TechFlow news, on July 23, the latest report from QCP Capital indicated a muted market reaction to the launch of Ethereum spot ETFs, with investors watching whether a "buy the rumor, sell the news" pattern will emerge. In contrast, Bitcoin dropped to $38,000 after its ETF launch but later broke new all-time highs two months afterward.
In addition, this morning the U.S. government transferred 58.742 BTC to Coinbase, bringing its total holdings to 213,239 BTC (approximately $14.2 billion). Mt Gox also moved around 47,600 BTC to other wallets, including Bitstamp. Influenced by news involving the U.S. government and Mt Gox, the options market appears to anticipate further downside movement in the near term.
Given that ETH spot ETFs may not immediately impact prices, combined with potential selling pressure from the U.S. government and Mt Gox, spot prices could remain subdued until momentum builds ahead of the election.
