Stock markets have gone through several volatile cycles, inflation has put pressure on households and businesses, and global economic uncertainty is still very much here. Surely, 2026 is already shaping up as another year when people are looking for alternatives to traditional finance. This is not as sudden as the 2020 COVID-19 shock, but the conclusion is similar: the existing financial system still has weak spots, and users keep looking for more flexible ways to store, move and grow capital.
25.07.2024
On Thursday, Ether, the cryptocurrency behind Ethereum, slid 5.8% during a broader market sell-off, failing to gain the expected boost from the debut of the first U.S. ETFs tracking its price.
At the time of writing, the world’s second-largest cryptocurrency was trading at $3,142, according to TradingView, marking its steepest one-day drop in three months. Even so, Ether remains within its recent price range. Bitcoin also slipped, losing 2% to $64,096.
Inflows, outflows, and the current landscape
While eight spot Ethereum ETFs posted positive inflows, withdrawals from the Grayscale Ethereum Trust continue. Since its conversion, the fund has seen $810 million in outflows. Data from SoSoValue shows net withdrawals from spot Ethereum products totaled $133.2 million, highlighting market participants’ uncertainty. Fidelity led inflows with over $74 million, followed by Grayscale’s Ethereum Mini Trust with more than $45 million.
Despite these positive entries, the overall net outflow weighed on sentiment, putting pressure on ETH’s price. In contrast, spot Bitcoin ETFs posted $44.5 million in inflows, reflecting stronger demand.
Macro factors and market context
Analysts at QCP Capital described traders’ response to ETH-based exchange products as “muted.” On July 23, 2024, the launch day, initial enthusiasm faded quickly.
The situation was further complicated by payments to users of the Mt. Gox exchange, which went bankrupt in 2014 after the theft of approximately 850,000 BTC, and the difficult macroeconomic environment (rising interest rates in the US and Europe). Recent transfers saw 48,641 BTC — worth over $3 billion — shifted, signaling the start of long-awaited compensation payouts. Analysts at 10x Research noted that Ethereum’s sharp drop following its ETF debut echoed the same pattern observed after BTC-based products launched.
Meanwhile, global equities — particularly tech stocks — have been sliding in recent weeks, dragging down crypto prices. On Wednesday, the Nasdaq fell 3.6% after disappointing earnings from Alphabet and Tesla.
Crypto-related stocks joined the decline. In Thursday’s pre-market, Riot Platforms and Marathon Digital dropped between 3.4% and 4%. In Europe, equities were also down, with the STOXX 600 losing 1.4%.
Forecasts and market outlook
Some experts believe traders overestimated Ethereum ETF demand, expecting it to capture 20% of Bitcoin ETF inflows, while underestimating the classic “sell the news” effect. The quick sell-off after initial buying suggests lingering doubts about ETH’s near-term upside.
Still, QCP Capital and BRN analysts project that inflows into Ethereum ETFs will grow gradually as the products mature and gain wider adoption.
New products and forward-looking signals
Asset manager Hashdex has filed with the SEC to launch a blended Bitcoin–Ethereum fund. Initially, it will hold only these two cryptocurrencies, though the firm may add others over time in line with Securities Act compliance.
Elsewhere, analyst Javon Marks issued a bullish call on Ethereum Name Service (ENS), predicting a significant rally. He expects the altcoin to reach $76.12, citing early signs of momentum and resilience.This episode highlights just how volatile crypto markets remain — and how sensitive they are to both macroeconomic shifts and investor sentiment. Even with the launch of Ether ETFs, traders are watching global developments and economic signals that continue to shape cryptocurrency valuations.cy values.
