Cryptocurrency market-making firm Wintermute evaluated via X, "Ethereum (ETH) is an asset not suitable for the current macroeconomic environment." Wintermute added, "Last week, ETH fell by 10.2%, and the ETH/BTC ratio recorded its lowest level since July 2025 at 0.0275. Spot ETH ETFs also saw a net outflow of $255 million, marking the largest weekly outflow since late January." In this regard, BeInCrypto also added, "According to CryptoQuant data, potential selling pressure across exchanges is expanding, with ETH holdings on Binance increasing from 3.4 million to approximately 3.8 million in May." Additionally, on-chain analyst Darkfost analyzed, "ETH's weekly taker buy/sell ratio on Binance fell to 0.91, its lowest since September 2023," adding, "the more extremely skewed the selling positions are, the greater the risk of a short squeeze."
