對以太的投註一直是表現最好的ETF策略

對以太的投註一直是表現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.

據彭博分析師埃里克·巴爾庫納斯（Eric Balchunas）稱，針對Ether的投註一直是迄今為止迄今為止表現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說，兩次旨在在Ether中佔據了兩次的ETHES中的短期職位，在彭博社情報局排名本年度最佳基金的排名中獲得了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.

彭博社智能數據顯示，在年初到日期中，Proshares Ultrashort Ether ETF（ETHD）和T REX 2倍逆以太目標ETF（ETQ）分別上漲了約247％和219％。

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

Balchunas說，對以太的影響是“殘酷的”。

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

根據CoIntelegraph的市場數據，Ether本身在4月11日降低了大約54％的年限。

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

兩種ETF都使用金融衍生品，以逆向以太的性能，其波動率是基礎加密貨幣的兩倍。

Leveraged ETFs do not always perfectly track their underlying assets.

槓桿ETF並不總是完美地跟踪其基本資產。

Weak revenue performance

收入表現較弱

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

根據Defillama的數據，以太坊的總價值鎖定約為460億美元（TVL）仍然是最受歡迎的區塊鍊網絡。

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升級（旨在降低用戶的成本）以來，其本地代幣性能就散佈了，將網絡的費用收入削減了約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.

升級使網絡的收入保持沮喪，這主要是因為難以賺取其第2層（L2）縮放鏈的困難，該鏈條鏈帶有越來越多的交易，該交易越來越大。

“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.

“以太坊的未來將圍繞著它作為L2S的數據可用性引擎的有效性，” Edge通訊上的線程的作者Arndxt在3月的X帖子中說。

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.

根據Etherscan的數據，在截至3月30日的一周中，以太坊從其2層鏈上的交易中僅獲得了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.

根據DEFI報告的創始人Michael Nadeau表示，為了完全收回以太坊的高峰費收入，L2的交易量將需要增加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.

同時，資產經理Vaneck在4月份的報告中說，智能合同平台（包括以太坊和索拉納）在2025年第一季度的使用情況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.

活動的減少反映了貿易商為美國總統唐納德·特朗普（Donald Trump）付出的全面關稅和迫在眉睫的貿易戰爭而付出的冷卻市場情緒。