Since the Bitcoin halving in 2024, Ethereum has continued to perform weakly compared to Bitcoin, and this latest exchange rate hitting a new low highlights the difficulties Ethereum currently faces. From the market performance perspective, Bitcoin's total market capitalization has gradually surpassed 60%, with more market funds flowing into Bitcoin spot and derivative trading. Additionally, Ethereum's spot ETF has seen multiple days of fund outflows in the past month. At the same time, Ethereum's on-chain DEX revenue has decreased, and TVL has dropped significantly. As the MEME trading frenzy shifts to chains like Solana, the on-chain circulation of its assets has also slowed down.
However, Ethereum is not without opportunities. Its latest upgrade, the Pectra upgrade, is about to go live on the mainnet, which is expected to enhance security and scalability; as an ideal blockchain for RWA, once RWA surges, the price of ETH may still be empowered. However, in the current market environment, Ethereum needs to overcome many challenges to reverse the situation.#ETH #加密市场反弹 
