Ether (ETH) has slid below $2,000 for the first time since March, marking a significant downturn with nearly 8% losses over the past week. This decline occurs amid a broader market risk aversion and coincides with a record high in futures open interest, which has reached 16.39 million ETH, equivalent to approximately $32.5 billion. The divergence between falling prices and rising futures interest suggests aggressive shorting behavior among traders. Investor sentiment has soured, highlighted by substantial outflows from U.S. spot ETFs totaling $401 million this month, reversing previous inflows. Additionally, notable departures from the Ethereum Foundation have raised concerns about the project's direction, with some analysts questioning the correlation between Ethereum's ecosystem strength and the ETH token's performance. Despite ongoing development activity, market sentiment appears to weaken faster than the commitment seen from developers, indicating potential challenges ahead for Ether.