According to PANews, a recent research report by Citibank highlights the struggles of the cryptocurrency market since the introduction of spot Ethereum ETF trading in the United States on July 23. The report notes that during this period, other risk assets have also shown weak performance, but cryptocurrencies have particularly underperformed since the release of non-farm payroll (NFP) data, which led to a rebound in other markets. The report states, 'In recent weeks, demand for cryptocurrencies has dried up.' Both spot Bitcoin and Ethereum ETFs experienced net outflows last month, which coincided with relatively low search interest and subdued network activity. This weakened demand is also evident in the futures funding rate, which briefly turned negative in August. Citibank suggests that until there is greater clarity on the U.S. economic outlook, specifically regarding a 'soft landing versus hard landing,' ETF fund flows are likely to remain disappointing. Despite the market adjustments in August, the report notes that stablecoins have bucked the negative trend in digital assets, with their supply continuing to grow.