Culper Research has released a brief report on Ethereum, stating that its economic condition is “deteriorating” and warning of a potential “death spiral.” The report notes that the Fusaka upgrade significantly reduced transaction fees, weakening the fee burn mechanism, and that most wallet growth after the upgrade comes from spam transactions, with address poisoning attacks currently accounting for 22.5% of transactions. The report criticizes Tom Lee of Fundstrat, whose company BitMine holds 4.4 million ETH and has significant unrealized losses, suggesting he misinterpreted this activity as institutional adoption. It also points out that co-founder Vitalik Buterin has sold over 19,300 ETH this year. Ethereum’s trading price is below $2,000, and the market forecast indicates a 69% chance of falling below $1,500.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
