BTC - Why Ethereum Dragged the Crypto Market Lower This Week
2024-07-26 13:24:24 ET
The crypto market fell across the board this week as the momentum of recent weeks faded. A major reason for the disappointment was a relatively weak launch of Ethereum (CRYPTO: ETH) ETFs in the U.S. According to Cointelegraph, Ethereum ETFs had $113 million of outflows on just the second day of trading, the opposite of the momentum we saw with Bitcoin (CRYPTO: BTC) ETFs. And that's put a damper on some of the optimism for other tokens.
According to data provided by S&P Global Market Intelligence , Ethereum fell as much as 12.1% over the past week, Lido Staked Ether (CRYPTO: STETH) was off 12.3%, and Cardano (CRYPTO: ADA) fell 13.1%. The tokens are currently down 8.4%, 8.3%, and 6.5% respectively as of noon ET on Friday.
There are now eight Ethereum ETFs trading, including the Grayscale Trust, which was converted to an ETF. The Grayscale Ethereum Trust had $811 million of outflows in its first two days of trading and offset the $784.3 million of inflows to seven other ETFs over that time.
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Why Ethereum Dragged the Crypto Market Lower This Week