水晶宫中的裂缝：以太坊的优势下降和系绳的崛起

以太坊曾经被誉为智能合同革命的无可争议的国王和分散财务的基岩（DEFI），在2024年经历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?

以太坊曾经是智能合同革命的无可争议的国王和分散融资（DEFI）的基岩，在2024年在2024年经历了巨大而令人不安的下降。这些人数众多：超过4820亿美元的高峰期，这是一笔高达23.8亿美元的高价，这是一笔惊人的市值消灭，这是一笔高峰的降至4820亿美元的高价。这不仅仅是市场波动；这是一次地震转变，它通过加密生态系统造成了冲击波，使投资者和发烧友都努力解决一个基本问题：出了什么问题？

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.

以太坊跌倒的叙述是多方面的，这是技术，经济和监管因素的融合。本文将剖析以太坊最近的困扰背后的理由，探讨其盈利能力冠军的丧失，现货ETH ETF的表现不佳，用户偏好的不断变化以及更广泛的宏观经济气候导致其巨大的下降。