Culper Research announced a short position on ETH and related securities, citing damage to the token economic model following the Fusaka upgrade.

CoinFeed reported on March 6th that short-selling firm Culper Research announced a short position on Ethereum and ETH-related securities, including BMNR. The firm argues that the ETH token economic model has been damaged following the Fusaka upgrade in December 2025. The upgrade increased the gas cap to 45-60 million, and while a 10-30% decrease in gas fees was expected, it actually decreased by approximately 90%. Furthermore, Culper argues that Vitalik and validators' calculations of L1 demand elasticity are based on an outdated model with an error margin of 3-9 times. Culper also refuted Tom Lee's bullish views.