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Culper Research Announces Short Position on Ethereum and Related Securities
Short-selling firm Culper Research disclosed on March 5, 2026, that it has taken a bearish position against Ethereum (ETH) and associated securities, including BitMine (BMNR), the largest Ethereum treasury company. In its report, Culper argues that Ethereum's tokenomics have been "impaired" following the December 2025 Fusaka network upgrade, which increased gas limits and led to a sharp decline in transaction fees—potentially by as much as 90% in some estimates.
The firm claims this has reduced validator rewards, weakened staking incentives, and created risks of a "death spiral" for the network, while also citing on-chain data showing increased dust attacks and questionable wallet growth. Culper further alleges that Ethereum co-founder Vitalik Buterin has been selling ETH holdings. The short thesis targets ETH's price decline and related equities, amid broader debates over post-upgrade economics. Ethereum advocates, including some analysts, counter that rising transaction volumes and institutional adoption refute these claims, but the announcement has added bearish pressure to ETH sentiment.#CryptoMarketsDipSlightly #GoldAndSilverMoveHigher