ETH fell about 6%, the biggest drop in three weeks, and was trading at $3,170 as of 11:13 a.m. Singapore time on Thursday, according to Bloomberg. U.S. stocks posted their worst performance since 2022 as big tech stocks fell, affecting investor sentiment.
Eight new spot ETH exchange-traded funds (ETFs) launched in the U.S. on Tuesday, while a switch in the six-year-old Grayscale fund made it easier for arbitrageurs to exit the market, with $811 million flowing out of the product since the switch.
Although other ETH ETFs have attracted funds, market sentiment remains cautious. There may be "sell news" pressure after the ETF launch, which may disappear quickly if market sentiment allows.
