以太坊熊赢得了大胜利，因为短ETF占主导地位的2025排名

到目前为止，在2025年，最有利可图的ETF交易来自对以太坊的投注。 Short Eth提供了惊人的回报的利用资金

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年对以太坊并不友善，其痛苦为熊带来了巨大的收益，尤其是那些通过短期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年表现最佳的ETF都是针对ETH的杠杆资金。

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.

根据彭博社的数据，Proshares的ETHD和T-Rex的ETQ都采用了2倍反向策略，将ETH价格转移在相反方向上的影响增加一倍，分别赋予了247％和219％的收益。

This adds extra volatility to already turbulent waters.

这增加了已经动荡的水域的额外波动。

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

ETH本身的惩罚性一年，截至4月中旬，其价格下降了50％以上。

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

根据彭博的埃里克·巴尔库纳斯（Eric Balchunas）的说法，这对以太坊公牛也是“残酷的”。

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

尽管以太坊仍然拥有区块链中最大的总价值，但根据Defillama的数据约为460亿美元，其网络经济引擎却停滞不前。

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升级后，目的是降低交易成本，以太坊的费用收入下降了约95％。

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

现在，大多数交易都是在第2层网络上进行的，但是事实证明，将它们获利已被证明很困难。

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

仅在一个星期内，以太坊就可以从仲裁和基础等L2上的活动中获得超过3个ETH。

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

为了恢复升级的收入水平，链上数据表明，L2量需要增加超过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.

分析师现在认为，以太坊的长期成功将取决于其作为扩展解决方案的数据主机的效率，而不是其产生费用的能力。

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.

同时，包括以太坊和索拉纳在内的主要智能合同平台上的使用情况下降了，因为在特朗普政府下，贸易商谨慎地谨慎，并加剧了地缘政治紧张局势。

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