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Deep Tide Insights: Culper Research is a well-known short-selling firm on Wall Street that has accurately targeted several high-profile companies. This report directly addresses the core issue of Ethereum: the Fusaka upgrade in December 2025 brought a large amount of cheap block space, but genuine organic demand has not kept up—the on-chain "prosperity" data is actually fabricated through address poisoning attacks. Vitalik himself has been selling off ETH extensively, while Ethereum's most steadfast bull advocate, Tom Lee, is still defending it with incorrect data. This article is not a prediction but a data-backed, verified short thesis that every ETH holder should read carefully.
We are shorting Ethereum and ETH-linked securities, including BMNR.
We believe that the Fusaka upgrade in December 2025 has severely damaged Ethereum's tokenomics. Vitalik is aware of this and continues to sell; meanwhile, ETH's most committed bull, Tom Lee, is pouring good money into a bad bet.
#2月非农意外负增长 will continue to decline.