10x Research: The crypto market is entering a period of seasonal weakness, and potential pressures such as Mt.Gox may cause the market to further decline

Odaily Planet Daily News The launch of the Ethereum spot ETF brought optimism to the market, but it was soon followed by an ETH sell-off and subsequent price drop. According to the latest 10x Research report, this selling trend is closely related to the familiar pattern of previously released crypto ETFs, including Bitcoin. Markus Thielen, founder of 10x Research, explained in an interview that many traders "expected the Ethereum ETF to account for 20% of the Bitcoin ETF inflow. However, they ignored the billions of dollars of funds that may flow out of Grayscale and the trend of exchange listings triggering a 'sell the news' reaction. In addition, the crypto market is entering a period of seasonal weakness." The report expressed a bearish view on ETH, indicating that it was overbought before the launch of the highly anticipated ETF, and also highlighted investors' shift from ETH to SOL because Meme coin issuance flocked to the Solanan blockchain, "not Ethereum." The report warned investors that the market could fall further due to potential pressure from Mt.Gox, the upcoming US earnings season, and "seasonal weakness in August and September." (Cointelegraph)