$ETH
Ethereum faces headwinds with 3% drop after Ethereum ETF debut in the US Ethereum saw a 3% drop, mirroring Bitcoin’s initial decline after the ETF launch. The decline stemmed largely from large withdrawals from the Grayscale Ethereum Trust, which saw $1.8 billion exit after converting to an ETF.
With a notable fee of 2.5%, the fund conversion put downward pressure on Ethereum’s price. Despite some capital being redirected to alternative Ethereum ETFs, the overall market saw net outflows totaling $406.4 million.
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