Ethereum is the big brother in the cryptocurrency world, relying on smart contracts and decentralized applications, and has consistently held the second position in cryptocurrency market capitalization. However, it is now somewhat stuck at a crossroads, with a challenging road ahead.

From the market performance perspective, Ethereum seems a bit "listless". Its total market capitalization is $216 billion, but its market share has dropped to 7.4%, widening the gap with Bitcoin. The size of Ethereum's spot ETF has hit an all-time low, with institutions and large holders in a frenzy of selling, even long-dormant "ancient wallets" are coming out to sell coins. The number of new users and active users has significantly decreased, and trading fees have also dropped accordingly, showing a clear decline in enthusiasm for it.