Aggressive Sales Push Ether Prices Down
Ether has seen a rapid drop in its price due to the offloading of over $300 million worth of it by market makers. Major players such as Wintermute and Jump Trading have sold significant amounts, with the former dumping 47,000 ETH while the latter released 36,000 ETH. Such intense selling pressure has caused Ether to plummet in value from above $3,000 to below $2,200. The lowest ETH price was recorded at $2,195 before there was some recovery.
Impact of US Ether ETFs
The Ether price drop has occurred despite the recent debut of US Ether ETFs on July 23. These ETFs were expected to enhance market stability, but they have faced over $511 million in net outflows since their launch. Grayscale’s Ether ETF has seen the largest withdrawals, reflecting less enthusiasm than anticipated for these new financial instruments.
Future Of Ether
Eth’s present slump highlights the whirlwind-like makeup of the virtual money industry. Nevertheless, speculators should always be on their toes as major market actors remain active in offloading their possessions. The success or failure of Ether ETFs alongside existing market trends will play a significant role in determining the future path taken by Ether.
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