ethereum's fusaka upgrade doubled gas limit to 60m yesterday and nobody cares. $1.4b in etf outflows, $20m+ leveraged shorts opening, eth struggling at $3k. bitmine bought 96,798 eth last week alone and now owns 3% of supply. when upgrades ship into maximum fear, the squeeze mechanics get violent ...

Core Insights - The current sentiment around Ethereum is negative, with significant price drops and concerns about its future viability in the market [1][6]. Group 1: Price Movements and Trends - Ethereum's price fell below the $3,100 level for the first time since early November, reaching $3,066 during a broader crypto market pullback [1]. - Spot ether ETFs experienced net outflows in four of the past five weeks, totaling approximately 7 percent of cost-basis capital, indicating weakening conviction among long-term holders [3]. - Ethereum's price is currently locked in a narrowing falling wedge pattern, with resistance levels at $3,550 and $3,800, and a decisive reclaim of $3,350 needed to shift the short-term trend [5]. Group 2: Market Sentiment and Analysis - Investment manager Timothy Peterson highlighted a concerning trend in ETF outflows, suggesting a confidence gap in Ethereum's market position [2]. - The total value locked (TVL) in Ethereum's DeFi ecosystem fell by 2.1 percent this week, reversing previous gains, which reflects broader market challenges [7]. - Long-term yields remain elevated, which is restraining risk assets, further complicating Ethereum's market outlook [7].

🚨 CMC News: $BTC ETF Outflows Hit $1.2B This Month as Institutions Exit.https://t.co/eGLUzVbX30 ...