以太坊（ETH）的吸引力下降，因為投資來自第2層的排水價值

儘管在去年年底上很樂觀，大約在2025年達到10,000美元，尤其是在12月達到4,000美元之後

Crypto venture capitalist Nic Carter believes that greedy layer-2s (L2s) siphoning value from the main network and a lack of community pushback on excessive token creation are to blame for Ether's (ETH) declining appeal as an investment.

Crypto Venture資本家Nic Carter認為，主要網絡中貪婪的2層（L2）虹吸價值，並且缺乏社區對過度代幣創造的推翻，這是Ether（ETH）的投資下降，這是一項投資的下降。

"The #1 cause of this is greedy Eth L2s siphoning value from the L1 and the social consensus that excess token creation was A-OK. ETH was buried in an avalanche of its own tokens. Died by its own hand," the Castle Island Ventures partner said in a March 28 X post.

Castle Island Ventures合作夥伴在3月28日的X帖子中說：“這是貪婪的Eth L2S從L1獲得的貪婪的L2S虹吸價值，以及社會共識，即過多的代幣創造是A-OK。ETH被埋葬在其本身的雪崩中。

This came in response to Lekker Capital founder Quinn Thompson, who claimed that Ether is "completely dead" as an investment.

這是對萊克·資本（Lekker Capital）創始人奎因·湯普森（Quinn Thompson）的回應。

"A $225 billion market cap network that is seeing declines in transaction activity, user growth and fees/revenues. There is no investment case here. As a network with utility? Yes. As an investment? Absolutely not," Thompson said.

湯普森說：“一個2250億美元的市值網絡正在看到交易活動，用戶增長和收入的下降。這裡沒有投資案例。作為具有實用性的網絡？是的。是的。作為一項投資？絕對不是。”

The ETH/BTC ratio, which shows Ether's relative strength compared to Bitcoin (BTC), is sitting at 0.02260, its lowest level in nearly five years, according to TradingView data.

根據TradingView數據，ETH/BTC比率顯示了Ether的相對強度，其相對強度為0.02260，其近五年來最低水平。

At the time of publication, Ether is trading at $1,894, down 5.34% over the past seven days, according to CoinMarketCap data.

根據CoinMarketCap數據，在出版時，Ether的交易價格為1,894美元，在過去的7天中下跌了5.34％。

Meanwhile, Cointelegraph Magazine reported in September 2024 that fee revenue for Ethereum had "collapsed" by 99% over the previous six months as "extractive L2s" absorbed all the users, transactions and fee revenue while contributing nothing to the base layer.

同時，Cointelegraph雜誌在2024年9月報導說，以太坊的費用收入在過去六個月中“崩潰”了99％，因為“提取L2S”吸收了所有用戶，交易和費用收入，而對基礎層沒有任何貢獻。

Around the same time, Cinneamhain Ventures partner Adam Cochran said Based Rollups could solve the issue of L2 networks pulling liquidity and revenue from the blockchain's base layer.

大約在同一時間，Cinneamhain Ventures合作夥伴Adam Cochran表示，基於的匯總可以解決L2網絡的問題，從而從區塊鏈的基礎層中提取流動性和收入。

Cochran said Based Rollups could "directly impact the monetization of Ethereum by making a pretty fundamental change to incentive structures."

科克倫說，基於匯總可以“通過對激勵結構做出相當根本的更改來直接影響以太坊的貨幣化”。

Despite optimism toward the end of last year about Ether reaching $10,000 in 2025 — especially after reaching $4,000 in December, the same month Bitcoin touched $100,000 for the first time — it has since seen a sharp decline alongside the broader crypto market downturn.

儘管在去年年底上很樂觀，大約在2025年以太幣達到10,000美元，尤其是在12月達到4,000美元之後，同一月份，比特幣首次觸及了100,000美元，但此後與更廣泛的加密貨幣市場下降幅度急劇下降。

Standard Chartered added to the bearish outlook via a March 17 client letter, which revised down their end of 2025 ETH price estimate from $10,000 to $4,000, a 60% reduction.

標準包機通過3月17日的客戶信件加入了看跌前景，該信件將其2025年ETH價格估算的修訂從10,000美元降至4,000美元，減少了60％。

However, several crypto traders, including pseudonymous traders Doctor Profit and Merlijn The Trader, are "insanely bullish" and argue that Ether could be the "best opportunity in the market."

但是，包括偽商人的幾位加密貨幣交易員是“瘋狂看漲”，並認為以太可能是“市場上最好的機會”。