Ether (ETH) traded at just above $1,650 on Oct. 3, after dropping 5.3% in two days. The price had advanced 10% in the last week of September and hit a local peak at $1,750 on Oct. 1. The correction followed the Bitcoin-led correction that printed red candles on the charts of all top 40 digital assets.The ongoing macroeconomic instability could have pushed the Ethereum price down today, as government bond yields have surged per the Fed’s hawkish policies and the US Treasury yield curve has been inverted since 2022. Over $16 million worth of Ether options positions were liquidated on Sep. 28, accompanied by a “flood” with over $18.8 million in Bitcoin contracts, revealing the bearish sentiment across the sector.Investment firms ProShares, Valkyrie, Bitwise, VanEck, Kelly, and Volshares launched nine ETFs on the Chicago Board Options Exchange (CBOE) on Oct. 2. However, the volume was described as “meh” on Twitter as of Oct. 2, possibly demonstrating a case of the “buy the rumor, sell the news” effect.The muted initial reaction to the ETFs might not reflect users’ interest in the Network, as the Ethereum chain’s total staked holdings rose to 29.6 million ETH, worth roughly $49 billion. ETH wallets opted for self-custody solutions, moving their holdings off exchanges, as ETH exchange reserves shrunk to 14.5 million coins, a near-60% decline since 2020.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	Eric Bulchunas
Companies	US Securities and Exchange Commission (SEC), Volshares, Bitwise, Valkyrie, US Treasury, Kelly, VanEck, Chicago Board Options Exchange (CBOE), ProShares
Currencies	cboe, Ethereum, Bitcoin, US Dollar
Securities	None