水晶宮中的裂縫：以太坊的優勢下降和繫繩的崛起

以太坊曾經被譽為智能合同革命的無可爭議的國王和分散財務的基岩（DEFI），在2024年經歷了巨大而令人不安的下降。

Ethereum, once the undisputed king of the smart contract revolution and the bedrock of decentralized finance (DeFi), has experienced a dramatic and unsettling decline in 2024. The numbers speak volumes: a staggering $244 billion market capitalization wipeout, a descent from its November peak of $482 billion to a current valuation of $238 billion, and a price plunge below the psychologically significant $2,000 mark. This isn’t merely a market fluctuation; it’s a seismic shift that has sent shockwaves through the crypto ecosystem, leaving investors and enthusiasts alike grappling with a fundamental question: what went wrong?

以太坊曾經是智能合同革命的無可爭議的國王和分散融資（DEFI）的基岩，在2024年在2024年經歷了巨大而令人不安的下降。這些人數眾多：超過4820億美元的高峰期，這是一筆高達23.8億美元的高價，這是一筆驚人的市值消滅，這是一筆高峰的降至4820億美元的高價。這不僅僅是市場波動；這是一次地震轉變，它通過加密生態系統造成了衝擊波，使投資者和發燒友都努力解決一個基本問題：出了什麼問題？

The narrative of Ethereum’s fall is multifaceted, a confluence of technical, economic, and regulatory factors. This article will dissect the intricate web of reasons behind Ethereum’s recent woes, exploring the loss of its profitability crown, the underwhelming performance of spot ETH ETFs, the shifting landscape of user preferences, and the broader macroeconomic climate that has contributed to its dramatic decline.

以太坊跌倒的敘述是多方面的，這是技術，經濟和監管因素的融合。本文將剖析以太坊最近的困擾背後的理由，探討其盈利能力冠軍的喪失，現貨ETH ETF的表現不佳，用戶偏好的不斷變化以及更廣泛的宏觀經濟氣候導致其巨大的下降。