PANews reported on May 31 that Santiment, a crypto sentiment platform, analyzed that the ratio of positive to negative comments about Ethereum has shifted from strong FOMO (Fear of Missing Out) sentiment in late April to a more pronounced FUD (Fear of Uncertainty) sentiment today. Harvard University liquidated its entire $87 million Ethereum ETF investment after one quarter; Ethereum Foundation researchers announced their resignations; and David Hoffman publicly stated his withdrawal from the Ethereum project. The Santiment team interprets this trend as a mildly bullish signal, similar to the significant surge that followed the market sentiment trough in mid-2023. Despite the panic, the number of non-empty Ethereum wallets remains a high 192.92 million, more than three times that of Bitcoin's approximately 59 million. While DeFi and staking activity surged at the beginning of the year and has since normalized, new wallet creation continues at a healthy growth rate. Fundamental data such as holders and activity levels do not support the claim that "the Ethereum network is dying."

Furthermore, the Bitcoin long/short ratio has reached a high of 2.23, the highest level since 2026. Previously, the two days with the highest long/short ratios were accompanied by short-term price pullbacks, while an extremely low long/short ratio indicates a local bottom. The current optimistic sentiment contrasts sharply with the short-selling flows in ETFs, therefore caution is warranted.