Ethereum enters the FTX era of pressure: Is this structural deleveraging?

According to a report by Bijie Network: Due to severe macro shocks triggered by tensions between the US and Iran, the derivatives market has suffered a heavy blow, with Ethereum's funding rate plunging to its lowest level since the FTX collapse. Risk aversion sentiment has led to approximately $1.1 billion worth of Ethereum positions being liquidated, while the entire market has lost as much as $2.5 billion. The funding rate on a certain exchange has also dropped to -0.028%. Large holders like BitMine are facing structural losses, with Ethereum trading near $2,415 while their cost basis is around $3,800, resulting in an unrealized loss of nearly 40%. Currently, the support level is in the $2,400 to $2,600 range.