Cryptocurrency analyst Miles Deutscher believes the recent drop in Ethereum's price is "not surprising at all.
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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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