Culper Research is apparently going hard against Ethereum right now. They're basically betting the whole thing could hit a death spiral situation. Pretty bold move considering how much liquidity is in ETH these days. Tom Lee over at BitMine is also flagging similar concerns about potential death spiral scenarios if certain conditions line up. Makes you wonder what they're seeing that most traders aren't paying attention to yet. The death spiral narrative has been thrown around before, but when actual short sellers start positioning heavy against it, you gotta at least consider they might be onto something. Whether it's a real risk or just FUD, hard to say at this point. But definitely worth keeping an eye on if you're holding a decent ETH bag. The whole death spiral angle is basically about cascading liquidations and network stress - it's the nightmare scenario people don't like to talk about much.