【ETH isn’t a bull market—it’s just a coordinated institutional exit from the trade?】
Say this out loud, and of course someone will come at me—“Up 27% and you still sound bearish?”
Wait. I’m not bearish. I’m just wondering one thing: in this ETH rally, who exactly bought it up?
Look at the data: over the past 48 hours, nearly $4 billion in short positions were wiped out. And just on Thursday alone, it set a record not seen since 2021. This kind of volume isn’t something retail FOMO can produce—it’s institutions going long while squeezing shorts.
Now check the ETF data: ETH funds saw a single-day inflow of $221 million, the highest since last October. When Bitcoin broke $75,000, Ethereum quietly climbed to 2,357. This wasn’t retail chasing—it was someone systematically accumulating.
But here’s the question—
In plain terms: are these institutions truly bullish on Ethereum’s future, or do they just think that in this Bitcoin-led move, ETH hasn’t risen much yet, so it’s relatively cheap?
If it’s the latter, then this is a mood-driven correction—short covering after the fact. Once the move is done, they’ll leave when they need to. ETF net inflows look great, but the ETF mechanism is designed to be “convenient for institutions to enter, and also convenient for institutions to exit.”
The time I got cut back in 2017, the reason for the run-up was also “institutions are coming in.” And then what? Institutions run faster than you do.
So my current mindset is: I’ll watch, but I won’t go heavy. You can call ETH a value low point—but you’d better think it through: the ones digging the pit and the ones filling it may not be the same group of people.
What’s your mindset right now? For those who jumped in with this move—are you genuinely bullish, or are you afraid of missing out?
Say this out loud, and of course someone will come at me—“Up 27% and you still sound bearish?”
Wait. I’m not bearish. I’m just wondering one thing: in this ETH rally, who exactly bought it up?
Look at the data: over the past 48 hours, nearly $4 billion in short positions were wiped out. And just on Thursday alone, it set a record not seen since 2021. This kind of volume isn’t something retail FOMO can produce—it’s institutions going long while squeezing shorts.
Now check the ETF data: ETH funds saw a single-day inflow of $221 million, the highest since last October. When Bitcoin broke $75,000, Ethereum quietly climbed to 2,357. This wasn’t retail chasing—it was someone systematically accumulating.
But here’s the question—
In plain terms: are these institutions truly bullish on Ethereum’s future, or do they just think that in this Bitcoin-led move, ETH hasn’t risen much yet, so it’s relatively cheap?
If it’s the latter, then this is a mood-driven correction—short covering after the fact. Once the move is done, they’ll leave when they need to. ETF net inflows look great, but the ETF mechanism is designed to be “convenient for institutions to enter, and also convenient for institutions to exit.”
The time I got cut back in 2017, the reason for the run-up was also “institutions are coming in.” And then what? Institutions run faster than you do.
So my current mindset is: I’ll watch, but I won’t go heavy. You can call ETH a value low point—but you’d better think it through: the ones digging the pit and the ones filling it may not be the same group of people.
What’s your mindset right now? For those who jumped in with this move—are you genuinely bullish, or are you afraid of missing out?