Analysis: Smart money on the Hyperliquid platform is still betting on a short-term decline in ETH, with short positions increasing by $2.8 million in the last 24 hours.

According to data from blockchain analytics platform Nansen, as reported by Odaily, "smart money" on Hyperliquid (typically referring to the highest-performing traders) is still betting on a short-term decline in Ethereum prices, with short positions increasing by $2.8 million in the past 24 hours. The total net short position in Ethereum on the platform now exceeds $21 million. Furthermore, analysis reveals that demand for ETFs, a key driver of Ethereum liquidity, remains insufficient. Farside Investors data shows that spot Ethereum ETFs have experienced net outflows for two consecutive days as of Friday, recording an outflow of approximately $75.2 million, compared to a net outflow of approximately $41.5 million the previous day.