以太坊（ETH）在2025年經歷了嚴重的衰退，落後於比特幣和索拉納

以太坊（ETH）記錄了47％的適度增長，與2021年牛市見證的400％激增形成了鮮明的對比。

Third May, 2025 – (New York) Ethereum (ETH) has faced a significant downturn in 2025, with losses nearing 50%, lagging markedly behind Bitcoin and Solana. This underperformance can be attributed to various factors.

2025年5月第三次 - （紐約）以太坊（ETH）在2025年面臨著明顯的衰退，損失接近50％，落後於比特幣和索拉納（Bitcoin）和索拉納（Solana）。這種表現不佳可以歸因於各種因素。

After the March 2024 launch of the Dencun upgrade, which introduced blobspace for storing Layer-2 transactions, shifted Ethereum’s revenue model. While the upgrade increased transaction throughput and reduced fees, it inadvertently led to a decrease in revenue and a return to inflationary supply growth, with over 730,000 new ETH being minted since April 2024.

在2024年3月推出Dencun升級後，該升級引入了BlobSpace來存儲2層交易，這轉移了以太坊的收入模型。儘管升級增加了交易吞吐量和減少費用，但它無意中導致收入減少和通貨膨脹供應增長的回報，自2024年4月以來，有超過730,000個新的ETH被鑄造出來。

In contrast, Solana (SOL) has benefited from a surge in demand, primarily driven by meme coin trading. The launch of the token platform Pumpfun in January 2024 has resulted in over 17 million new addresses on Solana, contributing to a significant increase in its revenue and price.

相比之下，Solana（Sol）受益於需求激增，主要是由Meme Coin交易驅動。 2024年1月的令牌平台Pumpfun推出，有關Solana的新地址超過1700萬，其收入和價格大幅提高。

The disparity in exchange-traded fund (ETF) inflows between Bitcoin and Ethereum has also played a critical role in their performance. Bitcoin has attracted substantial institutional investment through spot ETFs, garnering record net inflows of $39.56 billion since their inception. This influx has contributed to Bitcoin’s impressive 130% rise since 2024.

比特幣和以太坊之間的交易所交易基金（ETF）流入的差異在其績效中也起著至關重要的作用。比特幣通過現貨ETF吸引了大量的機構投資，自成立以來，淨流入量為395.6億美元。自2024年以來，這種湧入促成了比特幣令人印象深刻的130％上升。

In comparison, Ethereum’s ETFs have only seen cumulative inflows of $2.49 billion, failing to exert a significant positive influence on its price. The difference in inflow dynamics largely stems from Bitcoin’s growing acceptance as “digital gold” within traditional finance, whereas Ethereum lacks a similarly compelling narrative.

相比之下，以太坊的ETF僅看到24.9億美元的累積流入，未能對其價格產生重大積極影響。流入動力學的差異很大程度上源於比特幣在傳統金融中越來越多地接受為“數字黃金”，而以太坊缺乏同樣令人信服的敘述。

Publicly traded companies are increasingly adopting Bitcoin treasury strategies, exemplified by Michael Saylor’s firm, which holds over 553,000 BTC and has seen its stock price surge by 660% since 2024. This corporate endorsement has bolstered Bitcoin’s price.

公開交易的公司越來越多地採用比特幣國庫策略，由邁克爾·塞勒（Michael Saylor）的公司舉例說明，該公司持有超過553,000 BTC，自2024年以來的股票價格上漲了660％。這一公司認可增強了比特幣的價格。

Firms are now beginning to replicate this strategy with Solana, but Ethereum has seen negligible corporate investment and commitment.

公司現在開始用Solana複製這​​一策略，但是以太坊的公司投資和承諾可以忽略不計。

Furthermore, the increasing incidence of hacks targeting Ethereum has compounded its challenges. Ether has become the preferred target for cybercriminals, accounting for over 50% of stolen cryptocurrencies since 2024, which has negatively impacted its price.

此外，針對以太坊的黑客發病率的日益加劇了其挑戰。 Ether已成為網絡犯罪分子的首選目標，自2024年以來，超過50％的加密貨幣，這對其價格產生了負面影響。

In response to its recent struggles, the Ethereum Foundation is restructuring its leadership and reaffirming its commitment to scaling and enhancing Ethereum. The forthcoming Pectra upgrade, scheduled for May 7, aims to improve Ethereum’s scalability, privacy, and user experience.

為了回應其最近的鬥爭，以太坊基金會正在重組其領導力，並重申其對擴展和增強以太坊的承諾。計劃於5月7日定於5月7日進行的Pectra升級旨在提高以太坊的可擴展性，隱私性和用戶體驗。

Additionally, the launch of Ethrealize, led by notable developers, seeks to market Ethereum to institutional investors and develop Ethereum-based products for this sector.

此外，由著名開發商領導的Ethrealize的推出，試圖向機構投資者推銷以太坊，並為該行業開發基於以太坊的產品。