最新报道：According to Bijie.com, Ethereum recently surged to nearly $5,000 on August 20th, sparking a surge. However, this level failed to be broken as sellers once again took over, pushing prices back down. A significant portion of the downward pressure appears to be coming from large hedge funds, which continue to short the second-largest cryptocurrency on a record scale. As Ethereum's price climbed above $4,000, short positions increased, leading many to anticipate a weakening of upward momentum. The large number of short positions, led by large hedge funds, exacerbated the downward pressure on Ethereum. This is not unprecedented, as hedge funds have consistently sought to suppress ETH prices to mitigate their own losses. According to The Block's "CME Ether Futures Net Positions" dashboard, these short positions have reached a record high. Hedge fund short positions alone nearly doubled in August. Data shows that hedge fund-led Ethereum shorts reached $2.3 billion on August 5th. However, in the latest report, this figure has rapidly grown to $4.19 billion, indicating that hedge funds are still betting on a decline in ETH prices. In contrast to hedge funds, asset managers remain relatively bullish on Ethereum. Data shows that they continue to hold over $1.22 billion in long positions. While significant, this is still lower than short positions, indicating that bears still dominate. Undisclosed positions maintain a long position of $77.5 million. Meanwhile, investors categorized as "other" (typically including retail investors) hold a short position of $397.5 million, adding further downward pressure to the market. For hedge funds, rising ETH prices represent losses, while falling prices represent profits. However, with short positions at historically high levels, history shows that such periods can often trigger a short squeeze, driving a new round of price increases.