Smart money on the Hyperliquid platform is intensifying its short positions on Ethereum, with an increase of $2.8 million in the past 24 hours, according to Nansen data. The total net short position on Ethereum now surpasses $21 million, indicating a continued bearish outlook among top traders. Additionally, demand for Ethereum ETFs remains weak, contributing to liquidity concerns. Farside Investors reported net outflows from spot Ethereum ETFs for two consecutive days, totaling approximately $75.2 million on Friday, following a $41.5 million outflow the previous day.