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Ethereum is currently facing a brutal reality check, and even some ardent Bitcoin maximalists now feel pity for their arch-rival as the ecosystem is struggling with massive institutional losses and various structural obstacles.

"I hate Ethereum as much as the next Bitcoin Maximalist," JAN3 CEO and prominent Bitcoiner Samson Mow recently shared on X. "But even I can't help but feel a bit sorry for how bad things are for them now."

这一可怜的评论是在以太坊继续在 2,000 美元至 2,150 美元之间缓慢交易之际发出的。资本显然正在转向比特币，备受关注的 ETH/BTC 比率跌至 0.027 的多年低点。

规模化的双刃剑

该网络通过第 2 层 (L2) 汇总成功扩展，这一成就引入了一种称为“L2 同类相食”的现象。用户活动现在被隔离在 Arbitrum、Optimism 和 Base 等数十个竞争性 L2 网络中。因此，对基础层 Gas 费用的需求下降。

Many rollups still rely on centralized sequencers, and massive staking pools of the likes of Lido continue to dominate the base layer (hence, centralization concerns are alive and well).

以太坊正在失去市场主导地位，同时努力捍卫其实用性以对抗其他竞争对手。

汤姆·李 (Tom Lee) 的数十亿美元灾难

以太坊的困境在华尔街变得越来越明显。

汤姆·李 (Tom Lee) 的公司 BitMine Immersion Technologies 目前正面临灾难性的账面损失。

该公司的平均收购成本约为每 1 美元 ETH 3,850 美元。该公司目前未实现亏损高达 80 亿美元。

尽管股价大幅下跌，BitMine 仍顽固地逢低买入。

一艘“较小的船”

Amid the price depression and mounting criticism, Ethereum co-founder Vitalik Buterin recently introduced a new vision for the Ethereum blockchain.

布特林正在退出聚光灯下，拒绝成为网络“永恒管家”的任何愿望。

他还解释说，以太坊基金会从现在开始将减少出售 ETH。

He also insists Ethereum must become "impressive" in more fundamental ways, focusing on bug-free code, resilient chain consensus, and higher decentralization.