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The negative MVRV Z-Score<\/a> (-0.91) confirms a liquidity outflow. According to the analyst, traders are hesitant to open new positions as the market lacks confidence in a swift rise.<\/p>\n A specialist under the pseudonym Darkfost highlighted<\/a> signs of a potential short squeeze<\/a>. Since the local low on February 6, Ethereum’s price has increased by more than 30%. At the peak of the decline, the asset lost about 65% of its value, and the altcoin market capitalization was halved.<\/p>\n Despite the recovery, investors continue to open short positions. Funding rates<\/a> on Binance have remained negative for a record duration: the last occurrence was in November 2022, following the collapse of FTX<\/a>.<\/p>\n The average funding rate for the month was -0.0018, indicating that market participants do not believe in continued growth and expect a downward movement.<\/p>\n Darkfost described this strategy as risky. He noted that the volume of short position liquidations is already increasing. Forced closure of shorts could trigger a “cascade” effect, pushing Ethereum’s price even higher. The expert emphasized that the market rarely rewards the consensus of the majority.<\/p>\n Meanwhile, major players continue to accumulate coins. Arkham reported that Fundstrat founder Tom Lee has staked 217,350 ETH, valued at approximately $508.4 million, in staking<\/a> protocols.<\/p>\n Tom Lee just staked $508.4M ETH<\/p>\n Bitmine has now staked over 4 MILLION ETH (worth $9.3B) \u2014 that\u2019s 10.5% of the total staked ETH supply.<\/p>\n Tom Lee is buying and staking ETH. pic.twitter.com\/NofM7r0YRG<\/a><\/p>\n \u2014 Arkham (@arkham) May 1, 2026<\/a><\/p><\/blockquote>\n A Dangerous Game<\/h2>\n
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