The Kobeissi Letter said in a post on X that ZeroHedge's new chart shows that Ethereum is facing record short selling by hedge funds, with the number of CME futures contracts hitting a new high of 11,341. Short positions on Ethereum have increased by 40% in one week and by 500% since November 2024. It points out that the history of Ethereum shows a clear correlation between large short positions and subsequent price crashes.