以太坊（ETH）的吸引力下降，因为投资来自第2层的排水价值

尽管在去年年底上很乐观，大约在2025年达到10,000美元，尤其是在12月达到4,000美元之后

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资本家Nic Carter认为，主要网络中贪婪的2层（L2）虹吸价值，并且缺乏社区对过度代币创造的推翻，这是Ether（ETH）的投资下降，这是一项投资的下降。

"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合作伙伴在3月28日的X帖子中说：“这是贪婪的Eth L2S从L1获得的贪婪的L2S虹吸价值，以及社会共识，即过多的代币创造是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.

这是对莱克·资本（Lekker Capital）创始人奎因·汤普森（Quinn Thompson）的回应。

"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.

汤普森说：“一个2250亿美元的市值网络正在看到交易活动，用户增长和收入的下降。这里没有投资案例。作为具有实用性的网络？是的。是的。作为一项投资？绝对不是。”

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.

根据TradingView数据，ETH/BTC比率显示了Ether的相对强度，其相对强度为0.02260，其近五年来最低水平。

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

根据CoinMarketCap数据，在出版时，Ether的交易价格为1,894美元，在过去的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.

同时，Cointelegraph杂志在2024年9月报道说，以太坊的费用收入在过去六个月中“崩溃”了99％，因为“提取L2S”吸收了所有用户，交易和费用收入，而对基础层没有任何贡献。

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.

大约在同一时间，Cinneamhain Ventures合作伙伴Adam Cochran表示，基于的汇总可以解决L2网络的问题，从而从区块链的基础层中提取流动性和收入。

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

科克伦说，基于汇总可以“通过对激励结构做出相当根本的更改来直接影响以太坊的货币化”。

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.

尽管在去年年底上很乐观，大约在2025年以太币达到10,000美元，尤其是在12月达到4,000美元之后，同一月份，比特币首次触及了100,000美元，但此后与更广泛的加密货币市场下降幅度急剧下降。

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.

标准包机通过3月17日的客户信件加入了看跌前景，该信件将其2025年ETH价格估算的修订从10,000美元降至4,000美元，减少了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，包括伪商人的几位加密货币交易员是“疯狂看涨”，并认为以太可能是“市场上最好的机会”。