On September 23, Volatility Shares 2x Ether ETF declined 8.08% in regular trading, trading at $29.43/share, with turnover of $138 million. As a 2x leveraged ETH product, the sharp drop reflects amplified losses from Ethereum's underlying price weakness.

On the news front, multiple on-chain whale profit-taking events pressured ETH prices. A whale that held 8,250 ETH for four and a half years transferred the entire position to Coinhako exchange at $2,758, locking in approximately $4.58 million in gains. Separately, another large entity moved 33,180 ETH — worth roughly $87 million — into exchanges after holding since late 2023, signaling potential distribution. A third institution transferred 21,200 ETH to Bitfinex for partial profit-taking after a three-year hold.

Meanwhile, heightened geopolitical tensions surrounding the Hormuz Strait closure and escalating Middle East conflicts triggered broad risk-off sentiment, dragging crypto assets lower alongside equities. According to market data, if ETH falls below $2,633, cumulative long liquidation intensity across major exchanges could reach $1.197 billion, adding further downside risk.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)