What is causing the decline in the price of Ethereum (ETH) today?
The price of Ethereum is currently experiencing a decline due to significant selling pressure from prominent wallets and a lack of enthusiasm surrounding the recent launch of Ethereum futures ETFs, which is negatively impacting investor sentiment.
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Ethereum (ETH) has witnessed an 8.2% decline between October 2 and October 9. Several factors have contributed to this price drop, including an increase in coin issuance due to changes in Ethereum's monetary policy, notable sales by Vitalik Buterin, and a disappointing first week for the futures-based exchange-traded fund (ETF).
Ethereum's monetary policy, known as "ultrasound money," had led to a net decrease in the total supply of ETH throughout most of 2023. However, in September 2023, the supply of ETH increased by 30,064 ETH in the past 30 days due to a reduction in network activity, particularly in the burn mechanism.
Ether annualized burn, issuance and supply, 30 days. Source: ultrasound.money
Notably, Vitalik Buterin's wallet address has made significant transfers of ETH to exchanges over the past five weeks, leading to speculation within the community about the reasons for these transactions. The Ethereum Foundation also sold a portion of its ETH holdings for operational expenses, grants, and incentives.
In addition, the demand for the ETH futures ETF has been weaker than expected, with less than $10 million in aggregate assets under management during its first week of trading. The negative sentiment surrounding Ether's price can be attributed to factors such as increased regulatory risks, the resumption of net coin issuance, sales by Vitalik and the Ethereum Foundation, and the lackluster performance of the futures-based ETF.
Overall, these factors have contributed to the recent decline in Ethereum's price.
