ETH dips but retail FOMO buying remains strong, institutional reduction hints at a decline to $1750
Ethereum has fallen below the $2,000 mark for the first time since March. Despite the continued price weakness, social media data indicates that retail investors' "buy the dip" sentiment is still heating up. Santiment points out that historically, overly optimistic retail sentiment often signals the market has yet to find a bottom, with genuine buying opportunities typically emerging during market panic phases.
Meanwhile, institutional and whale capital continues to reduce positions. Data shows that U.S. spot Ethereum ETFs have seen a cumulative net outflow exceeding $470 million since May 7. The Harvard University endowment fund recently liquidated approximately $87 million worth of ETH positions. David Hoffman, co-founder of Bankless, also disclosed that he had sold his ETH holdings.
On-chain data platform Glassnode shows that whale addresses holding over 10,000 ETH have reduced their positions by more than 5% since 2026. However, BitMine, under the leadership of Tom Lee, still holds approximately 5.21 million ETH, accounting for about 4.31% of the total supply.
On the technical front, ETH has broken below a rising wedge structure. Analysts suggest it may further decline to the $1,750 area, representing a potential drop of about 18% from current prices. (Cointelegraph)
