Analysis: Hedge funds are suspected to be the "main force" behind the current short-selling of Ethereum

ChainCatcher message, due to the failure of Ethereum's price to break through the resistance level as expected, a decline has occurred again. Analysis suggests that the current bearish pressure in the market seems to be primarily driven by large hedge funds, which continue to short ETH in record numbers and attempt to push down the ETH price to trigger stop losses.

According to the "CME Ether Futures Net Position" dashboard on The Block, the number of Ethereum shorts has risen to unprecedented levels. For hedge funds alone, the short positions nearly doubled in August: on August 5, the total amount of Ethereum shorts driven by hedge funds was $2.3 billion, but this figure has rapidly increased to $4.19 billion recently, indicating that hedge funds continue to expect a decline in Ethereum's price.