<p>在 2026 年 5 月，随着加密市场的整体复苏，以太坊（ETH）曾是公共区块链的无可争议的王者，并支持着全球最大的 DeFi 和 NFT 生态系统，但其表现却明显疲软，遭遇了一系列毁灭性的打击，包括核心技术团队的大规模出走和华尔街机构的重大抛售。5 月 16 日，以太坊下跌超过 4%，跌至 2200 美元的低点，而比特币也跌破了 79000 美元。这次抛售导致 24 小时内超过 150,000 个账户被清算。更令人担忧的是，整个 5 月的下行趋势持续。5 月 18 日，以太坊再次下跌 3.60%，收于 2115 美元。网络上又有 112,500 人被清算，总计达到 6.76 亿美元。[底部核心开发团队的图片] 对于公共区块链领域，核心开发团队是协议迭代、漏洞维护和技术升级的命脉，也是以太坊多年保持行业领先的核心护城河。然而，在过去六个月中，以太坊基金会经历了自成立以来最大、最显著的一波核心人才流失，完全动摇了其基础技术开发的根基。业界对以太坊技术差距风险的担忧持续升级。这波离职潮覆盖了以太坊的整个核心链，包括共识层、协议层、扩展和客户端维护，许多资深技术骨干成员纷纷离开组织。其中，负责以太坊从 PoW 到 PoS 历史性升级的 Beacon Chain 核心开发者 Carl Beek 已正式辞职。他是以太坊共识机制改革的关键贡献者。主导 Layer 2 扩展优化和加密经济学设计的高级研究员 Julian Ma 也宣布离职。他的核心提案，如 EIP-7805，对于提高以太坊 Layer 2 网络交互的效率至关重要。此外，协议团队的核心领导 Tim Beiko 和 Barnabé Monnot 相继离开了他们的核心研发职位。前联合执行董事 Tomasz K. Stańczak、底层开发的关键人物 Josh Stark 以及其他几位拥有七年经验的资深人士也已离开。协议的共同领导者 Alex Stokes 甚至请了无限期的假。在短短几个月内，超过十位关键的以太坊开发者离开，直接导致了严重的人才缺口。这一出走潮源于两个主要问题：首先，以太坊基金会展现出高度集中的结构，顶层管理主导技术路线图规划、硬分叉升级和资源分配。这使得一线核心开发者几乎没有发言权，他们多年的技术贡献未能得到认可。其次，激励机制严重失衡。尽管以太坊的市值超过数千亿，基金会持有数亿美元的储备，但却持续压制核心开发者的薪资。几位拥有七年经验的高级核心开发者年薪仅约 60 万美元，努力与回报之间存在严重不匹配。同时，基金会的战略重点发生了转变，优先考虑商业营销而非基础研发。大量资金被分配给公关和外部投资，忽视了对核心技术迭代的投资。这，加上新公共链的冲击和 AI 行业的高薪挖角，导致一批坚持多年的理想主义技术开发者彻底失望并离开。这一人才流失的直接后果已经显现：ePBS 扩展、量子安全和协议优化等关键升级均已停滞；修复底层漏洞的效率显著下降；以太坊持续技术迭代的核心优势正在迅速侵蚀，长期发展路径变得不确定。</p>
<h2><strong>华尔街显著减持</strong></h2>
<p>在技术基本面崩溃的同时，华尔街机构的集中撤资对以太坊造成了致命打击。资金和技术因素的综合负面影响彻底摧毁了市场的看涨信心。</p>
<p>根据高盛在 2026 年第一季度的 13F 文件，其加密货币投资组合完成了重大结构性再平衡，明确的核心策略是：<strong>维持对比特币的持有，显著减少以太坊的持有，并清算中小型公链资产</strong>。数据显示，高盛将其在 iShares 以太坊 ETF（ETHA）中的持仓大幅减少了 70%，减持后仅剩 1.14 亿美元。这一减持幅度远超同期比特币 ETF 的减持情况。相比之下，高盛在比特币 ETF 中的持仓仅略有减少，核心持仓接近 7 亿美元，显示出其对比特币作为 “数字黄金” 的避险属性的认可，以及对以太坊的谨慎看空态度。不仅高盛如此，主流加密 ETF 也经历了持续的资本外流，明显出现了从以太坊领域的资本逃离趋势。市场数据显示，富达的 FETH 产品在一个月内流出 6260 万美元，黑石的 ETHA 产品流出 2631 万美元。前十名主流以太坊 ETF 均未见净流入，近 1 亿美元的持续资本外流彻底打破了机构对 ETH 长期投资的市场叙事。链上数据证实了这一看空趋势，零售投资者在过去两周内售出了近 150 万个 ETH。鲸鱼继续将链上资产转移到中心化交易所，为后续的抛售和获利了结积累动能，导致市场持续积累卖压。值得注意的是，高盛最近的投资组合调整并不是对加密行业的完全看空，而是一种减轻与公链技术相关的不确定性的策略，并完成该领域的结构性转变。机构资金已完全撤出依赖团队迭代且共识脆弱的链上资产，如 ETH、SOL 和 XRP，同时显著增加了对合规加密金融平台股票的持有，如 Circle、Galaxy Digital 和 Coinbase。从本质上讲，这代表了对高度不确定的公链代币的放弃，以及对高度确定的加密金融资产的拥抱，标志着主流机构对以太坊估值逻辑的完全重构。最近影响以太坊的集中负面危机，是对传统成熟公链发展瓶颈的集中暴露。僵化的治理、不平衡的激励、滞后的技术迭代和竞争优势的削弱是所有成熟公链的共同问题。以太坊的黑暗时刻不仅是其自身发展的转折点，也标志着对整个公链领域重新估值的正式开始。未来，如果以太坊基金会不能迅速修复团队的短板，优化治理体系，并重新启动技术迭代，其作为全球领先智能合约公链的地位将继续削弱，其市场份额可能会被新兴高性能公链持续侵蚀。</p>

ETHE

高盛

COIN

<p>在 2026 年 5 月，以太坊因其核心技术团队的大规模离职和华尔街机构的重大抛售而面临显著下跌。以太坊的价格下跌超过 4%，至 2200 美元，进一步的下跌导致超过 150,000 个账户被清算。关键开发者因中心化结构和激励不匹配而离开，造成了人才缺口并阻碍了关键升级。同时，高盛将其以太坊 ETF 持仓减少了 70%，发出了看跌信号，同时维持其比特币投资，突显了市场信心的转变</p>

