The Volatility Shares Trust 2x Ether ETF (ETHU) closed down 10.65% at $6.46 on January 13, as Ethereum's price fell 5% to $3,102.35 amid a broader cryptocurrency market downturn. Ethereum's decline was driven by a combination of macroeconomic pressures and internal market dynamics. Rising bond yields, spurred by stronger-than-expected U.S. jobs data, have led investors to move away from riskier assets, including cryptocurrencies. This shift in sentiment has resulted in significant liquidations, with Ethereum-related positions seeing nearly $200 million in liquidations, primarily affecting over-leveraged long positions. Additionally, Ethereum's supply has been increasing, reversing the deflationary trend seen post-Merger, which has further contributed to bearish sentiment. The market has also witnessed substantial outflows from Ethereum exchange-traded funds and increased balances on centralized exchanges, indicating potential sell-offs.