According to TechFlow, a research institute 10x Research released a report stating that the pre-IPO rally of Ethereum ETF has ended, and the market has entered a "sell news" trading mode. The report emphasizes the following points:
The Ethereum ETF listing coincides with the start of Mt. Gox's Bitcoin distribution, which may bring selling pressure to the crypto market.
The U.S. tech earnings season is off to a bad start, with 40% of companies by market value set to report results next week, and expectations may be too high.
Stagnant or declining Ethereum fundamentals (new users, revenue, etc.) could become a market weakness.
Ethereum has fallen 6% since the ETF was listed, in line with the agency's previous bearish expectations.
10x Research believes that if this trend continues, the cryptocurrency market may need more positive support to resume its upward momentum.
