The cryptocurrency market is going through a tough phase. With autumn in full swing and winter fast approaching, the market shows signs of instability and uncertainty. The much-anticipated U.S. launch of a group of exchange-traded funds (ETFs) tracking ether didn’t do much to lift the spirits. The six ETFs launched on October 2, offering exposure to ether futures contracts, managed to pull in just under $10 million in their first week of trading, according to CoinShares data. In contrast, the ProShares Bitcoin Strategy ETF saw around $570 million of inflows on its first day of trading in October 2021. This contrast reflects how the institutional investors who drove much of the demand for digital assets in 2021 have retreated due to the murky macroeconomic picture. With the looming threat of higher interest rates and a potential recession, investors are becoming increasingly defensive. As a result, speculative assets like cryptocurrencies are taking a back seat.