<p>In May 2026, amidst a general recovery in the crypto market, Ethereum (ETH), once the undisputed king of public blockchains and the supporter of the world's largest DeFi and NFT ecosystem, experienced a distinctly weak performance, suffering a series of devastating blows including the mass exodus of its core technical team and significant selling by Wall Street institutions. On May 16th, Ethereum fell by over 4%, hitting a low of $2,200, while Bitcoin also dropped below $79,000. This sell-off resulted in over 150,000 accounts being liquidated within 24 hours. Even more worryingly, the downward trend continued throughout May. On May 18th, Ethereum fell again by 3.60%, closing at $2,115. Another 112,500 people across the network were liquidated, totaling $676 million. [Image of core development team at the bottom] For the public blockchain sector, the core development team is the lifeblood of protocol iteration, vulnerability maintenance, and technical upgrades, and is also the core moat that has kept Ethereum leading the industry for many years. However, in the past six months, the Ethereum Foundation has experienced its largest and most significant wave of core talent departures since its inception, completely undermining the foundation of its underlying technology development. Industry concerns about the risk of a technological gap in Ethereum continue to escalate. This wave of departures covers the entire core chain of Ethereum, including the consensus layer, protocol layer, scaling, and client maintenance, with many veteran technical backbone members leaving the organization. Among them, Carl Beek, the core developer of the Beacon Chain who spearheaded the historic upgrade from Ethereum's PoW to PoS, has officially resigned. He is a key contributor to the reform of Ethereum's consensus mechanism. Julian Ma, a senior researcher who led the design of Layer 2 scaling optimization and cryptoeconomics, has also announced his departure. His core proposals, such as EIP-7805, are crucial for improving the efficiency of Ethereum's Layer 2 network interactions. In addition, Tim Beiko and Barnabé Monnot, core leaders of the protocol team, have successively left their core R&amp;D positions. Former co-executive director Tomasz K. Stańczak, Josh Stark, a key figure in the underlying development, and several other veterans with seven years of experience have also left. Alex Stokes, the co-leader of the protocol, has even taken an indefinite leave of absence. In just a few months, over ten key Ethereum developers have left, directly causing a severe talent gap. This exodus stems from two main issues: First, the Ethereum Foundation