10x Research: The bullish trend before the Ethereum ETF listing has ended, and the market is experiencing a "sell the news" trading pattern

2024-07-25 09:44:23

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ChainCatcher message, research institution 10x Research released a report indicating that the bullish trend before the Ethereum ETF listing has ended, and the market is experiencing a "sell the news" trading pattern. The report emphasizes the following points:

The Ethereum ETF listing coincides with the start of the Mt. Gox Bitcoin distribution, which may bring selling pressure to the crypto market.
The earnings season for U.S. tech stocks has started poorly, with 40% of market cap companies set to announce their results next week, and expectations may be too high.
Ethereum's fundamentals (new users, revenue, etc.) are stagnating or declining, which could become a market weakness.
Ethereum has dropped 6% since the ETF listing, aligning with the institution's previous bearish expectations.

10x Research believes that if this trend continues, the cryptocurrency market may need more positive support to regain its upward momentum.

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