Bitfinex: 'ETH Spot ETF launch followed by 40% price drop... Was sell-the-news event'
CryptoNewsTerminal Staff19 Aug, 2024
Bitfinex: 'ETH Spot ETF launch followed by 40% price drop... Was sell-the-news event'
Following the launch of the Ethereum Spot ETF, the price of ETH dropped by 40%. According to a report by CryptoSlate, Bitfinex has stated that this drop was a sell-the-news event. The report explains that there was a significant change in ETH order flow within these ETF markets, which saw ETH underperform the broader crypto market. The report also adds that the decline in ETH price over the last few weeks has been mainly driven by decreasing Ethereum spot ETF net flows, with large sell orders from Jump Trading, Wintermute, and macro uncertainty from rate hikes in Japan also contributing factors.