exhibits a highly centralized structure, with top management dominating technical roadmap planning, hard fork upgrades, and resource allocation. This leaves frontline core developers with little say and their years of technical contributions going unrecognized. Second, the incentive mechanism is severely misaligned. Despite Ethereum's market capitalization exceeding hundreds of billions and the Foundation holding hundreds of millions of dollars in reserves, it has consistently suppressed the salaries of core developers. Several senior core developers with seven years of experience earn only around $600,000 pre-tax annually, a severe mismatch between effort and reward. Meanwhile, the foundation's strategic focus shifted, prioritizing commercial marketing over underlying R&amp;D. A large amount of funding was allocated to public relations and external investment, neglecting investment in core technology iteration. This, coupled with the impact of new public chains and the high-salary poaching by the AI ​​industry, led to the complete disillusionment and departure of a group of idealistic technology developers who had persevered for many years. The direct consequences of this talent drain are already evident: key upgrades such as ePBS scaling, quantum security, and protocol refinement have all stalled; the efficiency of fixing underlying vulnerabilities has significantly decreased; and Ethereum's core advantage of continuous technological iteration is rapidly eroding, leaving its long-term development path uncertain.</p>
<div class="lb-trans"><p>在 2026 年 5 月，随着加密市场的整体复苏，以太坊（ETH）曾是公共区块链的无可争议的王者，并支持着全球最大的 DeFi 和 NFT 生态系统，但其表现却明显疲软，遭遇了一系列毁灭性的打击，包括核心技术团队的大规模出走和华尔街机构的重大抛售。5 月 16 日，以太坊下跌超过 4%，跌至 2200 美元的低点，而比特币也跌破了 79000 美元。这次抛售导致 24 小时内超过 150,000 个账户被清算。更令人担忧的是，整个 5 月的下行趋势持续。5 月 18 日，以太坊再次下跌 3.60%，收于 2115 美元。网络上又有 112,500 人被清算，总计达到 6.76 亿美元。[底部核心开发团队的图片] 对于公共区块链领域，核心开发团队是协议迭代、漏洞维护和技术升级的命脉，也是以太坊多年保持行业领先的核心护城河。然而，在过去六个月中，以太坊基金会经历了自成立以来最大、最显著的一波核心人才流失，完全动摇了其基础技术开发的根基。业界对以太坊技术差距风险的担忧持续升级。这波离职潮覆盖了以太坊的整个核心链，包括共识层、协议层、扩展和客户端维护，许多资深技术骨干成员纷纷离开组织。其中，负责以太坊从 PoW 到 PoS 历史性升级的 Beacon Chain 核心开发者 Carl Beek 已正式辞职。他是以太坊共识机制改革的关键贡献者。主导 Layer 2 扩展优化和加密经济学设计的高级研究员 Julian Ma 也宣布离职。他的核心提案，如 EIP-7805，对于提高以太坊 Layer 2 网络交互的效率至关重要。此外，协议团队的核心领导 Tim Beiko 和 Barnabé Monnot 相继离开了他们的核心研发职位。前联合执行董事 Tomasz K. Stańczak、底层开发的关键人物 Josh Stark 以及其他几位拥有七年经验的资深人士也已离开。协议的共同领导者 Alex Stokes 甚至请了无限期的假。在短短几个月内，超过十位关键的以太坊开发者离开，直接导致了严重的人才缺口。这一出走潮源于两个主要问题：首先，以太坊基金会展现出高度集中的结构，顶层管理主导技术路线图规划、硬分叉升级和资源分配。这使得一线核心开发者几乎没有发言权，他们多年的技术贡献未能得到认可。其次，激励机制严重失衡。尽管以太坊的市值超过数千亿，基金会持有数亿美元的储备，但却持续压制核心开发者的薪资。几位拥有七年经验的高级核心开发者年薪仅约 60 万美元，努力与回报之间存在严重不匹配。同时，基金会的战略重点发生了转变，优先考虑商业营销而非基础研发。大量资金被分配给公关和外部投资，忽视了对核心技术迭代的投资。这，加上新公共链的冲击和 AI 行业的高薪挖角，导致一批坚持多年的理想主义技术开发者彻底失望并离开。这一人才流失的直接后果已经显现：ePBS 扩展、量子安全和协议优化等关键升级均已停滞；修复底层漏洞的效率显著下降；以太坊持续技术迭代的核心优势正在迅速侵蚀，长期发展路径变得不确定。</p>
