- ETH plunged harder than BTC despite ‘expected’ ETF catalyst by mid-July
- Mixed views by analysts on how the market will receive the ETH ETF amidst negative sentiment.
Ethereum [ETH] wasn’t spared in the ongoing market rout despite a potential ETF launch by mid-July.
The second-largest digital asset shed over $500 since the 1st of July, dropping from $3.4K to a low of $2.8K, erasing all gains netted after partial ETF approval in May.
However, Ethereum educator Sassal claimed that there was ‘no bearish’ factor apart from possible outflows from Grayscale’s ETH trust, ETHE.
“This entire run has now been retraced since the ETFs got approved on May 23rd…The main overhang for ETH right now, in my opinion, is the possible Grayscale ETHE outflows.”
He added that there were “fundamental reasons to be bearish going forward” and cited possible tailwinds from increasing regulatory clarity and likely Fed rate cuts…
