If crypto is an alternative to stock market volatility, it didn't show it this week. This week stocks wrestled with a rise in Treasury yields to their highest levels since 2007 , which initially pushed the Dow Jones Industrial Average into negative territory for the year. Crypto, which is sometimes seen by investors as a safe haven amid uncertainty in the broader financial market, didn't exactly live up to that narrative.
2% of the trading volume of bitcoin futures ETFs on their first day of trading, he added. "The consensus was that the better performing spot ETF's would bring a wave of new capital to crypto as the next catalyst to lift markets," Ryder said. "After an obvious lack of demand for the ETH futures ETFs, that consensus forecast could be too ambitious, and perhaps there is still too much regulatory uncertainty in crypto to attract a new wave of institutional capital.