Although the price of Ethereum fell below $2000 amid market fluctuations, on-chain data shows that strategic investors have been steadily increasing their ETH holdings for several months, indicating their confidence in Ethereum's long-term prospects. Notably, large investors continue to buy even below the initial purchase point of $2500 set in May 2025. However, hedge funds have issued a completely opposite bearish signal. Since mid-February, hedge funds have been increasing short positions in ETH and BTC in major derivatives markets, indicating that institutions expect prices to further decline or are hedging broader risks.