Cryptocurrency analyst Miles Deutscher believes the recent drop in Ethereum's price is "not surprising at all.
Deutscher added that the recent drop could be an opportunity for investors.
The recent drop in Ethereum's price caught many market participants by surprise, just a day after the launch of the long-awaited listed mutual fund.
U. Today reports that the main altcoin fell 8 percent on Thursday.
In addition to significant outflows from the #BTC #ETF , the second-largest #cryptocurrency has also come under pressure from the recent stock market crash.
However, as Deutsche notes, cryptocurrencies have also experienced a significant price correction since the launch of the #BTC ETF in January. Since the introduction of these instruments, the price of bitcoin has fallen by 20%. Bitcoin then rose 91% in 51 days, reaching a record high of $73,737 on March 14. However, it is worth noting that on the second day of trading, the Bitcoin ETF recorded an inflow of about $200 million, in contrast to the net outflow of funds recorded by the Ethereum ETF. The outflow of funds affected the ETH/BTC pair, which again came under pressure.
In addition, Ethereum could suffer a more serious stock market correction: as reported by U. Today, cryptocurrency critic Peter Schiff recently predicted that U. S. stocks are on the verge of a major crash that could trigger a recession. Nevertheless, most analysts believe that the Ether ETF will eventually see significant outflows, reaching $ 6 billion in the first year of trading.
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