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Recent actions by major companies in the cryptocurrency market have shown both positive and negative effects. Institutional moves, especially by asset management firms, play a crucial role in market fluctuations. Despite the Fed’s optimistic outlook on interest rate cuts, investors seeking reasons for the market downturn have found a significant one. This event was shared by Bloomberg moments ago.
WisdomTree Withdraws Ethereum Trust Filing
According to information obtained by Bloomberg, WisdomTree Ethereum 
$2,516 Trust has withdrawn its registration statement. While this is considered a possible reason for the market downturn, comments on its potential consequences have started to emerge.
Market participants believe this decision could negatively impact WisdomTree’s Ethereum ETF. Additionally, volatility and downward pressure on other altcoins, especially Ethereum, may increase. More importantly, this process could trigger a chain reaction, leading other companies to withdraw their applications as well.
Although detailed explanations are not yet available, the cause of the event will be clarified in the coming hours.
Ethereum Price Update
Following the news, attention turned to the price of Ethereum. The price of Ethereum continued to fall in line with the rest of the market. The decline in the last 24 hours reached 7.34%, bringing the price to $2,194. This price level also caused a noticeable drop in market volume.
Following the significant drop, the volume fell to $263 billion. The 24-hour trading volume increased by 89%, exceeding $25 billion, indicating increased short selling and some buying of Ethereum. Lastly, the RSI value for ETH dropped to 30.64, indicating overselling.
