ETH crashes 5%: Retail traders are still buying the dip, while the big players have already exited
🎯 Big Players' Script | June 6, 2026
【Current Market】
• BTC: $61,309 (24h -2.17%)
• ETH: $1,583 (24h -5.27%)
• Long/Short Ratio: 2.20 (68.8% accounts are long)
• Funding Rate: BTC +0.003% / ETH -0.003%
━━━━━━━━━━━━━━━━━━
【What Big Players Fear】
👉 What big players fear most isn't a massive drop, but rather that retail traders keep holding on stubbornly after a crash.
Today, BTC dipped to as low as $59,130, and ETH plunged to $1,505, with ETH's drop of 5.27% far exceeding BTC. However, on-chain data shows that the long/short ratio for BTC is still as high as 2.02, with top traders at 2.20—almost 70% are still long.
The funding rate has nearly gone to zero (BTC +0.003%, ETH -0.003%), indicating that there's no panic selling among longs, and some even think, "It’s dropped enough, time to buy the dip." This is precisely the scenario that big players fear—if they can’t kill it, it will backfire.
━━━━━━━━━━━━━━━━━━
【What Big Players Want】
👉 Big players don't want to force out more longs; they want to make the bulls surrender in despair.
Pay attention to a key detail: while the long/short ratio for top traders is 2.20, the actual position ratio is only 1.25. What does this mean? There are many long positions, but each long position is relatively small; there are fewer shorts, but each short position is quite large. The big players are concentrating their bets on shorts, while retail traders are scattered in their dip-buying.
The long/short ratio for ETH is even higher at 3.89 (79.5% long), reaching a recent peak. What do the big players want? To grind it down further, pushing ETH into the $1,450-$1,500 range, making these retail bulls shift from "buying the dip" to "cutting losses."
━━━━━━━━━━━━━━━━━━
【Who Is in the Most Pain】
👉 Those feeling the most pain are leveraged ETH bulls.
BTC is down 2%, ETH is down 5.27%, and the ETH/BTC exchange rate has dropped to 0.0258, hitting a new low. This means that ETH bulls are not only losing absolute amounts but also relative value—the coins they hold are depreciating rapidly.
From trading data, BTC dropped from $63,259 to $59,130 within 24 hours, during which a significant number of long positions were liquidated. More critically, ETH's downward structure is steeper and smoother than BTC's—indicating that the selling pressure on ETH is active and organized, not just passive following BTC.
━━━━━━━━━━━━━━━━━━
【Who Is Most at Risk】
👉 The most at risk now are two types of people.
First, ETH perpetual contract bulls. With 79.5% of accounts long and the funding rate just turning negative—this might seem "favorable for bulls," but in reality, it’s a very dangerous signal. Typically, negative funding rates occur in a downtrend, indicating that shorts are strong enough not to need to hedge costs. Each rebound presents a new shorting opportunity.
Second, those chasing high-priced altcoins. ETH is the anchor for altcoins; if ETH drops from $1,690 to $1,505 and hasn’t bottomed out yet, altcoins will likely drop at least 2-3 times more than ETH.
━━━━━━━━━━━━━━━━━━
【Next Steps in the Script】
If I were the market maker, tonight's operations would be very clear:
Step 1: Let BTC oscillate in a narrow range of $60,800-$61,800, creating a false sense of "stability" in the market, attracting more retail traders to buy the dip on ETH and altcoins.
Step 2: Wait for the Asia-Pacific market tomorrow morning during the period of lowest liquidity (4-6 AM), combined with the low liquidity of the weekend, then slam ETH down to $1,450. Once this triggers mass liquidation of ETH longs, BTC will follow back down to $58,500.
Step 3: Wait until the proportion of long accounts across the network drops below 55% (i.e., long/short ratio of 1.22), and the funding rate turns negative by more than -0.01%, then spend a week slowly accumulating, picking up the chips that retail traders have cut loose.
The current movement of ETH is very similar to the structure from September 2025—sharp drops, weak rebounds, and then sharp drops again in a three-stage washout. Don’t gamble on a V-shaped recovery at this position; wait until the panic is fully released.
