$ETH I still hold my short position. From the various news from the market makers during this time, I've noticed some clues. The most likely reason for the institutions and market makers to buy a large amount is to prepare for hedging against the upcoming sell-off. When it rises to a critical point, the market makers and institutions will open huge short positions simultaneously to push the price down. Of course, the ETH spot in the hands of the market makers shouldn't be sold off in the short term; instead, they will first take the profits from the short positions and then wait for the next rising cycle to gradually sell off. Another point is that the institutional collaboration to monopolize a large amount of spot will evolve into a phenomenon where they gain pricing power. Even if the price falls sharply later, as long as they monopolize the spot, a small amount of capital can easily push the price back up, allowing them to sell the spot gradually to retail investors, turning ETH into a plaything under the control of capital.
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