ETH drops to around $1,800, but on-chain a battle between bulls and bears is unfolding—one side is Huang Licheng with 25x leverage going long, and 7Siblings borrowing USDT to bottom fish; the other side is FG Nexus selling at a loss, and former ConsenSys ambassador shifting holdings.

This is not just retail versus institutions. Huang Licheng has doubled his ETH long position to 4,000 tokens, with an average price of $1,812; 7Siblings borrowed 10 million USDT from Spark to buy 5,589 ETH.
Meanwhile, FG Nexus has been continuously reducing holdings since November last year, having sold 36k ETH with losses exceeding $85 million; the former ConsenSys ambassador split 20k ETH into a new address, some of which have been transferred to exchanges.
Leverage structures are diverging. Funding rates remain positive, indicating longs haven't fully capitulated, but 25x leverage means a 4% price move could trigger liquidation.
If ETH falls below $1,750, Huang Licheng’s position will be liquidated, potentially causing a chain reaction.
From a macro perspective: capital is flowing from crypto into AI and IPOs. Bitcoin has dropped 17% over three days, while TSMC reaffirmed strong AI demand, with chip shortages expected to last for years.
Crypto venture capital deal activity hit a five-year low, as institutions are reallocating capital.
The current game for ETH is essentially a tug-of-war between leveraged longs and macro capital outflows.
Bottom fishers are betting on a short-term rebound, but institutional selling and AI siphoning effects could limit the rebound potential.
$btc #eth #usdt #ai #Stablecoin