BlockBeats News, May 28th, ETH fell below $2000 for the first time since March this year. Over the past 7 days, ETH has dropped by nearly 8%, with a drop of over 5% in the past 24 hours. Meanwhile, ETH Futures open interest (OI) has risen for the third consecutive day, hitting a new all-time high of 16.39 million ETH, with a nominal value of about $32.5 billion. Analysts believe that against the backdrop of a decline in spot prices, the continued surge in OI indicates that the market is witnessing more aggressive leveraged shorting behavior.

10x Research founder Markus Thielen stated that more and more investors are starting to abandon ETH, as "ETH does not generate cash flow, and in the context of rising U.S. bond yields, the staking yield is becoming less attractive." In addition, the U.S. spot ETH ETF has seen net outflows of $401 million this month, completely reversing the $354 million net inflow in April. Market sentiment has also continued to deteriorate due to the departure of key members of the Ethereum Foundation.

Bankless co-founder David Hoffman had previously stated that he had sold his ETH holdings, believing that the narrative that "ETH is money" has been fully priced in. Web3 research firm House of Chimera stated that the market is questioning whether the advantages of the Ethereum ecosystem in DeFi, RWA, and tokenization can truly translate into the value of the ETH token itself.