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In the early hours of Monday, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) -linked ETFs witnessed a significant drop, mirroring global market downtrends.
What Happened: According to Benzinga Pro, Grayscale Bitcoin Trust (NYSE:GBTC) was down by 15.62% and Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) fell by 15.73%. Bitwise Bitcoin ETF (NYSE:BITB) was trading 15.47% lower, while iShares Bitcoin Trust (NASDAQ:IBIT) was down 15.42%.
Grayscale Ethereum Trust (NYSE:ETHE) experienced a 23.01% dip while its spinoff Grayscale Ethereum Mini Trust (NYSE:ETH) was down by 22.26%. iShares Ethereum Trust(NASDAQ:ETHA) saw a decline of 22.50%, and Bitwise Ethereum ETF (NYSE:ETHW) also fell by 22.91%.
See Also: Bitcoin, Ethereum, Dogecoin Dump: ‘We Should Be Back In Line By October,’ Says Expert
This downturn follows an 8.84% fall in Bitcoin and a 13.61% drop in Ethereum. The downfall is attributed to several factors including Middle East geopolitical tensions, the delay in U.S. Federal Reserve rate cuts, massive long liquidations, and negative Bitcoin and Ethereum ETF flows.
Why It Matters: The cryptocurrency market has been on a rollercoaster ride, with Bitcoin and Ethereum experiencing significant fluctuations. On Monday, Bitcoin briefly fell below $50,000 for the first time in nearly six months before rebounding.
The current downtrends follow after the cryptocurrency market experienced one of the most eventful months in its history in July. This included Donald Trump’s keynote speech at the Bitcoin conference, where he stated his intentions to fire SEC Chair Gary Gensler and embrace stablecoins.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image via Shutterstock
Posted In: $BTC $ETH BITB BTC ETH ETHA ETHE ETHW FBTC GBTC IBIT
