Analysis: Hedge funds are suspected to be the market makers in this round of shorting Ethereum.

According to Jinse Finance, due to the failure of the Ethereum price to break through the resistance level as expected, it has now fallen again. Analysts believe that the current bearish pressure in the market seems to be mainly driven by large hedge funds, which continue to short ETH in record numbers and attempt to push down ETH prices to stop loss. According to data from The Block's "CME Ether Futures Net Positions" dashboard, the number of Ethereum short positions has risen to unprecedented levels. For hedge funds alone, the short positions nearly doubled in August: on August 5, the total amount of Ethereum shorts driven by hedge funds was $2.3 billion, but recently this figure has rapidly grown to $4.19 billion, indicating that hedge funds continue to expect a decline in the price of Ethereum.