对以太的投注一直是表现最好的ETF策略

对以太的投注一直是表现最好的交易所交易基金（ETF）策略

Betting against Ether has been the best performing exchange traded fund (ETF) strategy so far in 2025, according to Bloomberg analyst Eric Balchunas.

据彭博分析师埃里克·巴尔库纳斯（Eric Balchunas）称，针对Ether的投注一直是迄今为止迄今为止表现最好的交易所交易基金（ETF）策略。

Two ETFs designed to take two-times leveraged short positions in Ether claimed ETHUSD first and second place in a Bloomberg Intelligence ranking of the year’s top-performing funds, Balchunas said in a post on the X platform.

Balchunas在X平台上的一篇文章中说，两次旨在在Ether中占据了两次的ETHES中的短期职位，在彭博社情报局排名本年度最佳基金的排名中获得了Ethusd的第一和第二名。

In the year-to-date, ProShares UltraShort Ether ETF (ETHD) and T Rex 2X Inverse Ether Daily Target ETF (ETQ) are up approximately 247% and 219%, respectively, Bloomberg Intelligence data showed.

彭博社智能数据显示，在年初到日期中，Proshares Ultrashort Ether ETF（ETHD）和T REX 2倍逆以太目标ETF（ETQ）分别上涨了约247％和219％。

The implications for Ether are “brutal,” Balchunas said.

Balchunas说，对以太的影响是“残酷的”。

Ether itself is down approximately 54% year-to-date on April 11, according to Cointelegraph’s market data.

根据CoIntelegraph的市场数据，Ether本身在4月11日降低了大约54％的年限。

Both ETFs use financial derivatives to inversely track Ether’s performance with twice as much volatility as the underlying cryptocurrency.

两种ETF都使用金融衍生品，以逆向以太的性能，其波动率是基础加密货币的两倍。

Leveraged ETFs do not always perfectly track their underlying assets.

杠杆ETF并不总是完美地跟踪其基本资产。

Weak revenue performance

收入表现较弱

With approximately $46 billion in total value locked (TVL), Ethereum is still the most popular blockchain network, according to data from DefiLlama.

根据Defillama的数据，以太坊的总价值锁定约为460亿美元（TVL）仍然是最受欢迎的区块链网络。

However, its native token performance has sputtered since March 2024, when Ethereum’s Dencun upgrade — designed to cut costs for users — slashed the network’s fee revenues by roughly 95%.

但是，自2024年3月以太坊的Dencun升级（旨在降低用户的成本）以来，其本地代币性能就散布了，将网络的费用收入削减了约95％。

The upgrade kept the network’s revenues depressed, largely because of difficulties monetizing its layer-2 (L2) scaling chains, which host an increasingly large portion of transactions settled on Ethereum.

升级使网络的收入保持沮丧，这主要是因为难以赚取其第2层（L2）缩放链的困难，该链条链带有越来越多的交易，该交易越来越大。

“Ethereum’s future will revolve around how effectively it serves as a data availability engine for L2s,” arndxt, author of the Threading on the Edge newsletter, said in a March X post.

“以太坊的未来将围绕着它作为L2S的数据可用性引擎的有效性，” Edge通讯上的线程的作者Arndxt在3月的X帖子中说。

In the week ending March 30, Ethereum earned only 3.18 ETH from transactions on its layer-2 chains, such as Arbitrum and Base, according to data from Etherscan.

根据Etherscan的数据，在截至3月30日的一周中，以太坊从其2层链上的交易中仅获得了3.18 ETH的收入。

To fully recover Ethereum’s peak fee revenues from before the Dencun upgrade, L2's transaction volumes would need to increase more than 22,000-fold, according to an X post by Michael Nadeau, founder of The DeFi Report.

根据DEFI报告的创始人Michael Nadeau表示，为了完全收回以太坊的高峰费收入，L2的交易量将需要增加22,000倍以上。

Meanwhile, smart contract platforms — including Ethereum and Solana — suffered across-the-board declines in usage during the first quarter of 2025, asset manager VanEck said in an April report.

同时，资产经理Vaneck在4月份的报告中说，智能合同平台（包括以太坊和索拉纳）在2025年第一季度的使用情况下遭受了全面的使用下降。

The diminished activity reflects cooling market sentiment as traders brace for US President Donald Trump’s sweeping tariffs and a looming trade war.

活动的减少反映了贸易商为美国总统唐纳德·特朗普（Donald Trump）付出的全面关税和迫在眉睫的贸易战争而付出的冷却市场情绪。