</div><h2><strong>Wall Street's significant reduction in holdings</strong></h2>
<div class="lb-trans"><h2><strong>华尔街显著减持</strong></h2>
</div><p>While the technical fundamentals collapsed, the concentrated withdrawal of Wall Street institutions dealt a fatal blow to Ethereum. The combined negative impact of funding and technical factors completely shattered market bullish confidence.</p>
<div class="lb-trans"><p>在技术基本面崩溃的同时，华尔街机构的集中撤资对以太坊造成了致命打击。资金和技术因素的综合负面影响彻底摧毁了市场的看涨信心。</p>
</div><p>According to Goldman Sachs' Q1 2026 13F filing, a major structural rebalancing of its cryptocurrency portfolio was completed, with a clear core strategy: <strong>Maintaining a hold on Bitcoin, significantly reducing Ethereum holdings, and liquidating small and medium-sized public chain assets</strong>. Data shows that Goldman Sachs drastically reduced its holdings in the iShares Ethereum ETF (ETHA) by 70%, leaving it with only $114 million after the reduction. This reduction far exceeded that of Bitcoin ETFs during the same period. In contrast, Goldman Sachs only slightly reduced its holdings in Bitcoin ETFs, maintaining a core position of nearly $700 million, demonstrating its recognition of Bitcoin's safe-haven properties as &#34;digital gold&#34; and its cautiously bearish stance on Ethereum. Not only Goldman Sachs, but mainstream crypto ETFs also experienced continuous capital outflows, with a clear trend of capital flight from the Ethereum sector. Market data shows that Fidelity's FETH product saw a monthly outflow of $62.26 million, and BlackRock's ETHA product saw an outflow of $26.31 million. None of the top ten mainstream Ethereum ETFs saw net inflows, with nearly $100 million in continuous capital flight completely shattering the market narrative of institutions' long-term investment in ETH. On-chain data corroborates the bearish trend, with retail investors selling nearly 1.5 million ETH in the past two weeks. Whales continue to transfer on-chain assets to centralized exchanges, accumulating momentum for a subsequent sell-off and profit-taking, leading to a sustained accumulation of selling pressure in the market. It's worth noting that Goldman Sachs' recent portfolio adjustments are not a complete bearish stance on the crypto industry, but rather a strategy to mitigate the uncertainties associated with public blockchain technology and