The cryptocurrency market has struggled since the launch of spot Ether (ETH) exchange-traded funds (ETFs) trading in the U.S. on July 23, Citibank said in a research note on Friday. The bank noted that other risk assets have also been weak during this period, but after adjusting for volatility, cryptocurrencies have underperformed since the non-farm payrolls data (NFP) rebounded. Unless there is more transparency about the "soft versus hard landing outcomes" of the U.S. economy, ETF flows are likely to continue to disappoint, Citi said.