The launch of the Ethereum Spot ETF brought optimism to the market, but it soon ushered in an ETH sell-off and subsequent price decline. According to the latest 10x Research report, this sell-off trend is closely related to the familiar pattern of previously released crypto ETFs, including Bitcoin. Markus Thielen, founder of 10x Research, explained in an interview that many traders "expect Ethereum ETFs to account for 20 per cent of Bitcoin ETF inflows. However, they ignore the billions of dollars that could flow out of grey releases and the trend of exchange listings triggering a'sell the news' reaction. Additionally, the crypto market is entering a period of seasonal weakness." The report expressed a bearish view on ETH, indicating that it was overbought ahead of the highly anticipated ETF launch, and also highlighted the shift of investors from ETH to SOL as the Meme issuance flocked to the Solanan blockchain "rather than Ethereum". The report warned investors that the market could fall further due to potential pressure from Mt. Gox, the upcoming U.S. earnings season, and "seasonal weakness in August and September."