It seems that investor sentiment towards the leading altcoin, Ethereum (ETH), has deteriorated. Short positions (bets on price declines) in the Ethereum futures market have reached an all-time high.

On the 10th, the cryptocurrency-focused media outlet Crypto Briefing reported, citing the Kobeissi Letter, that Ethereum short positions have surged over 500% since November last year, reaching 11,341 contracts. This is an all-time high.

The Kobeissi Letter analyzed, “Due to the trade war aftermath, Ethereum plummeted by 37% in just 60 hours. At that time, the market saw over $1 trillion in assets evaporate due to Ethereum’s decline.”

Furthermore, the Kobeissi Letter explained, “Currently, Ethereum is trading at a price level 45% lower than its all-time high in November 2021. With the recent increase in Ethereum short positions, volatility like that seen on the 3rd could continue.”