Since the U.S. Ethereum Spot ETF began trading on July 23, the price of Ethereum has fallen by more than 26 percent, with a cumulative net outflow of $420.50 million. However, Aurelie Barthere, principal research analyst at Nansen's on-chain analytics platform, said the decline in the price of Ethereum was not due to the continued outflow of funds from ETFs, but rather to investors' lack of risk appetite.