Ethereum

Drops

Foundation

Ethereum’s market has taken a hit as trading volumes for the new ETFs declined significantly. The excitement surrounding their launch led to a strong start, but the momentum has waned quickly. 
As a result, Ethereum (ETH) has dropped by 4.8% over the past 24 hours, currently trading at $3,180. Trading volume for Ethereum has also decreased, with recent figures showing a drop to $25 billion. 
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 Ethereum Current Price
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On their debut, the ETFs saw impressive trading volumes, totaling $1 billion. Grayscale Ethereum Trust (ETHE) led with $461 million in inflows, followed by BlackRock’s iShares Ether Trust (ETHA) at $244.7 million, and Grayscale’s mini ETF with $63.8 million.&nbsp; 
However, just 48 hours later, Grayscale’s ETHE experienced a major outflow of $346 million, which has severely impacted the market. 
Moreover, data from <a href="https://www.coinglass.com/currencies/BTC" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a> revealed that overall trading volume for Ethereum fell by 10.83% to $39.83 billion, and options volume has plummeted by over 50%.&nbsp; 
Despite these challenges, a slight rise in options open interest and bullish long/short ratios on major platforms like Binance and OKX suggests some investors remain optimistic about future movements. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/26/ethereum-foundation-wallet-reactivates-with-92k-eth-transfer-after-7-years/" target="_blank" rel="noreferrer noopener">Ethereum Foundation Wallet Reactivates with 92K ETH Transfer After 7 Years</a> 
</blockquote>

Ethereum Down 5% as ETF Trading Volume Drops

The Crypto Times

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