Market Makers Dominate ETH, BTC Shorts with $603M Position

Market makers Abraxas Capital, Fasanara Capital, and Wintermute are heavily shorting Ethereum (ETH) and Bitcoin (BTC). According to Lookonchain data, these firms collectively hold $603 million in shorts, with a significant portion of that being 138,569 ETH ($338 million) and 3,425 BTC ($265 million). This leaves little room for whales to hedge their positions, as all major whales were liquidated during the latest price surge. The current market structure suggests a possible retracement towards the 50-EMA support before any sustained move higher.

The Bollinger Band is currently at $2435.85, with upper resistance at $2516.49 and lower support at $2323.77. Despite the MACD death cross at 75.13, the RSI at 64.96 leaves room for continuation. However, price testing upper-band resistance with neutral momentum suggests a probable retracement.