Hedge funds have set a record for short positions against Ethereum on the CME, reaching 6,349 contracts, despite over $2 billion in inflows into Ethereum ETFs. This cautious outlook contrasts with long-term optimism, as analysts note Ethereum's realized price upper band at $5,200, indicating potential for growth. Network activity remains strong, with over 130,000 new addresses created daily and weekly transaction fees hitting $67 million, driven by robust DeFi engagement.