Odaily News QCP Capital's latest report points out that the market's reaction to the launch of the Ethereum spot ETF is relatively muted, and investors are watching whether a "buy on hype, sell on news" pattern will emerge. In contrast, Bitcoin fell to $38,000 after the ETF was launched, but broke through its all-time high two months later. In addition, the US government transferred 58.742 BTC to Coinbase this morning, and currently holds a total of 213,239 BTC (about $14.2 billion). Mt Gox also transferred about 47,600 BTC to other wallets, including Bitstamp. Influenced by the news from the US government and Mt Gox, the options market seems to expect more downside in the near term. Since the ETH spot ETF may not affect prices immediately, coupled with potential selling pressure from the US government and Mt Gox, spot prices may remain sluggish until momentum accumulates before the election.