complete a structural shift in the sector. Institutional funds have completely withdrawn from on-chain assets such as ETH, SOL, and XRP, which rely on team iterations and have fragile consensus, while significantly increasing their holdings in compliant crypto financial platform stocks such as Circle, Galaxy Digital, and Coinbase. Essentially, this represents an abandonment of highly uncertain public chain tokens and an embrace of highly certain crypto financial assets, signifying a complete restructuring of mainstream institutions' valuation logic for Ethereum. The recent concentrated negative crisis affecting Ethereum is a concentrated exposure of the development bottlenecks of traditional established public chains. Rigid governance, unbalanced incentives, lagging technological iteration, and weakened competitive advantages are common problems for all mature public chains. Ethereum's darkest hour is not only a turning point in its own development, but also marks the official start of a revaluation of the entire public blockchain sector. In the future, if the Ethereum Foundation cannot quickly repair the team's shortcomings, optimize its governance system, and restart technological iterations, its position as the world's leading smart contract public blockchain will continue to weaken, and its market share may be continuously eroded by emerging high-performance public blockchains.</p>
<div class="lb-trans"><p>根据高盛在 2026 年第一季度的 13F 文件，其加密货币投资组合完成了重大结构性再平衡，明确的核心策略是：<strong>维持对比特币的持有，显著减少以太坊的持有，并清算中小型公链资产</strong>。数据显示，高盛将其在 iShares 以太坊 ETF（ETHA）中的持仓大幅减少了 70%，减持后仅剩 1.14 亿美元。这一减持幅度远超同期比特币 ETF 的减持情况。相比之下，高盛在比特币 ETF 中的持仓仅略有减少，核心持仓接近 7 亿美元，显示出其对比特币作为 “数字黄金” 的避险属性的认可，以及对以太坊的谨慎看空态度。不仅高盛如此，主流加密 ETF 也经历了持续的资本外流，明显出现了从以太坊领域的资本逃离趋势。市场数据显示，富达的 FETH 产品在一个月内流出 6260 万美元，黑石的 ETHA 产品流出 2631 万美元。前十名主流以太坊 ETF 均未见净流入，近 1 亿美元的持续资本外流彻底打破了机构对 ETH 长期投资的市场叙事。链上数据证实了这一看空趋势，零售投资者在过去两周内售出了近 150 万个 ETH。鲸鱼继续将链上资产转移到中心化交易所，为后续的抛售和获利了结积累动能，导致市场持续积累卖压。值得注意的是，高盛最近的投资组合调整并不是对加密行业的完全看空，而是一种减轻与公链技术相关的不确定性的策略，并完成该领域的结构性转变。机构资金已完全撤出依赖团队迭代且共识脆弱的链上资产，如 ETH、SOL 和 XRP，同时显著增加了对合规加密金融平台股票的持有，如 Circle、Galaxy Digital 和 Coinbase。从本质上讲，这代表了对高度不确定的公链代币的放弃，以及对高度确定的加密金融资产的拥抱，标志着主流机构对以太坊估值逻辑的完全重构。最近影响以太坊的集中负面危机，是对传统成熟公链发展瓶颈的集中暴露。僵化的治理、不平衡的激励、滞后的技术迭代和竞争优势的削弱是所有成熟公链的共同问题。以太坊的黑暗时刻不仅是其自身发展的转折点，也标志着对整个公链领域重新估值的正式开始。未来，如果以太坊基金会不能迅速修复团队的短板，优化治理体系，并重新启动技术迭代，其作为全球领先智能合约公链的地位将继续削弱，其市场份额可能会被新兴高性能公链持续侵蚀。</p>
</div>

Core team absconds/Wall Street withdraws funds: Is the Ethereum myth over?

- 以太坊在 2026 年 5 月遭遇严重挑战，核心技术团队大规模流失。
- 主要机构如高盛大幅减持以太坊，市场信心骤降，导致持续卖压。
- 若以太坊基金会无法迅速解决团队短缺，将进一步削弱其市场竞争力。

核心团队潜逃，华尔街撤资：以太坊的神话是否已经结束？