Rough Week for Cryptos
It has been a rough ride for crypto investors, with Bitcoin slipping below $98,000 after starting the week at $102,000. Ethereum took an even bigger proportional hit, falling from $3,400 to $2,750 since the end of January. Solana followed suit, shedding 14.35% over the week.
This decline comes despite recent news that Trump Media & Technology Group has applied for Bitcoin ETF (TSX:EBIT) trademarks. While the president’s company is making moves in the crypto space—following last week’s buzz around Truth.Fi, its FinTech venture—market sentiment remains weak.
Crypto ETFs Plunge Across the Board
With crypto prices in freefall, crypto-themed ETFs have taken a heavy hit. Trackinsight’s Cryptocurrency theme saw a 12.02% drop over the week, with Bitcoin, Solana, and Ethereum ETFs all posting steep declines.
- Bitcoin ETFs: -6.34%
- Solana ETFs: -16.84%
- Ether ETFs: -20.23%
Among individual funds, the Bitwise Physical Bitcoin ETC (ETR:BTCE) lost 6.70%, while the 21Shares Solana staking ETP (SIX:ASOL) dropped 17.19%. Ethereum ETFs suffered the most, with the CoinShares XBT Provider Ethereum Tracker Euro ETP (ETHEREUM XBTE) plunging 21.64%.