The digital currency market has been struggling since Ethereum exchange-traded funds (ETFs) began trading in the US on July 23, according to a research report from banking giant Citi. Analysts noted that demand for digital currencies has declined in recent weeks, with Bitcoin and Ethereum ETFs experiencing outflows. This decline in demand is also reflected in future funding rates. Citi predicts that ETF inflows could continue to disappoint until there is more clarity on the state of the US economy. However, despite this negative trend, stablecoins have continued to grow. Citibank also highlighted the poor performance of cryptocurrencies relative to other riskier assets following the release of its nonfarm payrolls report.
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