional returns in the future, which Bitcoin positions do not have.

followed by Supply Mechanism . Bitcoin has a fixed cap and a known issuance schedule. On Ethereum, the basic fee for each transaction is destroyed and withdrawn from circulation, and new ether is issued to the verifier. Therefore, whether circulation increases or decreases depends on the network load and is unknown in advance. This is an additional uncertainty for fixed investment plans that have been in operation for many years.

Tax considerations: Twelve purchases mean twelve independent tax cycles

Each installment has a separate holding period timer

In terms of tax, a fixed investment is completely different from a single purchase. In Germany, cryptocurrency assets are considered "other assets" under Article 23 of the Income Tax Act. If the holding period is less than one year, the disposal will generate taxable income.

The key lies in the "acquisition date", and each payment constitutes an independent acquisition. The installment on November 1, 2025 will expire for one year on November 2, 2026; while the installment on October 1, 2026 will not expire for one year until October 2027. Therefore, if you sell half of your positions in December 2026, you will face positions of different ages. Which ether is considered sold is a key issue, which requires clear records for each issue to prove that for large amounts of money, tax advisers should be consulted rather than relying on rules of thumb.

The German Federal Ministry of Finance reiterated cooperation and record-keeping obligations in a notice dated March 6, 2025, replacing the version dated May 10, 2022. The notice strengthens the requirements for overseas trading platforms: transaction statements must be searched regularly and completely retained, and missing documents will be detrimental to taxpayers.

Annual tax exemption: red line of 1,000 euros

The law sets a threshold and is formulated more strictly than is commonly reported. Gains arising from private disposals are exempt from tax if falls below € 1,000 in a calendar year. Once € 1,000 is reached, the exemption no longer applies and the entire amount will be taxed, not just the part above the threshold. This is different from the concept of tax exemption.

Statistics cover the sum of all private disposals over a year, rather than separately calculated by currency or platform. Selling other crypto assets within the same year and combining them with Ethereum's fixed investment will cause these gains to be aggregated. Therefore, continuous record-keeping is not only paperwork, but also the basis for self-filing of taxes.

关于是否取消这一年度期限的规定目前在政治上仍存在争议，废除方案正在讨论中，但尚未做出决定。在此之前，法律规定依然有效。

ETP与实物代币：税务处理的差异

以太坊定投可以通过两种方式构建，它们在税务上并不相同。通过交易平台购买实物代币适用上述第23条框架。购买以太坊交易所交易产品（ETP或ETN）则是在经纪账户中购买证券，适用投资收益规则。

实际差异巨大。对于证券，经纪人通常会代扣税款，但不存在一年后免税的持有期规定。对于自有代币，你需要自行处理税务，但可以在持有一年后免税出售。此外，ETP还带有发行人风险，因为你持有的是债务工具而非代币。

执行细节：导致定投失败的四个设置

虽然机制本身难以优化，但执行层面有很多需要注意的地方。

1. 分期金额必须可持续：在下行市场中暂停定投会失去其核心优势——低价买入的机会。坚持每月25欧元优于三月暂停的200欧元。
2. 频率次要：月度、双周或周度对平均价格影响不大，只要周期足够长即可。更频繁的买入会增加手续费项数和需要记录的取得日期数量。
3. 费率按比例咬合：Fixed handling fees will have a greater impact on small installments. The fee of 1 euro per issue is 4% for a 25 euro installment and only 0.5% for a 200 euro installment. In the long run, this difference can add up to huge amounts.
4. Custody needs to be determined before accumulation: As positions grow, the point of time will come when you face storage problems. Don't wait until the money is huge to consider a custody plan.

Summary

The above calculation is an observation window, not a prediction. Regardless of the price path, the following three points always hold true:

• Set the installment amount and duration before you start: The effect is based on years and multiple downturns, not months.
• Record each installment starting with the first installment: Include date, price, amount, fee and platform, preferably automated.
• Decide on the custody method as early as possible: If you want to hold your own position, you should set up your hardware wallet when the amount is small, rather than waiting for the amount to increase before processing it.

(As of October 8, 2026. This article does not constitute investment advice. Price and fee structures may change; please check terms with your service provider before purchasing.)