Culper Research Reveals Short Position in ETH and BitMine, Claims Tom Lee Doesn't Understand Ethereum

BlockBeats News, March 6th, Culper Research, a U.S. activist short seller, announced that it has shorted Ethereum and related securities, including the stock of BitMine, the largest Ethereum treasury company.

Culper Research believes that Ethereum's tokenomics were damaged after the Fusaka upgrade in December 2025. The upgrade raised the Gas limit, causing Gas fees to plummet by about 90%, far exceeding the 10-30% expected by Vitalik and others, and further leading to a surge in low-value activities, explaining why there has been over 95% growth in new wallets. Culper Research points out that Ethereum's top bull, Tom Lee, has emphasized true utility or institutional adoption that does not exist, as Tom Lee does not understand Ethereum at all. Ethereum's founder, Vitalik Buterin, has realized this issue and is selling off. Since January, Vitalik has sold over 19,300 ETH continuously. Culper Research predicts that the ETH price will further decline.

Culper Research is a U.S. activist short-selling institution established in 2019, focusing on exposing listed companies' alleged financial fraud, misleading statements, significant risk concealment, related party transactions, etc., through the release of in-depth research reports to drive stock prices down and profit from them.