Research firm 10x Research released a report pointing out that the pre-listing rally of the Ethereum ETF has ended, and the market has seen a "sell news" trading pattern. The report highlights the following points:
1. The listing of the Ethereum ETF coincides with the start of the Mt. Gox bitcoin distribution, which could put selling pressure on the crypto market.
2. US technology stocks have had a poor start to the earnings season, with 40% of companies by market capitalization due to report results next week. Expectations may be too high.
3. Stagnant or declining Ethereum fundamentals (new users, revenue, etc.) could become a market weakness.
4. Ethereum has fallen 6% since the ETF went public, in line with the agency's previous bearish expectations.
10xResearch believes that if this trend continues, the cryptocurrency market may need more positive support to resume its rally.
10X Research: The pre-listing rally of the Ethereum ETF has ended, and the market has a "sell message" trading pattern
2024-07-25 01:50:24
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