TechFlow news, August 27 — According to Coindesk, a recent research report from Citigroup indicates that the cryptocurrency market has shown weak overall performance since the launch of U.S.-listed spot Ethereum ETFs on July 23. The report reveals net outflows from both Bitcoin and Ethereum spot ETFs over the past month, with a clear decline in cryptocurrency demand. Search interest and online activity remain subdued, and futures funding rates turned negative at times during August.
Citigroup analyst David Glass stated that ETF flows are likely to remain sluggish until the outlook for a "soft landing" or "hard landing" of the U.S. economy becomes clearer. Notably, the stablecoin market has grown counter-trend, with supply continuing to rise even during the market correction in August. Citigroup believes this reflects the complexity of the crypto market and investors' differentiated attitudes toward various crypto assets.
