According to Arkham Intelligence, a wallet allegedly controlled by the US government transferred 300 ETH ($699,000) to an address ending in "d46" on August 5.

- The funds were confiscated by the government.

- ETH price plunges after US ETF launch.

- Independent Crypto Lion analyst points to weak demand on exchanges.

- The situation was made worse by the Bank of Japan raising interest rates.

- CoinShares reports $146 million outflow from Ethereum funds in a week.

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