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What is the Ethereum Fusaka Upgrade?
The Ethereum network successfully activated the Fusaka upgrade on December 3, 2025. This is the second major hard fork of 2025, occurring approximately seven months after the Pectra upgrade. Fusaka includes a series of Ethereum Improvement Proposal (EIP) packages aimed at increasing Ethereum's scalability, reducing transaction costs, and strengthening network security. Its name comes from a combination of "Fulu" (a star name) for the consensus layer and "Osaka" (the host city of the 2025 Devcon event) for the execution layer.
#CulperResearchOpenlyShortsETH
💥 US-based Culper Research announced it has taken a short position on Ethereum (ETH) and BitMine Immersion Technologies (BMNR) shares as of March 5, 2026. The firm argues that the Fusaka network upgrade in December 2025 permanently damaged Ethereum's tokenomics model and could trigger a "death spiral."
🔎 According to the report, the block space expansion with Fusaka reduced gas fees by approximately 90%; validators' "tips" revenue decreased by 40-50%. This creates a negative cycle that suppresses staking yields and threatens network security. Based on on-chain data, Culper states that 95% of new wallet growth is due to dusting attacks, and a large portion of transaction volume is spam-related. 👉 Vitalik Buterin's planned sale of 16,384 ETH in January is also interpreted as a "loss of insider confidence." The firm also claims that BitMine, headed by Tom Lee, has incurred approximately $7.5 billion in unrealized losses at current prices due to its 4.4 million ETH treasury, rendering the "utility isn't increasing" thesis invalid. Market reaction was immediate: ETH prices plummeted by 2-6.5%, falling to levels around $2,057. The Ethereum community characterized the report as "short-term speculation," highlighting the rapid growth of competitors like Solana.
✨While Culper's arguments accurately reflect Fusaka's short-term fee collapse, Ethereum's resilience from past upgrades and Layer-2 solutions may limit long-term risks. The recovery in staking returns and adoption rate will test the validity of this thesis. This report forces the market to think more critically, placing a responsibility on investors to assess risks in a balanced way. The $2,000 support level for ETH will be critical in the coming days.