Whales are collectively shorting Bitcoin, while Ethereum is experiencing a crisis of confidence.

Brother Ma Jie, Huang Licheng, closed most of his Ethereum long positions, just $23 away from liquidation, with a total loss of $33 million.
Another whale, Evaded, closed HYPE and ZEC long positions, realizing a profit of $4.56 million, then opened a 15x short on 990 BTC.
Bitcoin fell below $75k, and ETF net outflows have continued for six consecutive days, totaling $1.26 billion.
Santiment believes ETF outflows are a contrarian buy signal, but institutional capital withdrawal resonates with whales' shorting.
Even more concerning is Ethereum: Harvard Endowment Fund has liquidated its ETH holdings, and core developers have proposed establishing a new organization with $1 billion, widening the governance rift of the foundation.
When smart money is retreating, should retail investors step in?
In the short term, the risk of leveraged longs being liquidated remains;
In the long term, Ethereum's fundamental narrative is being questioned.
Risk warning: This article does not constitute investment advice.
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