<p>在 2026 年 5 月，隨着加密市場的整體復甦，以太坊（ETH）曾是公共區塊鏈的無可爭議的王者，並支持着全球最大的 DeFi 和 NFT 生態系統，但其表現卻明顯疲軟，遭遇了一系列毀滅性的打擊，包括核心技術團隊的大規模出走和華爾街機構的重大拋售。5 月 16 日，以太坊下跌超過 4%，跌至 2200 美元的低點，而比特幣也跌破了 79000 美元。這次拋售導致 24 小時內超過 150,000 個賬户被清算。更令人擔憂的是，整個 5 月的下行趨勢持續。5 月 18 日，以太坊再次下跌 3.60%，收於 2115 美元。網絡上又有 112,500 人被清算，總計達到 6.76 億美元。[底部核心開發團隊的圖片] 對於公共區塊鏈領域，核心開發團隊是協議迭代、漏洞維護和技術升級的命脈，也是以太坊多年保持行業領先的核心護城河。然而，在過去六個月中，以太坊基金會經歷了自成立以來最大、最顯著的一波核心人才流失，完全動搖了其基礎技術開發的根基。業界對以太坊技術差距風險的擔憂持續升級。這波離職潮覆蓋了以太坊的整個核心鏈，包括共識層、協議層、擴展和客户端維護，許多資深技術骨幹成員紛紛離開組織。其中，負責以太坊從 PoW 到 PoS 歷史性升級的 Beacon Chain 核心開發者 Carl Beek 已正式辭職。他是以太坊共識機制改革的關鍵貢獻者。主導 Layer 2 擴展優化和加密經濟學設計的高級研究員 Julian Ma 也宣佈離職。他的核心提案，如 EIP-7805，對於提高以太坊 Layer 2 網絡交互的效率至關重要。此外，協議團隊的核心領導 Tim Beiko 和 Barnabé Monnot 相繼離開了他們的核心研發職位。前聯合執行董事 Tomasz K. Stańczak、底層開發的關鍵人物 Josh Stark 以及其他幾位擁有七年經驗的資深人士也已離開。協議的共同領導者 Alex Stokes 甚至請了無限期的假。在短短几個月內，超過十位關鍵的以太坊開發者離開，直接導致了嚴重的人才缺口。這一出走潮源於兩個主要問題：首先，以太坊基金會展現出高度集中的結構，頂層管理主導技術路線圖規劃、硬分叉升級和資源分配。這使得一線核心開發者幾乎沒有發言權，他們多年的技術貢獻未能得到認可。其次，激勵機制嚴重失衡。儘管以太坊的市值超過數千億，基金會持有數億美元的儲備，但卻持續壓制核心開發者的薪資。幾位擁有七年經驗的高級核心開發者年薪僅約 60 萬美元，努力與回報之間存在嚴重不匹配。同時，基金會的戰略重點發生了轉變，優先考慮商業營銷而非基礎研發。大量資金被分配給公關和外部投資，忽視了對核心技術迭代的投資。這，加上新公共鏈的衝擊和 AI 行業的高薪挖角，導致一批堅持多年的理想主義技術開發者徹底失望並離開。這一人才流失的直接後果已經顯現：ePBS 擴展、量子安全和協議優化等關鍵升級均已停滯；修復底層漏洞的效率顯著下降；以太坊持續技術迭代的核心優勢正在迅速侵蝕，長期發展路徑變得不確定。</p>
<h2><strong>華爾街顯著減持</strong></h2>
<p>在技術基本面崩潰的同時，華爾街機構的集中撤資對以太坊造成了致命打擊。資金和技術因素的綜合負面影響徹底摧毀了市場的看漲信心。</p>
<p>根據高盛在 2026 年第一季度的 13F 文件，其加密貨幣投資組合完成了重大結構性再平衡，明確的核心策略是：<strong>維持對比特幣的持有，顯著減少以太坊的持有，並清算中小型公鏈資產</strong>。數據顯示，高盛將其在 iShares 以太坊 ETF（ETHA）中的持倉大幅減少了 70%，減持後僅剩 1.14 億美元。這一減持幅度遠超同期比特幣 ETF 的減持情況。相比之下，高盛在比特幣 ETF 中的持倉僅略有減少，核心持倉接近 7 億美元，顯示出其對比特幣作為 “數字黃金” 的避險屬性的認可，以及對以太坊的謹慎看空態度。不僅高盛如此，主流加密 ETF 也經歷了持續的資本外流，明顯出現了從以太坊領域的資本逃離趨勢。市場數據顯示，富達的 FETH 產品在一個月內流出 6260 萬美元，黑石的 ETHA 產品流出 2631 萬美元。前十名主流以太坊 ETF 均未見淨流入，近 1 億美元的持續資本外流徹底打破了機構對 ETH 長期投資的市場敍事。鏈上數據證實了這一看空趨勢，零售投資者在過去兩週內售出了近 150 萬個 ETH。鯨魚繼續將鏈上資產轉移到中心化交易所，為後續的拋售和獲利了結積累動能，導致市場持續積累賣壓。值得注意的是，高盛最近的投資組合調整並不是對加密行業的完全看空，而是一種減輕與公鏈技術相關的不確定性的策略，並完成該領域的結構性轉變。機構資金已完全撤出依賴團隊迭代且共識脆弱的鏈上資產，如 ETH、SOL 和 XRP，同時顯著增加了對合規加密金融平台股票的持有，如 Circle、Galaxy Digital 和 Coinbase。從本質上講，這代表了對高度不確定的公鏈代幣的放棄，以及對高度確定的加密金融資產的擁抱，標誌着主流機構對以太坊估值邏輯的完全重構。最近影響以太坊的集中負面危機，是對傳統成熟公鏈發展瓶頸的集中暴露。僵化的治理、不平衡的激勵、滯後的技術迭代和競爭優勢的削弱是所有成熟公鏈的共同問題。以太坊的黑暗時刻不僅是其自身發展的轉折點，也標誌着對整個公鏈領域重新估值的正式開始。未來，如果以太坊基金會不能迅速修復團隊的短板，優化治理體系，並重新啓動技術迭代，其作為全球領先智能合約公鏈的地位將繼續削弱，其市場份額可能會被新興高性能公鏈持續侵蝕。</p>

