On-chain funding shows extreme polarization. On the bearish side, a whale address marked as "0xed4" deposited 5,532 ETH (about $13 million) into the derivatives platform HyperLiquid in the past 24 hours, and on-chain data generally interprets this move as used for selling or shorting. Meanwhile, the well-known whale "pension-usdt.eth" at the beginning of the month shorted $110 million worth of BTC and ETH with 3x leverage at the price bottom, and as prices rebounded in April, its short positions have an unrealized loss of $15.25 million.

A more sensitive market signal lies in supply: the Ethereum Foundation has unstaked approximately $48.9 million worth of ETH, and through Lido's unstETH contract, once unlocked, will receive the corresponding ETH assets. The market's focus is on whether this will further convert into actual selling.
At the institutional level, Ethereum ETFs show capital divergence between BlackRock, Grayscale, and Fidelity. BlackRock's ETH A recently attracted institutional inflows, while Grayscale's ETHE continues to outflow, with funds migrating from high-fee legacy products to lower-fee alternative products. $ETH