Ethereum's price has declined following the launch of spot Ethereum ETFs, despite initial high expectations. But Why?
Factors like market corrections and external economic pressures contribute to the downturnprice has witnessed a notable downturn, dipping by nearly 10% within the past 24 hours, and currently standing at $3,164, which many had expected to catalyze a bullish trend for ETH.
This phenomenon isn’t new to the cryptocurrency market; similar trends were observed in past significant events within the digital assets space, including multiple instances throughout 2017, 2021, and earlier in 2024.It coincided not only with the distribution of Bitcoin from the long-standing Mt. Gox case but also with a broader market downturn influenced by poor performances in the U.S. tech sector.
Leading the charge was BlackRock’s iShares Ethereum Trust ETF, which alone pulled in $266.5 million. Close on its heels was the Bitwise Ethereum ETF, with $204 million in inflows, and the Fidelity Ethereum Fund, which attracted $71 million.
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