CME $ETH shorts are nearing all-time highs and that’s your primary reason why $ETH has been lagging..
Yeah, some of it is hedging... but most of these are just outright bearish bets. And imo, they’re gonna get blown out soon.
Here’s why:
- BlackRock just bought 460K ETH ($1.1B) in the past month.. their 2nd biggest buy since ETF approval
- ETH network activity is booming:
 - Flipped $BNB Chain to become #2 in perps volume
 - Just hit its 3rd highest daily tx count ever
 - ETH DEX volume been consistently flipping $SOL
Why does this matter?
Because more usage = more burn
More burn = bigger supply crunch
And we already have 35M ETH staked.. that’s nearly 30% of supply off the market. So spot demand is rising fast…
And once ETH starts moving up.. these overleveraged shorts on CME will be forced to cover.
And that’s when we see the squeeze of the year. Not a matter of if.. just when.
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