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Tom tat nhanh
- Short seller Culper Research is betting against ether (ETH) and ETH-linked stocks such as BitMine (BMNR), arguing that the network’s economics deteriorated following Ethereum’s latest network upgrade.
- The firm said in a Thursday report that the December 2025 upgrade dubbed Fusaka flooded the network with excess blockspace and has "impaired ETH tokenomics." That drove transaction fees sharply lower.
- Because validators earn part of their income from those fees, the drop has reduced staking yields.
- That dynamic could create a negative feedback loop, the report said, where declining validator yields reduce staking demand and network security.
- The report also highlighted that Ethereum co-founder Vitalik Buterin sold nearly 20,000 ETH, worth around $40 million at current prices, this year, citing data from blockchain sleuth Lookonchain.
- "Vitalik is selling, while bulls like Tom Lee are clueless as to ETH’s new reality," the report said.
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Nguon tham khao: https://www.coindesk.com/markets/2026/03/05/short-seller-culper-bets-against-ether-bitmine-citing-death-spiral-risk