TechFlow news, research firm 10x Research released a report stating that the pre-launch rally for Ethereum ETFs has ended, with markets now exhibiting a "sell the news" trading pattern. The report highlights the following points:
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The launch of Ethereum ETFs coincides with the beginning of Mt. Gox Bitcoin distributions, which could exert selling pressure on the crypto market.
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The U.S. tech stock earnings season started weakly, with 40% of market value companies set to report next week, potentially facing overly optimistic expectations.
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Ethereum fundamentals—such as new users and revenue—have stagnated or declined, possibly becoming a market weakness.
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Ethereum has fallen 6% since the ETF launch, aligning with the firm's previous bearish outlook.
10x Research believes that if this trend continues, the cryptocurrency market may require additional positive catalysts to regain upward momentum.
