Since August 3, Ethereum (ETH) has dropped from $3,000 to less than $2,200. The drop was fueled by five prominent market makers selling 130,000 ETH for $290M. Jump Trading came in second with 36,000 ETH, and Wintermute topped the sell-off with 47,000 ETH.
The price of the cryptocurrency struggles to stay above $2,200. Additional selling might send investors into a frenzy. Nonetheless, based on past trends, some analysts believe there may be a doubling of the price.
The recent introduction of Ether ETFs in the United States has not increased inflows. Since their launch on July 23, cumulative net outflows have amounted to $511 million. At $2.1 billion, Grayscale's Ether ETF is the main beneficiary of withdrawals.
However, Ether ETFs might be less impactful to the market than Bitcoin ETFs. Given Bitcoin's current dominance in the market, ETH faces a big challenge and opposition in general.
ETH's volatility continues to affect investor mood, causing concern in the crypto market. ETF performance and the actions of market makers will probably shape future trends.
