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🧵 Are ETH shorts truly in control or setting up for a squeeze?
🔵ETH dropped from $2,420 to a wick low of $2,290, about 5.4% in 3 days.
1️⃣ 24h liquidations: ETH $55M vs BTC $61M, almost matching but with a hugely different market cap
👉 Shorts are extremely crowded
2️⃣Funding rate stays negative
👉 Shorts are paying longs to stay open
3️⃣ Long/Short ratio dipped below 1 multiple times
👉Shorts clearly dominating
4️⃣ ETH spot ETF saw $75M net outflows yesterday, snapping a 10-day inflow streak.
👉Institutional is briefly pausing.
With positioning skewed to the short side, any catalyst could trigger a squeeze.
If macro improves or ETF inflows resume, and these crowded shorts become rocket fuel.