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CryptoXTimes > Article > News > Ethereum Suffers, Becomes 2024’s Worst Performer
NewsCrypto

Ethereum Suffers, Becomes 2024’s Worst Performer

Ethereum suffers three straight weeks of outflows, worst performer 2024.

Nayab Fatima
Last updated: July 2, 2024 1:51 pm
Nayab Fatima 11 months ago
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Ethereum Suffers, Becomes 2024’s Worst Performer

A wave of investor fear is hitting the market for digital assets, with Ethereum leading the way. CoinShares says that money has been leaving the platform for a third week in a row, with Ether losing the most. The negative feelings about the most popular altcoin, along with slow trade volumes and outflows from different parts of the market, show that this sector is still looking for direction.

The most money has been taken out of Ethereum, the second-largest cryptocurrency in the world, more than any other digital asset this year. Last week, $61 million was taken out of Ethereum. The sad number is because it took so long to approve a spot Ethereum ETF, which was highly expected and has been planned for almost three years.

According to CoinShares, digital asset investment products saw $30 million in outflows last week, the third consecutive week of outflows. Ethereum saw its largest outflow since August 2022, totaling $61 million, making it the worst performing digital asset investment product so…

— Wu Blockchain (@WuBlockchain) July 1, 2024

Ethereum Market Stability Wavers

Because of the long wait for governmental approval, investors may be putting off making commitments, which is making the Ethereum market less stable. But the launch on July 4th is still a very important event. Analysts are closely watching to see if this long-awaited event will lead to a huge increase in the use of Ethereum or if it will only hurt investments in Bitcoin ETFs.

Even though the general trend is to be cautious, investor sentiment varies by region. Inflows of $43 million were seen in the US, which went against the global trend and shows that Americans are still interested in the digital asset area.

Similarly, funds coming into Bitcoin Exchange-Traded Products (ETPs) and multi-asset ETPs shows a desire for established players and a need for diversification. This shows why it’s still appealing to have a broad view of digital assets rather than focusing on just one coin.

Interestingly, some altcoins are seeing a rise in value while Ethereum’s value is falling. For example, Solana and Litecoin both saw increases in value, which suggests that investors are looking for chances outside of the top two cryptocurrencies. This variety could mean that the market is getting more mature and buyers are taking more time to think about the risks and look for undervalued gems in the huge world of digital assets.

The digital asset market is right now in a state of cautious hope. Outflows and Ethereum’s problems are real problems, but good inflows in certain areas and products show that there is hope. The planned launch of the Ethereum ETF is a wild card that could either lead to more adoption or just change the way investments are made. In the near future, investors are likely to stay alert and carefully weigh risk and return before making significant choices.

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TAGGED: ETF, Ethereum, ETPs
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