On August 5, Bloomberg reported that Bitcoin and Ethereum, the world's two largest cryptocurrencies, saw their prices drop to their lowest levels in months during a global stock market sell-off. Investors quickly offloaded Bitcoin and Ethereum exchange-traded fund (ETF) stocks.
According to CoinShares Ltd., Bitcoin investment products faced outflows of $400 million, while Ethereum saw $146 million in outflows in the week ending August 3. Bitcoin ETFs experienced their largest one-day outflow in nearly three months last Friday.
Over the past week, Bitcoin prices have plummeted by approximately 25%, settling around $50,000, the lowest since late February. Ethereum has experienced an even steeper decline, dropping over 30% to around $2,200.
On Monday, U.S. stocks continued their downward trend, with the Nasdaq 100 and S&P 500 falling by 3.7% and 3.3%, respectively, as of 9:57 a.m. in New York.
