ChainCatcher news, Citibank said in a research report on Friday that the cryptocurrency market has been struggling since the launch of spot Ethereum exchange-traded fund (ETF) trading in the United States on July 23.

The bank pointed out that other risk assets have also performed weakly during this period, but after volatility adjustment, cryptocurrencies have performed poorly since the rebound of non-farm payrolls (NFP). Citi said that unless the market has more transparency on the "soft landing and hard landing results" of the US economy, ETF flows may continue to be disappointing.