Why Ethereum Dragged the Crypto Market Lower This Week [Yahoo! Finance]
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Source: Yahoo! Finance
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. Ethereum's ETF flop 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. One of the big reasons cryptocurrencies have had a strong run in 2024 was the introduction of Bitcoin ETFs early in the year and speculation that this would lead to mo
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