As of April 18, 2024, the fund’s value has declined to $1,874.73, marking a -9.87% drop week-over-week, equivalent to a -$205.23 decrease in dollar terms. This marks one of the steepest weekly losses in recent memory and underscores the heightened volatility across the cryptocurrency market.
Ethereum (ETH), which often acts as a bellwether for broader altcoin sentiment, was particularly hard-hit this week. The price tumbled below the critical $1,900 level, landing at approximately $1,875. This represents a dramatic correction and brings ETH back to levels not seen in months.
The downturn comes just as investors were preparing for Bitcoin's highly anticipated halving event, scheduled for April 19, 2024. Historically, halvings tend to spark bullish narratives, but this time around, the market appeared more cautious — if not downright bearish — ahead of the event.
The crypto market didn’t exist in a vacuum. The week was marred by mounting geopolitical tensions, especially renewed hostilities in the Middle East between Iran and Israel, which rattled global markets. Combined with hawkish signals from the Federal Reserve regarding interest rate policy, risk appetite across asset classes waned significantly.
Bitcoin (BTC) also saw heavy selling pressure, dragging down sentiment across the board. While BTC managed to stay just above $60,000, the psychological grip of bearish momentum was clear — and ETH, along with mid-cap altcoins, bore the brunt of that shift.
With Ethereum’s price down nearly 10% in just one week and macro pressures still weighing on risk assets, the near-term outlook remains clouded. Investors are watching closely to see whether the Bitcoin halving catalyzes a recovery, or if more downside is in store as regulatory and geopolitical uncertainties continue to build.