Analysis: As Ethereum falls below $2000, futures positions reach an all-time high, indicating a rise in bearish sentiment in the market

By: rootdata|2026/05/29 04:45:01
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ETH has fallen below $2000 for the first time since March this year. Over the past 7 days, ETH has cumulatively dropped nearly 8%, with a decline of over 5% in the last 24 hours. Meanwhile, ETH futures open interest (OI) has risen for the third consecutive day, reaching a historic high of 16.39 million ETH, with a nominal value of approximately $3.25 billion. Analysts believe that the continuous rise in OI against the backdrop of falling spot prices indicates that the market is experiencing more aggressive leveraged short-selling behavior.

Markus Thielen, founder of 10x Research, stated that more and more investors are beginning to abandon ETH, "ETH does not generate cash flow, and in the context of rising U.S. Treasury yields, the attractiveness of staking yields is declining." Additionally, U.S. spot ETH ETFs have seen a cumulative net outflow of $401 million this month, completely reversing the net inflow of $354 million in April. Market sentiment has also continued to deteriorate due to the departure of core members from the Ethereum Foundation.

David Hoffman, co-founder of Bankless, previously stated that he has sold his ETH holdings, believing that the narrative of "ETH as currency" has been fully priced in. The Web3 research institution House of Chimera indicated that the market is questioning the advantages of the Ethereum ecosystem in DeFi, RWA, and tokenization, and whether it can truly reflect back to the ETH token itself.

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