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.
Cryptocurrency analyst Ali Martinez has raised concerns about Ethereum’s future performance against Bitcoin, suggesting a significant decline could be on the horizon.
The crypto market is seeing increased support from various industries, with payment firms playing a key role in promoting digital assets.
Binance, the leading cryptocurrency exchange, made headlines today with an update concerning several altcoins on its platform.
VanEck has taken a bold step by filing for a Binance Coin (BNB) exchange-traded fund (ETF) in Delaware, aiming to introduce the first BNB ETF to the U.S. market.