The current market presents a complex picture of long and short positions battling each other. On one hand, on-chain data shows institutions are buying the dip: Bitmine, led by Tom Lee, accumulated 64,622 ETH worth approximately $199.4 million in the past 24 hours. Such large-scale accumulation is typically seen as a sign of long-term bullishness. On the other hand, the "smart money" in the derivatives market is taking the opposite approach. Data shows that the highest-earning group of traders on the Hyperliquid platform increased their Ethereum short positions by $2.8 million in the past 24 hours, with net short holdings now exceeding $21 million. At the same time, US spot Ethereum ETFs have seen net outflows for two consecutive days, totaling around $116.7 million, indicating short-term institutional funding pressure and resulting in choppy price action on the 1-hour timeframe. Follow and subscribe for daily updates $ETH .