Ether ETFs recorded a trading volume exceeding $1 billion on their first day of trading. Despite this significant milestone, Ethereum (ETH) has failed to rally, continuing to trade below the $3,500 mark. This lackluster performance suggests that investor sentiment remains cautious amidst broader market uncertainties.

The high trading volume indicates strong initial interest, but the absence of a price surge highlights underlying concerns about the market's stability. Regulatory pressures and macroeconomic factors continue to weigh heavily on the cryptocurrency sector, casting a shadow over potential growth. As such, the outlook for ETH and the broader crypto market remains pessimistic.