According to TechFlow, on July 23, QCP Capital's latest report pointed out that the market's reaction to the release of the Ethereum spot ETF was relatively flat, and investors were observing whether the "hype buy, news sell" pattern would emerge. In contrast, Bitcoin fell to $38,000 after the release of the ETF, but broke through the all-time high two months later.
In addition, the US government transferred 58.742 BTC to Coinbase this morning, and now holds a total of 213,239 BTC (about $14.2 billion). Mt Gox also transferred about 47,600 BTC to other wallets, including Bitstamp. Influenced by the news of the US government and Mt Gox, the options market seems to expect more downside in the near term.
Since an ETH spot ETF may not impact the price immediately, coupled with potential selling pressure from the U.S. government and Mt Gox, the spot price may remain subdued until momentum builds before the election.