Bearish for ETH. A very bearish report from Culper Research just came out, and the writers are now short ETH. They’re essentially saying that the Fusaka upgrade increased blockspace and fees collapsed by about 90% The lower fees also mean a lower validator income - so weaker staking economics They go on to call out BitMine, arguing the rise in transaction activity and active addresses being cited as bullish are just driven by spam and poisoning attacks rather than real adoption. They also bring up Vitalik selling ~19k ETH as if he’s in-the-know It’s a significant amount, but at around 8% of his total holdings wouldn’t call it an exit. Also keep in mind Ethereum can always change the rules again with another coordinated fork. Not easy politically or technically, but it’s possible. I’m not taking sides. But when a firm publishes a thesis and then puts their money behind it, it’s at least worth understanding the mechanics they’re pointing to. So, are you holding or selling?

I'm buying more ETH. The report is a laughable joke not based in sound economic reasoning. Imagine someone in the early 2000s claiming that increasing computer memory was bearish and would lead to the decline of computers. Back then, the average USB drive held about 8MB. Today it’s around 128GB. They frame Ethereum's Fusaka upgrade as bearish because fee's have been reduced and Ethereum's scaling capabilities have increased. Do you realise how stupid that sounds? When a resource becomes more efficient the demand for said resource explodes because new innovative use cases come in to fill demand for the resource, Jevon's paradox.