Crypto analyst Taiki Maeda has opened a $1 million short on Ethereum (CRYPTO: ETH), arguing its recent strength is driven by artificial, incentive-led buying rather than genuine demand.
What Happened: In his recent podcast, Maeda stated that he entered the ETH short near $3,133, claiming that the altcoin is being propped up by “Digital Asset Treasury” (DAT) buyers, not organic inflows.
He points to a specific entity, BitMine (NASDAQ:BMNR), allegedly purchasing roughly $300 million of ETH weekly, as the key marginal buyer behind ETH’s relative outperformance.
This price-insensitive accumulation is cited as the primary reason ETH has outperformed other altcoins.
According to Maeda, SEC filings suggest this buying is tied to executive compensation, with bonuses and equity grants contingent on ETH accumulation and price targets ahead of a Jan. 15 board meeting.
He frames the current setup as capital rotation, not new inflows, noting ETH traded near $1,600 the last time Bitcoin (CRYPTO: BTC) was around $85,000.
Also Read: Bitcoin, Ethereum, Solana To Hit All-Time Highs In 2026, Bitwise Predicts
What’s Next: Maeda expects Ethereum to fall towards what he considers its “fair value,” potentially much lower, once the incentive-driven buying ends after Jan. 15.
He flags two risks converging on that date: the expiration of BitMine’s bonus conditions and a separate Strategy (NASDAQ:MSTR) deadline that could spark broader risk-off sentiment.
While bullish on Ethereum’s technology, Maeda warns that token value is disconnected from fundamentals and urges investors to fade the “Q4 altseason” narrative.
His takeaway: when temporary buyers disappear, “gravity wins.”
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