🎯 Big Players' Script | June 6, 2026
【Current Market】
• BTC: $61,309 (24h -2.17%)
• ETH: $1,583 (24h -5.27%)
• Long/Short Ratio: 2.20 (68.8% accounts are long)
• Funding Rate: BTC +0.003% / ETH -0.003%
━━━━━━━━━━━━━━━━━━
【What Big Players Fear】
👉 What big players fear most isn't a massive drop, but rather that retail traders keep holding on stubbornly after a crash.
Today, BTC dipped to as low as $59,130, and ETH plunged to $1,505, with ETH's drop of 5.27% far exceeding BTC. However, on-chain data shows that the long/short ratio for BTC is still as high as 2.02, with top traders at 2.20—almost 70% are still long.
The funding rate has nearly gone to zero (BTC +0.003%, ETH -0.003%), indicating that there's no panic selling among longs, and some even think, "It’s dropped enough, time to buy the dip." This is precisely the scenario that big players fear—if they can’t kill it, it will backfire.
━━━━━━━━━━━━━━━━━━
【What Big Players Want】
👉 Big players don't want to force out more longs; they want to make the bulls surrender in despair.
Pay attention to a key detail: while the long/short ratio for top traders is 2.20, the actual position ratio is only 1.25. What does this mean? There are many long positions, but each long position is relatively small; there are fewer shorts, but each short position is quite large. The big players are concentrating their bets on shorts, while retail traders are scattered in their dip-buying.
The long/short ratio for ETH is even higher at 3.89 (79.5% long), reaching a recent peak. What do the big players want? To grind it down further, pushing ETH into the $1,450-$1,500 range, making these retail bulls shift from "buying the dip" to "cutting losses."
━━━━━━━━━━━━━━━━━━
【Who Is in the Most Pain】
👉 Those feeling the most pain are leveraged ETH bulls.
BTC is down 2%, ETH is down 5.27%, and the ETH/BTC exchange rate has dropped to 0.0258, hitting a new low. This means that ETH bulls are not only losing absolute amounts but also relative value—the coins they hold are depreciating rapidly.
From trading data, BTC dropped from $63,259 to $59,130 within 24 hours, during which a significant number of long positions were liquidated. More critically, ETH's downward structure is steeper and smoother than BTC's—indicating that the selling pressure on ETH is active and organized, not just passive following BTC.
━━━━━━━━━━━━━━━━━━
【Who Is Most at Risk】
👉 The most at risk now are two types of people.
First, ETH perpetual contract bulls. With 79.5% of accounts long and the funding rate just turning negative—this might seem "favorable for bulls," but in reality, it’s a very dangerous signal. Typically, negative funding rates occur in a downtrend, indicating that shorts are strong enough not to need to hedge costs. Each rebound presents a new shorting opportunity.
Second, those chasing high-priced altcoins. ETH is the anchor for altcoins; if ETH drops from $1,690 to $1,505 and hasn’t bottomed out yet, altcoins will likely drop at least 2-3 times more than ETH.
━━━━━━━━━━━━━━━━━━
【Next Steps in the Script】
If I were the market maker, tonight's operations would be very clear:
Step 1: Let BTC oscillate in a narrow range of $60,800-$61,800, creating a false sense of "stability" in the market, attracting more retail traders to buy the dip on ETH and altcoins.
Step 2: Wait for the Asia-Pacific market tomorrow morning during the period of lowest liquidity (4-6 AM), combined with the low liquidity of the weekend, then slam ETH down to $1,450. Once this triggers mass liquidation of ETH longs, BTC will follow back down to $58,500.
Step 3: Wait until the proportion of long accounts across the network drops below 55% (i.e., long/short ratio of 1.22), and the funding rate turns negative by more than -0.01%, then spend a week slowly accumulating, picking up the chips that retail traders have cut loose.
The current movement of ETH is very similar to the structure from September 2025—sharp drops, weak rebounds, and then sharp drops again in a three-stage washout. Don’t gamble on a V-shaped recovery at this position; wait until the panic is fully released.