以太坊（ETH）面临着许多问题，这些问题正在吸引其价值和盈利能力

以太坊是市场资本化的第二大加密货币，面临着许多问题，这些问题正在融入其价值和盈利能力。

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.

在不断变化的加密货币景观中，按市值计算的第二大数字资产以太坊（ETH）遇到了几个影响其价值和盈利能力的问题。

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.

随着加密货币市场继续从2024年的低谷中恢复过来，许多硬币的价格迅速上涨。但是，即使以1,900美元的价格，以太坊（ETH）持有人的价格也只有47％可以说，他们的投资是绿色的。与比特币（BTC）形成鲜明对比的是，它不仅价值更高，而且比去年同一价格相比价值更高。

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

大多数TRX，OM，BGB和BTC持有人也看到其投资组合的收益。

Source: CryptoRank

来源：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.

以太坊目前最大的问题似乎是上述价格幻灯片，这不仅是由整体加密市场低迷的推动，而且还受到以太坊本身的持续不展望。相对于其他主要硬币，例如比特币，大多数持有人都在获利，以太坊的大部分地址都以当前价格为红色。

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

这部分是由于以太坊的价格稳定的事实远不及其他顶级加密货币。

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，比特币的价格约为16,000美元。同时，以太坊的价格约为1,300美元。一年后的2024年12月，比特币上涨至110,000美元，而以太坊的价格下跌至900美元，从2024年6月开始下降了约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.

价格绩效的这种严重差异可以归因于几个因素。首先，在2024年加密货币冬季，比特币的下降幅度较大，从高处约69,000美元降至15,000美元左右。相比之下，以太坊的价格在整个低迷中保持相对稳定。

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，比特币从2024年的低点恢复了更快的速度，升高到新的历史高点。相比之下，以太坊的价格恢复速度较慢且不明显。

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.

最后，围绕比特币和以太坊的叙述也发生了变化。 2024年初，密切关注的是加密货币市场的新兴趋势，例如Memecoins和AI应用程序。但是，在2025年，对话已经转向了对加密货币景观的更广泛讨论，其中包括区块链技术，分散财务（DEFI）和监管环境等主题。

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.

叙事的这种转变可能与以下事实有关：新的加密项目主要使用了新兴趋势，而既定的加密货币（例如比特币和以太坊）正在努力利用它们。例如，尽管Memecoins在交易者中广泛普及，但比特币和以太坊都没有推出任何这样的代币。

Rising Competition and Internal Struggles

竞争的上升和内部斗争

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).

以太坊还面临着其他区块链平台的加强竞争，索拉纳（Solana）成为了关键竞争对手。 Solana在主要的分散融资（DEFI）项目中取得了成功，并在某些关键绩效指标中超过以太坊，包括分散交易所（DEX）的数量和费用。

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.

索拉纳（Solana）的技术表现使其成为以太坊的认真挑战者，其能力以较低的交易成本和不断增长的项目生态系统扩展。

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.

同时，以太坊基金会的内部问题也提出了有关网络长期前景的疑问。该基金会经历了多次重组，其领导者之间的争议影响了网络的发展。

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.’

尽管从以太坊1.0到以太坊2.0的变化是朝着可伸缩性的重大举措，但批评者质疑基金会的持续内部争执是否可能阻止以太坊进行任何长期，变革性的创新，并无法实现其“宏伟愿景”。

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这些挑战，或者是否做到了，可能会告诉我们很多有关基金会的领导和以太坊的未来的信息。

Ethereum ETF Outflows: A Sign of Waning Confidence

以太坊ETF流出：信心减弱的迹象

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经历了375.27亿美元的净流出，标记了该产品的第四天流出。这些不太维持的戒断是另一个指标，表明投资者对以太坊的信心正在向南行驶。

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.

现货ETF是寻求加密货币市场敞口的机构投资者的典型流行投资工具。但是，以太坊现场ETF的持续流出表明，机构投资者可能会失去对第二大加密货币提供强大回报能力的信心。

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（美国东部标准时间），以太坊现场ETF的总净流出为375.27亿美元，标志着连续第四天的净流出。

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

同时，比特币现场ETF的总净流出为3.69亿美元，延长了六天的净流出。

The outflows from Ethereum ETFs show

以太坊ETF的流出显示