Ethereum Price Plummets by 26% Amid Major ETF Movements on August 6, 2024

Published at 2025-09-07 09:01:31
Ethereum Price Plummets by 26% Amid Major ETF Movements on August 6, 2024 – cover image

On August 6, 2024, the cryptocurrency market saw a notable shake-up as Ether's price dropped sharply by 26% from just over $2,900 to $2,116. This significant decline occurred on the same day that spot Ether ETFs experienced substantial inflows of $48.8 million, dominated by BlackRock's iShares Ethereum Trust ETF (ETHA), which attracted $47.1 million.

Conversely, Grayscale's Ethereum Trust (ETHE) endured outflows of $46.8 million, indicating a shift in investor sentiment or fund preferences among Ethereum-related ETF products.

Bitcoin also felt the pressure, declining approximately 18% to drop below the $50,000 mark for the first time since February. This was accompanied by $168.4 million in outflows from spot Bitcoin ETFs, further underscoring the broader market rout impacting major cryptocurrencies.

Interestingly, despite the downturn, Ethereum ETFs posted their second-best day of inflows since their launch on July 23, 2024. This suggests that investors may still be positioning for Ethereum's potential recovery amid current volatility.

For investors looking to capitalize on market volatility or begin investing in cryptocurrencies like Ethereum and Bitcoin, platforms such as Bitlet.app offer convenient options. Bitlet.app provides a unique Crypto Installment service that enables users to buy cryptos now and pay monthly, reducing the upfront financial burden and enabling more flexible investment strategies.

Stay updated with crypto market trends and explore flexible purchasing options at Bitlet.app to make informed decisions in this dynamic market environment.

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