Ethereum’s stock faces difficulties on Wall Street following the launch of the highly anticipated spot ETFs. According to a report from 10X Research, Wall Street is struggling to effectively communicate the value of Ethereum (ETH) to potential investors. BlackRock tried to position Ethereum as “a bet on blockchain technology,” but this has not resonated with traditional investors.

“Wall Street professionals typically avoid investing in things they don’t fully understand,” the report states. This uncertainty is evident in the market’s response: Ethereum spot ETFs recorded a net outflow of $133 million on July 24. The Grayscale Ethereum Trust (ETHE) alone lost $327 million, though this was partially offset by inflows into Grayscale’s Mini Ethereum ETF, which attracted $46 million, and Fidelity’s Ethereum ETF, which brought in $74 million.

Despite Ethereum being the second-largest cryptocurrency by market capitalization, its price does not reflect the expectations surrounding the new ETFs. Over the past week since the ETFs began trading, Ethereum’s price has dropped by 8.2%, leading investors to question the potential for price growth.

The report from 10X Research highlights the lack of a compelling narrative for Ethereum, contrasting it with Bitcoin’s reputation as “digital gold.” The research firm remains bearish on Ethereum, citing stagnant or declining fundamentals such as new users and revenues.v