Shares of VanEck's Ethereum ETF (ETHV) slid to $25.29, down 3.3%, as Ethereum fell alongside a broad crypto selloff ahead of this afternoon's release of the Federal Reserve's June meeting minutes. As of this morning, Ethereum was trading at $1,743.19, a $30.98 decrease from yesterday. With ETHV tracking Ether's spot price nearly one-for-one, the ETF is a direct mirror of the coin's pain — and investors who bought a month ago at $29+ are now staring at double-digit percentage losses.

  • The Fed Is the Real Story, Not the Blockchain

The Fed will release its June 16–17 FOMC meeting minutes today, and rates currently sit at 3.50%–3.75%.

At that meeting, nine of 18 officials projected a rate hike later in 2026 , and the overall tone was more hawkish than expected — the Fed removed earlier hints that rate cuts could come soon. For an asset like Ether that pays no yield and depends on speculative appetite, higher-for-longer interest rates siphon away demand. Inflation at 4.2% gives Fed Chair Kevin Warsh plenty of cover to stay hawkish.

  • Eight Weeks of Outflows Tell the Institutional Story

Spot ETFs based on Bitcoin and Ethereum ended their eighth consecutive week of net outflows, with Ethereum ETFs losing $13.67 million in the latest week alone.

Over the eight-week stretch, investors have pulled roughly $1.2 billion from Ethereum-based funds. ETHV itself has seen -$2.56 million in one-month net flows and -$14.39 million over three months. The institutional buyers who were supposed to validate Ethereum's mainstream moment have instead been heading for the exits.

  • A Brutal Year Despite a Recent Bounce

ETHV's year-to-date return stood at -42.77% as of July 2. While the fund bounced from its early-July lows near $23, today's retreat shows how fragile that recovery is. Since January, Ethereum has traded in a wide range between $1,505 and $3,402 , underscoring how volatile this holding remains compared to traditional equity ETFs.

  • What Comes Next Could Swing the Trade

Traders should treat July 8 through 17 as concentrated event risk.

FOMC minutes, CPI, PPI, and retail sales all land within the same ten-day window, alongside major bank earnings. A hawkish tone this afternoon could extend the selloff; a dovish surprise could reignite the rebound. At $83 million in total assets and a 0.20% expense ratio, ETHV remains a low-cost vehicle — but one riding a deeply uncertain asset class where macro policy, not code upgrades, is calling the shots.