Spot Ethereum ETF Delay Causes Market Shakeup: Whales Sell LDO, AAVE, and UNI at a Loss

Recently, ETF Store President Nate Geraci's update on spot Ethereum ETFs (exchange-traded funds) has attracted widespread attention from investors and institutions. According to his post on X (formerly Twitter), the U.S. Securities and Exchange Commission (SEC) originally planned to approve the launch of these products by July 2, but decided to postpone it until mid-July. This postponement triggered a strong reaction in the market, leading to a massive sell-off of some Ethereum-based tokens.

These token sales were all carried out at a loss. After this market sell-off, the token prices fell sharply.

The price of LDO fell by 14%, AAVE depreciated by 9%, UNI fell by 5%, and FXS depreciated by 12%.

This massive sell-off suggests that if the SEC postpones or delays the approval of the spot Ethereum ETF again, we may see another massive sell-off of Ethereum and related tokens in the coming days. In fact, after the ETF update, Steve Kurz, head of asset management giant Galaxy Digital, told Bloomberg that the SEC may approve the spot Ethereum ETF in the coming weeks.

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If ETH cannot maintain this level, we may see a sharp drop to the $2,870 level in the next few days.

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