Ether.fi token drops over 10% amid strong on-chain capital but bearish derivatives.

Ether.fi (ETHFI) has fallen sharply by more than 10% in the past 24 hours, continuing a multi-week downtrend with a 17% loss over 90 days and 65% over a year. The decline is driven mainly by derivatives, where a negative Funding Rate of -0.0101% indicates dominant short positions betting on further price drops. Despite this, on-chain metrics show strong capital inflows, with total value locked (TVL) rising to $3.484 billion, suggesting retail and mid-sized investors remain committed long-term. However, whale investors are selling heavily, which may prolong the downtrend despite retail interest.