I would say that's the original version; V.2 bottle was like that but it had the additional gold sticker on it that said "new formula". The v.3 bottles are clear rather than translucent.
Plus that looks old, it doesn't usually fade in the undiluted state, of course, I keep mine in the basement so it's pretty dark.
I think that's the way v.1 smelled. I remember people complaining that it didn't smell good and Dr. G replied (through some forum intermediary) that he didn't like putting anything in the product that wasn't functional (so maybe he put no color in v.1 either).
I guess enough people complained that he added the mulberry scent starting with v.2. I never had v.1 because I had QEW to use up then.
If it doesn't smell rancid I think you're good to go.
I have all 3 Vers. That's V1 according to your pic and my bottle. The smell of all 3 and the color are all slightly different. V1 was medium blue in color, V2 slightly darker, V3 is a paler blue but says New Formula on the bottle.