ETHE

高盛

COIN

<p>在 2026 年 5 月，以太坊因其核心技術團隊的大規模離職和華爾街機構的重大拋售而面臨顯著下跌。以太坊的價格下跌超過 4%，至 2200 美元，進一步的下跌導致超過 150,000 個賬户被清算。關鍵開發者因中心化結構和激勵不匹配而離開，造成了人才缺口並阻礙了關鍵升級。同時，高盛將其以太坊 ETF 持倉減少了 70%，發出了看跌信號，同時維持其比特幣投資，突顯了市場信心的轉變</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，隨着加密市場的整體復甦，以太坊（ETH）曾是公共區塊鏈的無可爭議的王者，並支持着全球最大的 DeFi 和 NFT 生態系統，但其表現卻明顯疲軟，遭遇了一系列毀滅性的打擊，包括核心技術團隊的大規模出走和華爾街機構的重大拋售。5 月 16 日，以太坊下跌超過 4%，跌至 2200 美元的低點，而比特幣也跌破了 79000 美元。這次拋售導致 24 小時內超過 150,000 個賬户被清算。更令人擔憂的是，整個 5 月的下行趨勢持續。5 月 18 日，以太坊再次下跌 3.60%，收於 2115 美元。網絡上又有 112,500 人被清算，總計達到 6.76 億美元。[底部核心開發團隊的圖片] 對於公共區塊鏈領域，核心開發團隊是協議迭代、漏洞維護和技術升級的命脈，也是以太坊多年保持行業領先的核心護城河。然而，在過去六個月中，以太坊基金會經歷了自成立以來最大、最顯著的一波核心人才流失，完全動搖了其基礎技術開發的根基。業界對以太坊技術差距風險的擔憂持續升級。這波離職潮覆蓋了以太坊的整個核心鏈，包括共識層、協議層、擴展和客户端維護，許多資深技術骨幹成員紛紛離開組織。其中，負責以太坊從 PoW 到 PoS 歷史性升級的 Beacon Chain 核心開發者 Carl Beek 已正式辭職。他是以太坊共識機制改革的關鍵貢獻者。主導 Layer 2 擴展優化和加密經濟學設計的高級研究員 Julian Ma 也宣佈離職。他的核心提案，如 EIP-7805，對於提高以太坊 Layer 2 網絡交互的效率至關重要。此外，協議團隊的核心領導 Tim Beiko 和 Barnabé Monnot 相繼離開了他們的核心研發職位。前聯合執行董事 Tomasz K. Stańczak、底層開發的關鍵人物 Josh Stark 以及其他幾位擁有七年經驗的資深人士也已離開。協議的共同領導者 Alex Stokes 甚至請了無限期的假。在短短几個月內，超過十位關鍵的以太坊開發者離開，直接導致了嚴重的人才缺口。這一出走潮源於兩個主要問題：首先，以太坊基金會展現出高度集中的結構，頂層管理主導技術路線圖規劃、硬分叉升級和資源分配。這使得一線核心開發者幾乎沒有發言權，他們多年的技術貢獻未能得到認可。其次，激勵機制嚴重失衡。儘管以太坊的市值超過數千億，基金會持有數億美元的儲備，但卻持續壓制核心開發者的薪資。幾位擁有七年經驗的高級核心開發者年薪僅約 60 萬美元，努力與回報之間存在嚴重不匹配。同時，基金會的戰略重點發生了轉變，優先考慮商業營銷而非基礎研發。大量資金被分配給公關和外部投資，忽視了對核心技術迭代的投資。這，加上新公共鏈的衝擊和 AI 行業的高薪挖角，導致一批堅持多年的理想主義技術開發者徹底失望並離開。這一人才流失的直接後果已經顯現：ePBS 擴展、量子安全和協議優化等關鍵升級均已停滯；修復底層漏洞的效率顯著下降；以太坊持續技術迭代的核心優勢正在迅速侵蝕，長期發展路徑變得不確定。</p>
