#以太坊的未来

I. Current Market Value Status: From 'Second-in-Command' to 'Chaser' Crisis

Ethereum's market value has shown drastic fluctuations in 2025. As of April 25, the price of ETH has dropped to around $1,770, with a market value of approximately $37.871 billion, plummeting 50% from its peak of $3,668 in January 2025, nearly erasing all gains since October 2023. This performance not only lags behind Bitcoin (market value $1.98 trillion), but it has also been surpassed by competitors like Solana ($10.43 billion), with market share shrinking from 17.41% in 2022 to 8%-12%.

Core Contradictions:

1. 'Expectation Gap' in Technological Upgrades: Despite the promises of improvements in performance from sharding technology and the Pectra upgrade (launching on May 7), the market remains skeptical about their actual effects. For instance, although sharding technology has reduced transaction fees by 90%, on-chain activity has significantly slowed, and DeFi lending platforms face a liquidation risk exceeding $336 million.

2. Institutional Capital Withdrawal: ETH ETFs are experiencing continuous outflows, while BTC ETFs are consistently attracting funds, indicating a preference shift among institutions towards Bitcoin. Traditional giants like BlackRock and Fidelity are entering the cryptocurrency space but are more inclined to view ETH as a 'risk asset' rather than a substitute for 'digital gold'.