Hashdex filed for a market-weighted ETF that will track both spot Ethereum and Bitcoin prices. Ethereum exchange reserves approach an all-time low following massive inflows across global ETH ETFs. Ethereum's decline is likely caused by high correlation with Bitcoin and short-term speculative trading. Ethereum is down 3% on Tuesday as Hashdex submitted a market-weighted crypto ETF to the SEC, aiming to track the price of ETH and Bitcoin.
Read more:Ethereum resumes downtrend as Canada sees another staked ETH ETF launch Additionally, Ethereum exchange reserve has dropped significantly, reaching an eight-year low. In other words, ETH on exchanges has reached its lowest level since the number one altcoin became mainstream. Meanwhile, Ethereum reached new heights in Q1 2024 in terms of total transaction count. The total number of transactions in the whole Ethereum ecosystem reached over 800 million in Q1 2024, an 85% growth YoY.