Bitcoin has already surpassed $110,000, setting a new historical high, while Ethereum is still hovering around $2,600; this gap is simply astronomical. Looking at the historical price comparison, when Bitcoin rose to nearly $20,000 in 2017, Ethereum followed up to $1,400; as a result, when Bitcoin dropped by 80%, Ethereum crashed by more than 90%. In the DeFi explosion of 2020 and the bull market of 2021, Bitcoin rose to over $60,000, while Ethereum peaked at $4,800. However, when the bear market of 2022 hit, Bitcoin fell to a low of $15,000, while Ethereum was directly cut in half to $880. Now that Bitcoin has reached a new high, Ethereum hasn't even touched half of its 2021 peak, clearly indicating a lack of recovery.

1. Technical issues: Always 'drawing a pie' without truly solving anything.

1. Scalability issues: After so many years, it remains unsolved; although it has transitioned to PoS, transaction fees are still ridiculously high. Even if the Pectra upgrade is completed, boosting mainnet TPS to over 3000, Solana's TPS is as high as 65,000, with transaction costs only $0.02, while Ethereum Layer 2's transaction costs barely drop to $0.01. The user experience hasn't seen a qualitative improvement; ordinary investors cannot feel the so-called 'technological progress.'

2. Frequent upgrades with limited effects: From 'the merge' to 'Shanghai upgrade' to 'Cancun upgrade,' and now with the Pectra upgrade, every time it is claimed that problems will be solved, but what are the actual results? After the Pectra upgrade, although the staking mechanism was optimized, the number of validators decreased by 12%, further lowering the level of decentralization. Furthermore, the promotion of Layer 2 is slow, and both users and developers are observing, failing to form any scale effect.

3. Inflation Issue: Although the inflation rate has decreased since the transition to PoS, EIP-7251 has led to a reduction in the number of validators, and the annual new issuance is expected to decrease by 15%. However, the increase in on-chain activity due to higher Blob throughput has resulted in a 230% increase in base fee burn, leading to a deflation rate of -6.8%. In contrast, Bitcoin's total supply of 21 million coins remains constant, its anti-inflation property overwhelmingly surpasses that of Ethereum.

2. Market Competition: Being rubbed down by competitors.

1. Solana's crushing advantage: On May 13, 2025, Solana's daily revenue reached $7.9 million, three times that of Ethereum ($2.54 million) and eleven times that of Bitcoin ($640,000). Its on-chain transaction volume outpaces that of Coinbase and Ethereum, with a market capitalization reaching 34% of Ethereum's. Solana's high transaction speed (65,000 TPS) and low fees (average $0.02) continue to attract users, especially in the DeFi and NFT sectors, where Solana's NFT transaction volume once surpassed that of Ethereum.

2. The diversion effect of Polygon: As a Layer 2 solution, Polygon has a transaction speed of 65,000 transactions per second, while Ethereum can only handle 15 transactions per second. Traditional brands like Starbucks, Coca-Cola, and Disney are all utilizing Polygon to try NFTs, and financial institutions like JPMorgan and DBS Bank have completed on-chain foreign exchange and government bond trading experiments on Polygon. Polygon fully benefits from Ethereum's network effects, but users and funds are indeed flowing from Ethereum to Polygon.

3. The rise of other public chains: Public chains like Avalanche and BNB Chain are also developing rapidly, with DeFi locked value continually increasing. As of April 2025, Ethereum's DeFi locked value is $28.542 billion, while Solana and Polygon have only $7.028 million and $8.715 million, respectively. Although Ethereum still dominates, its market share is being eroded.

3. Investor confidence: Institutions look down on it, and retail investors lack faith.

1. Institutions prefer Bitcoin: Bitcoin's position as 'digital gold' is solid, and institutional investors are more inclined to allocate to Bitcoin. Data from institutional holdings in Q2 2025 shows that traditional institutions, such as social security funds, mainly allocate to the A-share market and do not mention direct holdings in Bitcoin or Ethereum. Although $205 million flowed into Ethereum after the Pectra upgrade, Bitcoin saw an inflow of $557 million during the same period, showing a significant gap.

2. Retail investors losing patience: Ethereum's price has been sluggish for a long time, greatly reducing retail investor confidence. Social media is filled with remarks like 'Ethereum is trash' and 'Ethereum is dead,' leading to a decline in community engagement. In contrast, Bitcoin's community cohesion is stronger, and its believers are more steadfast, maintaining long-term holders' confidence even amid price fluctuations.

3. Narrative vacuum period: The market doesn't know what to hype next — from 'the merge' to 'Shanghai upgrade' to 'Cancun upgrade,' the technological iterations are too abstract for ordinary investors, lacking a 'blockbuster story' to stimulate prices. Bitcoin, on the other hand, doesn't need to 'tell a story'; as long as the market believes in 'a total of 21 million coins' and 'anti-inflation,' it can rise.

4. Conclusion: Holding Ethereum is too risky; it’s better to switch to Bitcoin.

1. Short-term speculation is inadvisable: Currently, Bitcoin is the market focus, and funds may continue to flow into Bitcoin, with Ethereum potentially continuing to 'run alongside' or even being siphoned off by other public chains in the short term. If it's short-term speculation, it’s better to buy Bitcoin directly or at least reduce Ethereum holdings.

2. Long-term investment requires caution: Although Ethereum remains the leader in the smart contract field (with DeFi locked value over 70%), technological upgrades (like Pectra) may enhance performance, and there are expectations for staking economics and zk-Rollup explosions in the future. However, patience is needed; it might take 3-5 years to see results. Moreover, the speed of competitors' development is too fast, raising doubts about whether Ethereum can maintain its leading position.

3. Bitcoin is the true faith: Bitcoin, as 'digital gold,' has high market recognition, more institutional investment, and greater price stability. Amid factors like Federal Reserve interest rate cuts, a weakening dollar, and geopolitical risks, Bitcoin's safe-haven properties are further highlighted. In contrast, Ethereum's risks are too high, and its uncertainty is too great.

Investing carries risks; one must exercise caution in judgment. If you can't stand Ethereum's 'drawn-out process' and lack a reason for long-term holding, switching to Bitcoin or cash is acceptable; however, if you are optimistic about the future of blockchain's application layer and are willing to bet on the day its technology lands, a $2600 Ethereum might just be 'halfway up the mountain.' The premise is that you can withstand the risk of continued decline. However, based on current market performance and technological progress, I strongly advise you to stay away from Ethereum and switch to Bitcoin.#山寨币热点