The launch of six exchange-traded funds tracking ether futures contracts in the US has pulled in just under $10 million in their first week of trading, according to CoinShares data. However, the timing of the futures ETFs could hardly be worse, as investors are running from risk amid economic gloom and war in Ukraine and the Middle East.

Ether prices have dropped over 5% so far this month and the size of the cryptocurrency market has dipped from $1.15 trillion to $1.12 trillion, according to CoinGecko. The institutional investors who drove much of the demand for crypto back in 2021 have retreated from digital assets as the macro picture has grown murkier and murkier.