ETH derivatives traders are increasing long exposure despite market weakness. Public companies holding ETH reserves trade at discounts, showing lack of conviction in recovery. ETH dropped 15% to $2,625, wiping out $460 million in two days. Annualized funding rate for ETH futures rose to 6%. US consumer sentiment worsens, housing market weakens, with home prices adjusting. Spot Ether ETFs see net outflows, USD strengthens. US Dollar Index rises to 6-month high as investors seek safety. Top traders increase long positions on OKX as confidence improves. Companies with large ETH reserves trade at discounts, highlighting investor discomfort. Whales and market makers believe $2,650 marked the bottom for Ether, but a return to $3,200 may take time.

Read more at Cointelegraph: ETH Falls To 4-Month Low While Futures Data Flags $3.2K