Ether (ETH) is down over 7.5% in the first hours of East Asia's business day, trading hands above $3100 as the market continues to be concerned about outflows from Grayscale's converted Ethereum Trust ETF (ETHE).
Most of the ETH ETFs saw inflows, with BlackRock's ETHA leading at $283.9 million, Bitwise's ETHW at $233.6, and Fidelity's FETH at $145.7 million, whereas ETHE experienced net outflows of over $810 million.
ETH has outperformed the CoinDesk 20 (CD20) index year-to-date, rising by 35% compared to CD20's 21.6%. Ether has closely followed Nvidia's trend, which dropped by over 6% on the same day, showing a strong correlation between crypto and tech markets.
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