On July 8, Mechanism Capital co-creator Andrew Kang wrote on X: "ETH USD is slightly below the lower end of my estimate range. It may be due to the German + Mt Gox sell-off/concerns + the impact of ETF launch delays. Given that we have sold so much, ETH is likely to have a mitigating rally after ETF approval, but the upside is expected to be limited to $3,600."