Short seller Culper bets against ether, BitMine citing 'death spiral' risk

The short seller firm said that Ethereum's native token is "impaired," leaving treasury firm BitMine holding the bag while co-founder Vitalik buterin is selling. What to know : Short seller Culper Research disclosed a short position in ether and ETH-linked stocks including BitMine. The firm argued Ethereum’s Fusaka upgrade weakened the tokenomics of the second-largest crypto by collapsing fee revenues and enabling spam transactions. BitMine, a major ETH holder, has accumulated 4.4 million ETH and is estimated to be sitting on roughly $7.4 billion in unrealized losses.