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.
<img fetchpriority="high" decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfqaf4eaYJit-Xm2Qf3q_Imw4Ilu8BAiUFaQPHN8Jb-5WCCgaLfty9PkQv7HwR60SyZ0lab9aCTKKFgk8wmlVxGotXxXmU69E3tknU3zyDWrilDa37I05y6KB618q1WWYPiiz5dHwQ6822O1K2-ce68i7qU?key=l26PxEo2QtLYcmx7hd_UhA" width="602" height="217" alt="AD 4nXfqaf4eaYJit Xm2Qf3q Imw4Ilu8BAiUFaQPHN8Jb 5WCCgaLfty9PkQv7HwR60SyZ0lab9aCTKKFgk8wmlVxGotXxXmU69E3tknU3zyDWrilDa37I05y6KB618q1WWYPiiz5dHwQ6822O1K2">Ethereum Current Price Chart | Image Source: <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
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="noopener noreferrer 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/" rel="noopener noreferrer nofollow">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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