According to the Smart Finance App, the entire line of cryptocurrency ETFs fell, as of press time, Boshi Ethereum (03008) fell 7.22% to HKD 24.92; Jiashi Ethereum (03439) fell 6.98% to HKD 7.86; Huaxia Bitcoin (03042) fell 6.97% to HKD 7.81.

On the news front, at the end of trading on Wednesday, July 24th, CME's Ethereum futures DCR main contract was reported at $3,378, down 3.21% from Tuesday and traded at a range of $3,503 to $3,357 during the session. It is understood that after the listing of the Bitcoin spot ETF for half a year, Ethereum, the second largest cryptocurrency after Bitcoin, has also launched a spot ETF. On its first day, investors performed actively. According to media estimates, the first nine Ethereum ETFs had a total turnover of more than $1 billion.

It is reported that in May of this year, the SEC approved several exchange's plans for Ethereum spot ETF trading, paving the way for Ethereum ETF to be listed and traded in the US. Insiders say the launch of Ethereum ETFs could lead to soaring market demand, leading to tight supply of Ethereum. In the case of tight supply, the Ethereum price may be more sensitive to inflows of funds, and locked Ethereum may not be used to meet the new demand for ETFs, further exacerbating supply shortages and driving up Ethereum prices.

In addition, some industry media institutions have indicated that derivative market participants expect Ethereum's volatility to be high this week, as spot Ethereum ETFs will start trading on Tuesday, July 23rd. One analyst predicted that on the day of the launch of spot Ethereum ETFs, there may be selling pressure on Ethereum, followed by a gradual recovery of prices.