Meanwhile, ether is heading for a losing week even after ether futures ETFs began trading, which was expected to be a positive catalyst for the cryptocurrency and digital assets broadly.
That represents about 0.2% of the trading volume of bitcoin futures ETFs on their first day of trading, he added.
Bitcoin and ether, the "blue chip" coins in the crypto market, are widely seen as high-risk and notoriously volatile assets that sometimes move in tandem with the broader market.
Many crypto investors take a longer view on them, however, and may still see them as safe havens.
While one group may be concerned that their prices have been stuck this year, the other sees them as resilient in the face of U.S. regulatory uncertainty and rising rates.
Persons:
Crypto, Conor Ryder, …, there's, Ryder, David Wells
Organizations:
Dow Jones, Ethena Labs, ETH, Enclave Markets