Ether retreated below the $3,100 level on Sunday amid a wider downturn in crypto markets, extending a decline that has pressured several major tokens. The asset was recently trading near $3,066 at 9:36 p.m. UTC, down 3.4% over the past 24 hours. Earlier in the day, it briefly slipped under $3,100 on Bitstamp around 4 p.m. UTC — the first time it has broken that threshold since Nov. 4, according to TradingView data.
Timothy Peterson, investment manager and digital-asset researcher at Cane Island Alternative Advisors, said spot ether ETFs have faced net redemptions in four of the past five weeks. Those withdrawals amount to roughly 7% of the cost-basis capital originally invested in the products. Bitcoin ETFs saw a smaller impact, with around 4% of their initial capital being redeemed over the same stretch — a contrast Peterson believes underscores a market perception that ether currently carries greater risk.
Cost-basis capital refers to the original money allocated to an ETF, separate from gains or losses accumulated since purchase. Because it focuses on foundational investor commitments, analysts often view rising redemptions as a sign of declining conviction among longer-term holders rather than the result of short-term trading flows. That makes the metric a more reliable sentiment gauge than headline inflow and outflow figures, which can shift rapidly with market volatility.
With ether now sitting below a key price level, traders are watching to see whether ETF outflows stabilize or accelerate in the coming weeks. How these flows evolve — along with ether’s ability to hold support — will help determine whether the sentiment divide Peterson outlined between ether and bitcoin persists.
