📉 Culper Research shorts Ethereum

Short-selling firm Culper Research has opened a bet against ETH and ETH-related stocks, including BitMine.

The firm argues that Ethereum’s Fusaka upgrade (Dec 2025) weakened the network’s tokenomics by flooding it with blockspace, causing transaction fees to drop ~90% and reducing validator yields.

Culper also claims that much of the recent activity growth may come from address poisoning attacks, not real usage.

Meanwhile, BitMine, which accumulated 4.4M ETH, is estimated to be sitting on about $7.4B in unrealized losses. 🙀

The report warns that declining yields and demand could push ETH into a potential “death spiral.” ☠️

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