📉 Ether (ETH) took a nosedive below $3,000 for the first time in 50 days, causing traders to fear the crypto bull run has come to an end. Despite the upcoming launch of a spot Ethereum ETF in the U.S, some worry that Ether's price could continue to fall. This drop mirrors the broader crypto market correction, largely influenced by Bitcoin (BTC). Adding to the pressure, the German government has moved 7,583 BTC to exchanges since June 19, amounting to $415 million. Despite the downturn, Ether derivatives metrics do not show heavy hedging, suggesting that traders are not preparing for further declines. 😅