</div><h2><strong>Wall Street's significant reduction in holdings</strong></h2>
<div class="lb-trans"><h2><strong>華爾街顯著減持</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>在技術基本面崩潰的同時，華爾街機構的集中撤資對以太坊造成了致命打擊。資金和技術因素的綜合負面影響徹底摧毀了市場的看漲信心。</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>根據高盛在 2026 年第一季度的 13F 文件，其加密貨幣投資組合完成了重大結構性再平衡，明確的核心策略是：<strong>維持對比特幣的持有，顯著減少以太坊的持有，並清算中小型公鏈資產</strong>。數據顯示，高盛將其在 iShares 以太坊 ETF（ETHA）中的持倉大幅減少了 70%，減持後僅剩 1.14 億美元。這一減持幅度遠超同期比特幣 ETF 的減持情況。相比之下，高盛在比特幣 ETF 中的持倉僅略有減少，核心持倉接近 7 億美元，顯示出其對比特幣作為 “數字黃金” 的避險屬性的認可，以及對以太坊的謹慎看空態度。不僅高盛如此，主流加密 ETF 也經歷了持續的資本外流，明顯出現了從以太坊領域的資本逃離趨勢。市場數據顯示，富達的 FETH 產品在一個月內流出 6260 萬美元，黑石的 ETHA 產品流出 2631 萬美元。前十名主流以太坊 ETF 均未見淨流入，近 1 億美元的持續資本外流徹底打破了機構對 ETH 長期投資的市場敍事。鏈上數據證實了這一看空趨勢，零售投資者在過去兩週內售出了近 150 萬個 ETH。鯨魚繼續將鏈上資產轉移到中心化交易所，為後續的拋售和獲利了結積累動能，導致市場持續積累賣壓。值得注意的是，高盛最近的投資組合調整並不是對加密行業的完全看空，而是一種減輕與公鏈技術相關的不確定性的策略，並完成該領域的結構性轉變。機構資金已完全撤出依賴團隊迭代且共識脆弱的鏈上資產，如 ETH、SOL 和 XRP，同時顯著增加了對合規加密金融平台股票的持有，如 Circle、Galaxy Digital 和 Coinbase。從本質上講，這代表了對高度不確定的公鏈代幣的放棄，以及對高度確定的加密金融資產的擁抱，標誌着主流機構對以太坊估值邏輯的完全重構。最近影響以太坊的集中負面危機，是對傳統成熟公鏈發展瓶頸的集中暴露。僵化的治理、不平衡的激勵、滯後的技術迭代和競爭優勢的削弱是所有成熟公鏈的共同問題。以太坊的黑暗時刻不僅是其自身發展的轉折點，也標誌着對整個公鏈領域重新估值的正式開始。未來，如果以太坊基金會不能迅速修復團隊的短板，優化治理體系，並重新啓動技術迭代，其作為全球領先智能合約公鏈的地位將繼續削弱，其市場份額可能會被新興高性能公鏈持續侵蝕。</p>
</div>

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

- 以太坊在 2026 年 5 月遭遇嚴重挑戰，核心技術團隊大規模流失。
- 主要機構如高盛大幅減持以太坊，市場信心驟降，導致持續賣壓。
- 若以太坊基金會無法迅速解決團隊短缺，將進一步削弱其市場競爭力。

核心團隊潛逃，華爾街撤資：以太坊的神話是否已經結束？