Last week, the cryptocurrency market witnessed wild price swings, leading to a decline in prices. Bitcoin briefly dipped below $60,000 before recovering, while Ethereum's price dropped below $3,000.

Amid the anticipation surrounding Ethereum ETFs, a significant development emerged: Grayscale withdrew its application for a Futures Ethereum ETF, fueling market pessimism about spot Ethereum ETFs [4].

Grayscale's unexpected move came as the market awaited a decision on VanEck's spot Ethereum ETF. The reason behind this withdrawal remains unclear.

Despite this, Ethereum's price has maintained stability, trading at $3,050 after a 1% decrease. In the Ethereum/TRY pair, the price stands at 98,399 TL, below 100,000 TL. The market cap in Turkish Lira exceeds 11.8 trillion, while the USD market cap surpasses $366 billion.

Ethereum's 24-hour trading volume has decreased by 12% to $11.2 billion, potentially indicating investors distancing themselves from ETH or existing holders refraining from selling at current levels.