Analysis: Ethereum has already corrected by 10% this year due to the withdrawal of Bitmine buying, slower ETF inflows, and excessively high long positions.

Matrixport released a chart today stating that Ethereum's price was supported by increased buying from Bitmine during the summer, but market sentiment weakened as Bitmine buying subsided. Meanwhile, Ethereum-related ETFs saw a cumulative net inflow of approximately $10 billion, with long positions at high levels. Insufficient new capital inflows have increased downward pressure on prices. To date, Ethereum has seen a cumulative pullback of approximately 10% year-to-date, and a decline of nearly 20% since the risk warning issued two weeks ago.