Ether (ETH) price has dipped below $3,000 for the first time in 50 days, reflecting a broader cryptocurrency market correction largely influenced by Bitcoin (BTC). The total crypto market capitalization also fell below $2 trillion, a level unseen since February. Despite the upcoming launch of a spot Ethereum exchange-traded fund (ETF) in the U.S., traders fear that the crypto bull run may be over. Large Bitcoin transactions by the Mt. Gox bankruptcy estate and the German government have also stirred market uncertainty. However, Ether derivatives metrics show no heavy hedging, indicating that traders are not preparing for further declines.