Overview of the reasons for the market's fear
Macro situation
-Influenced by S&P500 and Nasdaq, investors are worried that the FED will cut interest rates late and the recession will begin. BoJ will raise interest rates, the Yen will appreciate, causing the Yen carry trade to be margin called and have to recover assets
-In which, Yen carry trade is a short-term trend that exists due to the interest rate/exchange rate difference, concerns about a recession are longer-term
-Geopolitical tensions: Tensions escalate between Iran and Israel in the Middle East. Trump's presidential election victory rate drops from 75% to 55%.
Jump Trading sells ETH: Jump Trading has withdrawn 120k wstETH (worth about 500 million USD) and then converted to ETH, sent to the exchange to sell and collect stablecoins. In fact, Jump has been in action since 24/7 and has been sending ETH to Binance continuously for the past few days
-ETF cash flow: BTC Spot ETF Net -$237m, ETH ETF Net -$54m. However, a positive sign is that Grayscale's ETHE fund no longer has a discount after net selling of $2.2 billion to the market
-Supply shock: News of continuous BTC sales from the German Government (50k BTC), the US Government (currently holding 203k). A positive sign is that Mt.Gox has completed paying BTC & BCH to more than 70% of creditors. MT.Gox now holds only 46k BTC compared to the original 142k
