Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
What is the Reason for the Long-Term Decline in Bitcoin and Ethereum? Citi Analysts Explained!

What is the Reason for the Long-Term Decline in Bitcoin and Ethereum? Citi Analysts Explained!

BitcoinsistemiBitcoinsistemi2024/08/27 14:27
By:Elif Azra Güven

Citi analysts noted that the cryptocurrency market has struggled since the launch of spot Ethereum ETFs due to weak demand and ETF outflows.

In a milestone for the cryptocurrency market, spot Bitcoin and Ethereum ETFs were approved and made available to investors.

While these ETFs are expected to add vitality to the market, Citi stated in its latest report that the cryptocurrency market has struggled due to weak demand and ETF outflows since the launch of spot Ethereum ETFs.

According to Coindesk, Citi analysts said that spot Bitcoin and Ethereum ETFs have experienced net outflows in the past month.

Citi analysts said that other risky assets have also performed poorly since spot ETH ETFs, but cryptocurrencies have been affected more, writing:

“Crypto demand has decreased in recent weeks, as spot Bitcoin (BTC) and Ethereum ETFs have experienced net outflows in the past month.

These outflows also coincide with relatively weak crypto interest and weak network activity.”

Analysts said that until the market gains more transparency about the consequences of a soft landing or a hard landing in the U.S. economy, ETF flows could continue to disappoint.

*This is not investment advice.

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Mars Morning News | SEC Expected to Issue "Innovation Exemptions" for the Crypto Industry in "About a Month"

The SEC is expected to issue an innovation exemption for the crypto industry. The UK "Digital Assets and Other Property Act" has come into effect. BlackRock's CEO revealed that sovereign wealth funds are buying bitcoin. Bank of America recommends clients allocate to crypto assets. Bitcoin selling pressure is nearing its end. Summary generated by Mars AI. The accuracy and completeness of this summary are still being improved as the Mars AI model continues to iterate.

MarsBit2025/12/07 08:47
Mars Morning News | SEC Expected to Issue "Innovation Exemptions" for the Crypto Industry in "About a Month"

Deep Reflection: I Wasted Eight Years in the Crypto Industry

In recent days, an article titled "I Wasted Eight Years in the Crypto Industry" has garnered over a million views and widespread resonance on Twitter, directly addressing the gambling nature and nihilistic tendencies of cryptocurrencies. ChainCatcher now translates this article for further discussion and exchange.

Chaincatcher2025/12/07 05:21
Deep Reflection: I Wasted Eight Years in the Crypto Industry
© 2025 Bitget