TechFlow reports that on March 6, Culper Research disclosed on X (formerly Twitter) that the short-selling firm has taken short positions on Ethereum (ETH) and related securities, including BMNR. Culper Research contends that Ethereum’s tokenomics have been undermined following the Fusaka upgrade in December 2025. The firm states that Ethereum co-founder Vitalik Buterin has recognized this issue and is selling his holdings, while Tom Lee—the most ardent Ethereum supporter—continues to back ETH “despite knowing it’s unwinnable.” Culper Research forecasts further declines in ETH’s price.
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