Ethereum-linked ETFs plunged sharply amid institutional activity and high volatility, sparking debate over market direction.

On February 10, 2026, multiple Ethereum-linked ETFs opened sharply lower, including Grayscale’s ETH and ETHE, iShares’ ETHA, and Volatility Shares’ ETHU, with prices well below their 50-day and 200-day moving averages. The declines followed recent institutional activity, including increased stakes by PNC Financial and new positions by several firms. All funds are experiencing elevated volatility, with high betas, and market commentary questions whether the drops signal buying or selling opportunities, but no definitive conclusions are provided.