Ethereum, with a market value of 33,807,765,027, is the big brother of the cryptocurrency world. Relying on smart contracts and decentralized applications, it has consistently held the second position in cryptocurrency market capitalization. However, it now finds itself at a crossroads, facing a challenging path ahead.

From the market performance perspective, Ethereum appears to be 'listless.' Its total market value is $216 billion, but its market share has dropped to 7.4%, widening the gap with Bitcoin. The scale of Ethereum's spot ETF has hit a historical low, with institutions and large holders selling off aggressively, even ancient wallets that have been dormant for years are now selling coins. The number of new users and active users has significantly decreased, and transaction fees have also dropped, indicating a clear waning of enthusiasm for it.