Aside from Bitcoin (BTC) price witnessing a sudden drop, Ethereum (ETH) has been experiencing price swings as well. 

The recent fluctuations in Ethereum have sparked interest in the involvement of major industry players such as the FTX and Alameda Research.

According to the recent data from Spot on Chain, these companies have been actively transferring substantial amounts of Ethereum, amounting to 6,500 ETH, equivalent to $24.57 million to Coinbase. 

Surprisingly, these transactions have coincided with the sudden dips in Ethereum’s price, suggesting a potential correlation between FTX and Alameda Research’s massive transactions and Ethereum’s price drop. 

At press time, Ethereum (ETH) is down by 8.48% trading at $3,627.12 with a 24-hour trading volume of $36.18 billion. Its total market cap also decreased by 8.24% to $441.02 billion.

Meanwhile, US Senator Reed and Senator Butler called on the US Securities and Exchange Commission (SEC) to refrain from granting approval of new ETFs beyond Bticoin for alternative tokens. Implicitly, legislative bodies are pushing for the dismissal of the spot Ethereum ETF approval by the SEC. 

Paul Grewal, Chief Legal Officer at Coinbase, released a statement to the Senators presenting evidence that contradicts their claims. He explained that numerous digital asset commodities beyond Bticoin have higher market quality than even the most heavily traded stocks. For instance, Ethereum’s (ETH) spot market has depth and liquidity, exceeding the trading volume of only two S&P 500 stocks. Moreover, ETH has a lower bid-ask spread than only one S&P 500 stock. 

Despite the US senators opposing the further approval of ETFs, the crypto community is still optimistic about the spot Ethereum ETFs.