以太坊（ETH）面臨著許多問題，這些問題正在吸引其價值和盈利能力

以太坊是市場資本化的第二大加密貨幣，面臨著許多問題，這些問題正在融入其價值和盈利能力。

In the ever-shifting landscape of cryptocurrencies, Ethereum (ETH), the second-largest digital asset by market capitalization, has been encountering several issues that are impacting its value and profitability.

在不斷變化的加密貨幣景觀中，按市值計算的第二大數字資產以太坊（ETH）遇到了幾個影響其價值和盈利能力的問題。

As the cryptocurrency market continues to recover from the lows of 2024, many coins have seen their prices rise rapidly. However, even at a price point of $1,900, only 47% of Ethereum (ETH) holders can say that they’re in the green with their investment; a stark contrast to Bitcoin (BTC), which is not only worth more but also worth more compared to its price point at the same time last year.

隨著加密貨幣市場繼續從2024年的低谷中恢復過來，許多硬幣的價格迅速上漲。但是，即使以1,900美元的價格，以太坊（ETH）持有人的價格也只有47％可以說，他們的投資是綠色的。與比特幣（BTC）形成鮮明對比的是，它不僅價值更高，而且比去年同一價格相比價值更高。

The majority of TRX, OM, BGB, and BTC holders are also seeing gains in their portfolios.

大多數TRX，OM，BGB和BTC持有人也看到其投資組合的收益。

Source: CryptoRank

來源：Cryptorank

The biggest problem with Ethereum right now appears to be the aforementioned price slide, which is not just driven by the overall crypto market downturn but also by the consistent underperformance of Ethereum itself. Relative to other major coins like Bitcoin, most of whose holders are in profit, a large portion of Ethereum addresses are in the red at the current price.

以太坊目前最大的問題似乎是上述價格幻燈片，這不僅是由整體加密市場低迷的推動，而且還受到以太坊本身的持續不展望。相對於其他主要硬幣，例如比特幣，大多數持有人都在獲利，以太坊的大部分地址都以當前價格為紅色。

This is in part due to the fact that Ethereum’s price has been much less stable than that of other top cryptocurrencies.

這部分是由於以太坊的價格穩定的事實遠不及其他頂級加密貨幣。

At the beginning of 2024, the price of Bitcoin was around $16,000. At the same time, the price of Ethereum was around $1,300. A year later, in December 2024, Bitcoin had risen to $110,000, while the price of Ethereum had dropped to $900—a decline of around 30% from June 2024.

在2024年初，比特幣的價格約為16,000美元。同時，以太坊的價格約為1,300美元。一年後的2024年12月，比特幣上漲至110,000美元，而以太坊的價格下跌至900美元，從2024年6月開始下降了約30％。

This stark difference in price performance can be attributed to several factors. Firstly, Bitcoin experienced a steeper decline during the cryptocurrency winter of 2024, falling from highs of around $69,000 to lows of around $15,000. In contrast, Ethereum’s price remained relatively stable throughout the downturn.

價格績效的這種嚴重差異可以歸因於幾個因素。首先，在2024年加密貨幣冬季，比特幣的下降幅度較大，從高處約69,000美元降至15,000美元左右。相比之下，以太坊的價格在整個低迷中保持相對穩定。

Secondly, Bitcoin experienced a more rapid recovery from the lows of 2024, rising to hit new all-time highs. In comparison, Ethereum’s price recovery was slower and less pronounced.

其次，比特幣從2024年的低點恢復了更快的速度，升高到新的歷史高點。相比之下，以太坊的價格恢復速度較慢且不明顯。

Finally, the narrative around Bitcoin and Ethereum has also shifted. Earlier in 2024, there was a strong focus on emerging trends in the cryptocurrency market, such as memecoins and AI applications. However, in 2025, the conversation has shifted to a broader discussion of the cryptocurrency landscape, encompassing topics like blockchain technology, decentralized finance (DeFi), and the regulatory environment.

