10x Research: The pre-listing surge of Ethereum ETF has ended, the market is showing a "sell the news" trading pattern

The research institution 10x Research released a report indicating that the pre-listing rally of Ethereum ETF has ended, and the market has shown a "sell the news" trading pattern. The report emphasizes the following points:

The listing of Ethereum ETF coincides with the start of Mt. Gox Bitcoin distribution, which may bring selling pressure to the crypto market.

The US tech stock earnings season started poorly, with 40% of companies by market value expected to announce results next week, expectations might be too high.

Ethereum's fundamentals (new users, revenue etc.) are stagnating or declining, which could become a weak point in the market.

Since its ETF listing, Ethereum has fallen by 6%, consistent with this institution's previous bearish expectation.

10x Research believes that if this trend continues, more positive support may be needed for cryptocurrency markets to regain momentum.