The price of Ethereum (ETH) has dropped by 8.2% between October 2 and October 9. This decline can be attributed to several factors, including an increase in coin issuance resulting from changes in Ethereum’s monetary policy, notable sales by Vitalik Buterin, and a disappointing first week for the Ethereum futures-based exchange-traded fund (ETF).
One factor contributing to the price drop is the change in Ethereum’s coin issuance mechanism, which has led to an increase in the supply of ETH. This has disrupted the “ultrasound money” theory, which predicted a decrease in the total supply of ETH. Additionally, sales by Vitalik Buterin and the Ethereum Foundation have raised concerns among investors. Buterin has sent a significant amount of ETH to exchanges, while the Ethereum Foundation has made a sale for operational expenses.
Furthermore, the demand for the ETH futures ETF has been weaker than expected. A wallet address linked to the FTX exploiter has converted a large portion of ETH into a wrapped version of Bitcoin, suggesting a lack of confidence in ETH’s price performance.
Overall, these factors have contributed to negative sentiment surrounding Ethereum’s price. Increased regulatory risks, net coin issuance, sales by notable individuals and organizations, and weak demand for the futures-based ETF have all played a role in the recent poor performance of ETH.
– Ethereum price has dropped by 8.2% between October 2 and October 9.
– Factors contributing to the decline include increased coin issuance, sales by Vitalik Buterin and the Ethereum Foundation, and weak demand for the ETH futures ETF.
– Changes in Ethereum’s coin issuance mechanism have disrupted the “ultrasound money” theory.
– Sales by Vitalik Buterin and the Ethereum Foundation have raised concerns among investors.
– The weak demand for the ETH futures ETF suggests a lack of confidence in ETH’s price performance.
– Overall, these factors have contributed to negative sentiment surrounding Ethereum’s price.