最後，圍繞比特幣和以太坊的敘述也發生了變化。 2024年初，密切關注的是加密貨幣市場的新興趨勢，例如Memecoins和AI應用程序。但是，在2025年，對話已經轉向了對加密貨幣景觀的更廣泛討論，其中包括區塊鏈技術，分散財務（DEFI）和監管環境等主題。

This shift in narrative might be related to the fact that emerging trends are largely being used by new crypto projects, while established cryptocurrencies like Bitcoin and Ethereum are struggling to capitalize on them. For instance, despite the widespread popularity of memecoins among traders, neither Bitcoin nor Ethereum have launched any such tokens.

敘事的這種轉變可能與以下事實有關：新的加密項目主要使用了新興趨勢，而既定的加密貨幣（例如比特幣和以太坊）正在努力利用它們。例如，儘管Memecoins在交易者中廣泛普及，但比特幣和以太坊都沒有推出任何這樣的代幣。

Rising Competition and Internal Struggles

競爭的上升和內部鬥爭

Ethereum is also facing an intensifying rivalry from other blockchain platforms, with Solana emerging as a key competitor. Solana is scoring successes with major decentralized finance (DeFi) projects and has surpassed Ethereum in some key performance indicators, including volume and fees in decentralized exchanges (DEXs).

以太坊還面臨著其他區塊鏈平台的加強競爭，索拉納（Solana）成為了關鍵競爭對手。 Solana在主要的分散融資（DEFI）項目中取得了成功，並在某些關鍵績效指標中超過以太坊，包括分散交易所（DEX）的數量和費用。

Solana’s technical performance makes it a serious challenger to Ethereum, with its ability to scale with lower transaction costs and a growing ecosystem of projects.

索拉納（Solana）的技術表現使其成為以太坊的認真挑戰者，其能力以較低的交易成本和不斷增長的項目生態系統擴展。

Meanwhile, internal problems with the Ethereum Foundation have also raised questions about the long-term prospects for the network. The foundation has experienced several reorganizations, and disputes among its leaders have affected the network’s development.

同時，以太坊基金會的內部問題也提出了有關網絡長期前景的疑問。該基金會經歷了多次重組，其領導者之間的爭議影響了網絡的發展。

Although the change from Ethereum 1.0 to Ethereum 2.0 is a substantial move toward scalability, critics question whether the foundation’s continued internal strife might prevent Ethereum from making any long-term, transformative innovations and from delivering on its ‘grand vision.’

儘管從以太坊1.0到以太坊2.0的變化是朝著可伸縮性的重大舉措，但批評者質疑基金會的持續內部爭執是否可能阻止以太坊進行任何長期，變革性的創新，並無法實現其“宏偉願景”。

Seeing how Ethereum overcomes these challenges, or whether it does at all, might tell us a lot about the foundation’s leadership and Ethereum’s future.

了解以太坊如何克服這些挑戰，或者是否做到了，可能會告訴我們很多有關基金會的領導和以太坊的未來的信息。

Ethereum ETF Outflows: A Sign of Waning Confidence

以太坊ETF流出：信心減弱的跡象

On March 10, Ethereum spot ETFs experienced net outflows of $37.527 million—marking the fourth consecutive day of outflows from the product. These not-so-sustained withdrawals are another indicator that investor confidence in Ethereum is heading south.

3月10日，以太坊ETF經歷了375.27億美元的淨流出，標記了該產品的第四天流出。這些不太維持的戒斷是另一個指標，表明投資者對以太坊的信心正在向南行駛。

Spot ETFs are a typical, popular investment vehicle for institutional investors seeking cryptocurrency market exposure. However, the continued outflows from the Ethereum spot ETF suggest that institutional investors might be losing faith in the second-largest cryptocurrency’s ability to deliver strong returns.

現貨ETF是尋求加密貨幣市場敞口的機構投資者的典型流行投資工具。但是，以太坊現場ETF的持續流出表明，機構投資者可能會失去對第二大加密貨幣提供強大回報能力的信心。

On March 10 (EST), Ethereum spot ETFs recorded a total net outflow of $37.527 million, marking the fourth consecutive day of net outflows.

3月10日（美國東部標準時間），以太坊現場ETF的總淨流出為375.27億美元，標誌著連續第四天的淨流出。

Meanwhile, Bitcoin spot ETFs saw a total net outflow of $369 million, extending their six-day streak of net outflows.

同時，比特幣現場ETF的總淨流出為3.69億美元，延長了六天的淨流出。

The outflows from Ethereum ETFs show

以太坊ETF的流出顯示