Analysis: Since the approval of Ethereum spot ETF, ETH's market depth has decreased by 20%

Since the listing of nine Ethereum spot ETFs on July 23, the average 5% market depth of ETH in US CEX has dropped by 20% to about $14 million, liquidity has weakened, and sensitivity to large transactions has increased. Data from CCData shows that since its listing, the Ethereum spot ETF has had a cumulative outflow of more than $500 million, and the price of Ethereum has fallen by more than 25% to $2380. Analysts believe that poor market conditions and reduced summer trading activity are the main reasons.