After looking at the funding data, the spot data for ETH has decreased significantly, indicating that the institutions that were buying heavily around 2600 are starting to cut losses.

Don't mythologize institutions; in front of the market makers, everyone is just fodder. In the face of trends, everyone is cannon fodder.

All the main BTC positions have been liquidated, and what follows are just miners, retail investors, and how the institutions will compete. Unless there is significant good news, without the support of major funds to absorb the selling, it will continue to decline until the market makers step in to absorb.

The main force of BCH has been increasing positions today, which is quite surprising; is the main force going against the trend?