10x Research: Ethereum ETF's pre-listing rally has ended, and the market has seen a "sell the news" trading pattern

Research institution 10x Research released a report pointing out that the Ethereum ETF's pre-listing rally has ended, and the market has entered a "sell-the-news" trading mode. The report emphasizes the following points:

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

The start of the US technology stock earnings season is not good, with 40% of market value companies expected to announce their performance next week, which may be too high.

The fundamentals of Ethereum (new users, revenue, etc.) have stagnated or declined, which may become a weakness in the market.

Since the listing of the Ethereum ETF, it has fallen by 6%, in line 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.