I've noticed something interesting by looking at on-chain data in recent days. While Tom Lee and BitMine continue to buy ETH (they added another 100 million dollars at 2,300 last month), it seems that literally everyone else is selling off. Vitalik keeps selling, leveraged traders are closing positions, and there's this vicious cycle where the more the price drops, the more people are forced to liquidate.

The numbers are alarming. Tens of thousands of ETH have hit the market in just a few days to repay loans on Aave. One wallet sold 47,000 ETH in four days, including 31,700 in five hours. The problem is that when collateral weakens, people are forced to sell even more to avoid liquidation. It's a vicious cycle we've seen before.

What strikes me is that ETH is crashing much harder than Bitcoin and other large caps. Part of the reason is that it remains the main asset for leverage in crypto, so when traders need to close a wrap or a position, ETH is the first thing sold. But it also reflects that no one seems willing to buy right now.

And then there are treasury companies. BitMine is the most well-known example, with 4.29 million ETH tokens (worth around $9 billion, even though they invested $16.3 billion). The idea was that these institutional holders would become a stable support base. Instead? They are trapped with huge losses, and the market knows it. Instead of being support, they have become a psychological obstacle.

Pressure is coming from every angle: founders reducing exposure, losing traders seeking exits, derivatives traders selling. Ethereum still has solid fundamentals as a platform, but right now it’s not being traded on those grounds. It’s being traded as an asset no one wants to hold. Except Tom Lee, apparently.