TechFlow reported that Cointelegraph reported that despite the optimism surrounding the launch of the Ethereum spot ETF, ETH was followed by a sell-off and price drop. The latest 10x Research report shows that the sell-off trend is similar to the launch pattern of previous crypto ETFs (including Bitcoin). Markus Thielen, founder of 10x Research, mentioned that many traders expect the Ethereum ETF to account for 20% of the Bitcoin ETF inflows, but ignore the possible billions of dollars of capital outflows from Grayscale and seasonal weakness in the market.

In addition, the launch of the spot Ethereum ETF overlapped with Mt. Gox's first BTC allocation, further exacerbating the market selling pressure. The report pointed out that Grayscale's $9 billion Ethereum exchange-traded notes (ETNs) saw outflows of $481 million and $326 million in the first two days, respectively, while Bitwise recorded an inflow of $204 million on the first day, mainly from Pantera Capital. Despite mixed market sentiment, Pantera's rapid sell-off of its "seed investment" indicated a lack of confidence in continued growth.