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Wu said that short-selling firm Culper Research announced a short position on ETH and related securities (including BMNR), and released a report claiming that Ethereum's token economic model would be damaged after the Fusaka upgrade in December 2025. The report states that the increase in block space after the upgrade led to a roughly 90% decrease in Gas fees, triggering a large number of address poisoning and dusting transactions, which amplified on-chain activity through "fake activity," while staking yields declined, weakening validator incentives. The firm also claimed that ETH's market share is being eroded by Solana and L2 networks.