以太坊（ETH）在2025年经历了严重的衰退，落后于比特币和索拉纳

以太坊（ETH）记录了47％的适度增长，与2021年牛市见证的400％激增形成了鲜明的对比。

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 - （纽约）以太坊（ETH）在2025年面临着明显的衰退，损失接近50％，落后于比特币和索拉纳（Bitcoin）和索拉纳（Solana）。这种表现不佳可以归因于各种因素。

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升级后，该升级引入了BlobSpace来存储2层交易，这转移了以太坊的收入模型。尽管升级增加了交易吞吐量和减少费用，但它无意中导致收入减少和通货膨胀供应增长的回报，自2024年4月以来，有超过730,000个新的ETH被铸造出来。

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）受益于需求激增，主要是由Meme Coin交易驱动。 2024年1月的令牌平台Pumpfun推出，有关Solana的新地址超过1700万，其收入和价格大幅提高。

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.

比特币和以太坊之间的交易所交易基金（ETF）流入的差异在其绩效中也起着至关重要的作用。比特币通过现货ETF吸引了大量的机构投资，自成立以来，净流入量为395.6亿美元。自2024年以来，这种涌入促成了比特币令人印象深刻的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仅看到24.9亿美元的累积流入，未能对其价格产生重大积极影响。流入动力学的差异很大程度上源于比特币在传统金融中越来越多地接受为“数字黄金”，而以太坊缺乏同样令人信服的叙述。

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.

公开交易的公司越来越多地采用比特币国库策略，由迈克尔·塞勒（Michael Saylor）的公司举例说明，该公司持有超过553,000 BTC，自2024年以来的股票价格上涨了660％。这一公司认可增强了比特币的价格。

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

公司现在开始用Solana复制这​​一策略，但是以太坊的公司投资和承诺可以忽略不计。

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，针对以太坊的黑客发病率的日益加剧了其挑战。 Ether已成为网络犯罪分子的首选目标，自2024年以来，超过50％的加密货币，这对其价格产生了负面影响。

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.

为了回应其最近的斗争，以太坊基金会正在重组其领导力，并重申其对扩展和增强以太坊的承诺。计划于5月7日定于5月7日进行的Pectra升级旨在提高以太坊的可扩展性，隐私性和用户体验。

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，由著名开发商领导的Ethrealize的推出，试图向机构投资者推销以太坊，并为该行业开发基于以太坊的产品。