The cryptocurrency market has struggled significantly since the launch of trading for spot ether (ETH) ETFs on July 23, indicating broader market challenges impacting digital assets.
According to Citi, crypto demand has dwindled in recent weeks, with spot bitcoin (BTC) and ether ETFs experiencing net outflows, reflecting a lack of investor interest.
Citi's report highlights that these outflows from ETFs align with muted search interest and network activity, emphasizing the decline in cryptocurrency engagement from investors.
Despite the downturn in the crypto market, stablecoins have demonstrated positive growth, suggesting a shift in investor focus towards assets perceived as more stable.
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