Despite today’s jump, ETH has still delivered a 3.2% loss in the past 7 days after President Donald Trump decided to raise tariffs on Chinese imported goods by another 100%.
The decision derailed the market’s ongoing rally and sent ETH to its lowest level in months at $3,500 during a flash crash that evaporated over $16 billion worth of crypto long positions in a matter of hours.
Last week, nearly $312 million was withdrawn from Ethereum-linked exchange-traded funds (ETFs) as the price plummeted to $3,700.
Although this marks a significant shift from the latest trend of strong net inflows, it is still a meager figure that accounts for only 2% of the funds’ assets under management (AUM) based on data from Farside Investors.
Market sentiment is still sour despite today’s recovery. The Fear and Greed Index currently sits at 30, underscoring that fear has gripped market participants after the latest developments that unfolded in the past couple of weeks.
Moreover, Trump derailed altcoin season for now. Even though BNB Coin (BNB) jumped to a new all-time high the week after he imposed higher tariffs on China.
