The long-awaited launch of the spot Ethereum ETF in the U.S. has not led to a rise in the ETH price. In fact, the value of altcoin has fallen since ETFs were introduced.
Noting this trend, renowned economist and global strategist Peter Schiff pointed out that both Ethereum and Bitcoin have fallen significantly while gold has remained strong.
ETFs on Ethereum have had a tough start, attracting just $107 million in net inflows on launch day. That figure is significantly lower than the $655 million the Bitcoin ETFs attracted on their debut.
Meanwhile, Peter Schiff pointed out that in just two weeks, Ethereum ETFs are already down 15%, ending the week at new lows.
Because of this, the price of Etherium has fallen below $3,000, down 5% in the last 24 hours, trading at $2,990 at the time of writing.
Schiff thinks the price of Etherium could fall another 30% from its current levels. With continued significant outflows from ETH ETFs, he predicts that Etherium could fall below $2,000 soon.
Tether’s USDT, the largest stablecoin, continues to strengthen its market position, with its market capitalization nearing $120 billion for the first time.
A cryptocurrency investor earned $131.72 million by buying Ether during the 2022 market downturn and holding onto it through two years of market uncertainty.
Ripple Chairman Chris Larsen has recently moved 20 million XRP as part of a larger shuffle involving 50 million tokens.
Crypto-focused travel booking platform Travala has announced its integration with Solana, the fourth-largest blockchain by market cap, marking its third network addition after Ethereum and BNB Chain. CEO Juan Otero revealed this development during a panel at Solana Breakpoint in Singapore.