A version of this article appeared in our The Roundup newsletter on April 3. Sign up here.

Hi. Eric here.

“It’s not been pretty.”

James Seyffart, research analyst at Bloomberg Intelligence, used those words to describe Ethereum exchange-traded funds’ performance over the past few months, when he spoke to Mathew Di Salvo this week.

The words, however, could also be used to describe the overall performance of the cryptocurrency market in the first quarter of 2026. The market’s total value is down over 20% since January 1 to be worth just over $2.4 trillion.

Investors pulled over $1.2 billion out of Bitcoin and Ethereum ETFs in the first three months…