以太坊熊贏得了大勝利，因為短ETF占主導地位的2025排名

到目前為止，在2025年，最有利可圖的ETF交易來自對以太坊的投注。 Short Eth提供了驚人的回報的利用資金

The year 2025 has not been kind to Ethereum, and its misery has brought immense gains for bears, especially those wagering via short ETFs.

2025年對以太坊並不友善，其痛苦為熊帶來了巨大的收益，尤其是那些通過短期ETF下注的熊。

As of mid-April, the best-performing ETFs in 2025 were all leveraged funds betting against ETH.

截至4月中旬，2025年表現最佳的ETF都是針對ETH的槓桿資金。

ProShares’ ETHD and T-Rex’s ETQ, both employing 2x inverse strategies to double the impact of ETH’s price moves in the opposite direction, had delivered gains of 247% and 219%, respectively, according to Bloomberg.

根據彭博社的數據，Proshares的ETHD和T-Rex的ETQ都採用了2倍反向策略，將ETH價格轉移在相反方向上的影響增加一倍，分別賦予了247％和219％的收益。

This adds extra volatility to already turbulent waters.

這增加了已經動蕩的水域的額外波動。

ETH itself has had a punishing year, with its price falling more than 50% as of mid-April.

ETH本身的懲罰性一年，截至4月中旬，其價格下降了50％以上。

It’s also been “brutal” for Ethereum bulls, according to Bloomberg’s Eric Balchunas.

根據彭博的埃里克·巴爾庫納斯（Eric Balchunas）的說法，這對以太坊公牛也是“殘酷的”。

While Ethereum still boasts the largest total value locked among blockchains, at about $46 billion according to DeFiLlama, its network economic engine has stalled.

儘管以太坊仍然擁有區塊鏈中最大的總價值，但根據Defillama的數據約為460億美元，其網絡經濟引擎卻停滯不前。

Following its major Dencun upgrade last March, which aimed to lower transaction costs, Ethereum’s fee revenue plummeted by roughly 95%.

在去年3月的主要Dencun升級後，目的是降低交易成本，以太坊的費用收入下降了約95％。

Most transactions are now taking place on Layer-2 networks, but monetizing them has proven difficult.

現在，大多數交易都是在第2層網絡上進行的，但是事實證明，將它們獲利已被證明很困難。

In one week alone, Ethereum earned just over 3 ETH from activity on L2s like Arbitrum and Base.

僅在一個星期內，以太坊就可以從仲裁和基礎等L2上的活動中獲得超過3個ETH。

To return to pre-upgrade revenue levels, on-chain data suggests L2 volume would need to increase by more than 22,000 times.

為了恢復升級的收入水平，鏈上數據表明，L2量需要增加超過22,000倍。

Analysts now argue that Ethereum’s long-term success will hinge on its efficiency as a data host for scaling solutions rather than its ability to generate fees.

分析師現在認為，以太坊的長期成功將取決於其作為擴展解決方案的數據主機的效率，而不是其產生費用的能力。

Meanwhile, usage across major smart contract platforms, including Ethereum and Solana, declined in Q1 as traders grew cautious amid looming tariffs and heightened geopolitical tensions under the Trump administration.

同時，包括以太坊和索拉納在內的主要智能合同平台上的使用情況下降了，因為在特朗普政府下，貿易商謹慎地謹慎，並加劇了地緣政治緊張局勢。

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