Ether traded below $3,100 on Sunday during a broader pullback in digital assets. The token was recently near $3,066 as of 9:36 p.m. UTC, down 3.4% over the past 24 hours. It briefly fell below the $3,100 level on Bitstamp around 4 p.m. UTC, marking its first break below that threshold since November 4, based on TradingView data.
Timothy Peterson, investment manager and digital asset researcher at Cane Island Alternative Advisors, said ether spot ETFs have seen net outflows in four of the last five weeks, totaling about 7% of base capital invested in the products. He said Bitcoin ETFs saw about 4% withdrawals during the same period, a smaller share that he said indicates investors currently view ether as the riskier asset.
Cost-based capital represents the total amount initially committed to an ETF, separate from any gains or losses accrued after purchase. The measure reflects the amount of base capital that long-term participants have contributed to a fund. When redemptions increase in proportion to this initial investment base, analysts interpret it as an erosion of conviction among established holders rather than a short-term change in positioning.
Since the indicator focuses on initial investor commitments, it can provide a clearer reading of sentiment than aggregate entry and exit data, which can be affected by week-to-week volatility.
Peterson noted that a higher proportion of Ether’s base capital has been withdrawn in recent weeks, indicating deeper unwinding among long-term participants compared to Bitcoin ETF activity.
