EthereumEFT

Despite a recent bounce in Ethereum’s price, a majority of investors in spot Ethereum exchange-traded funds (ETFs) from BlackRock and Fidelity Investments are suffering sizable paper losses, according to a new report from blockchain analytics firm Glassnode.The report reveals that the average investor in both BlackRock and Fidelity's Ether ETFs is down by around -21%, highlighting the continued volatility and challenges in institutional crypto adoption.
“The average investor in the BlackRock and Fidelity Ethereum ETFs are now substantially underwater on their position, holding an unrealized loss of approximately -21% on average,” stated Glassnode on May 29.
ETH ETF Cost Basis Remains Well Above Market Price
As of writing, Ethereum is trading at $2,601 (CoinMarketCap). However, the average cost basis for BlackRock’s ETF sits at $3,300, while Fidelity’s is even higher at $3,500. This sharp contrast between purchase price and current value has left investors in the red.
ETH hasn’t traded above $3,000 since February 2, before the digital asset slumped in response to U.S. President Donald Trump’s executive order implementing steep import tariffs on goods from China, Mexico, and Canada.
Trump Tariffs Sparked Crypto Market Downturn
Glassnode points out that net ETF outflows intensified when ETH dipped below the average cost basis of ETF investors, particularly in August 2024, January, and March 2025. The yearly low of $1,472 came on April 9, the very day Trump’s sweeping tariffs took effect globally.
However, there’s been a notable recovery in ETH’s price, which has risen 44.25% over the past month, and sparked renewed institutional interest. Since May 16, spot Ether ETFs have recorded nine straight days of inflows totaling $435.6 million, signaling growing confidence as tariff-related uncertainty eases.
Court Ruling and Political Winds Shift Sentiment
On May 28, a U.S. federal court blocked most of Trump’s tariffs, leading analysts to predict further upside momentum for Ethereum and the broader crypto market. This could potentially lead to a reversal of ETF losses if the rally holds.
Since their U.S. launch in July 2024, spot Ether ETFs have attracted $2.94 billion in total inflows. Ethereum was priced at $3,536 on launch day, peaking at $4,007 during a Trump election victory rally in December before tapering off.
Despite their popularity, Glassnode noted that the ETFs have had a minimal impact on ETH’s spot market, initially accounting for just ±1.5% of trading volume, growing to 2.5% in November 2024, before falling back toward 1.5% in recent weeks.
ETF Demand Muted by Staking Exclusion
At the Digital Asset Summit on March 20, Robbie Mitchnick, Head of Digital Assets at BlackRock, addressed the limitations of the product, commenting that Ethereum ETFs are “less perfect” without staking functionality — a feature that differentiates Ether from Bitcoin and is crucial to long-term ETH holders seeking yield.
With the crypto industry closely monitoring how regulators approach staking integration in ETFs, investors may remain cautious until more complete solutions emerge.
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Against the background of the volatility of the cryptocurrency market, significant changes in the flows of funds from the largest crypto funds attracted attention. Over the past three days, $1.2 billion has been withdrawn from ETFs for bitcoin, while funds focused on Ethereum have recorded an influx of $130 million. These events indicate a possible change in investment preferences.
Bitcoin ETFs: record outflow of funds
The largest outflow of funds from bitcoin ETFs was recorded on December 19 — $680 million in one day, which was a record since their launch. In just three days, the total outflow amounted to $1.2 billion. Prior to that, there had been a steady inflow of funds for 15 days, as a result of which the total assets under management of the bitcoin ETF (AUM) increased from $100 billion to $121 billion. However, after significant sales, net assets decreased to $105 billion.
The main contributor to the outflow of funds was the Grayscale GBTC fund, which sold 1,870 BTC in three days. On the contrary, BlackRock's IBIT fund showed purchases, but their volumes were insufficient to offset the overall selling pressure. Analysts attribute the decline to profit-taking amid the recent rise in the bitcoin exchange rate, although opinions differ on the underlying structural changes.
Ethereum-ETF: inflow of funds and growing interest
Against the background of a decrease in interest in bitcoin ETFs, Ethereum ETFs showed positive dynamics. Inflows of $130 million were recorded over the same three days, including a marked increase in volumes on December 23. On this day, $226 million was withdrawn from the bitcoin ETF, which highlighted the difference in investor sentiment.
The BlackRock fund, which has accumulated more than 1 million ETH, played a key role in increasing Ethereum assets. This highlights the growing institutional interest in Ethereum as a promising asset. In addition, the price of ETH has adjusted from $4,100 to $3,100, which creates favorable conditions for the accumulation of the asset.
Investor Dan Gambardello notes that the current phase of Ethereum accumulation may be a signal for the revival of the altcoin market. The growth of institutional investments, accompanied by a relatively low asset price, can create an impetus for further market development.
What does this mean for the crypto market?
Experts see in what is happening signs of a redistribution of capital between the two largest digital assets. Bitcoin continues to hold the status of digital gold, as evidenced by its outperformance of gold ETFs in terms of assets under management in December. However, the current outflows have temporarily slowed the growth of its exchange rate.
At the same time, the growing interest in Ethereum ETFs may indicate a strengthening of altcoin positions in investors' portfolios. Institutional players such as BlackRock are actively accumulating ETH, which creates a stable base for further growth.
Conclusion
The events of recent days emphasize that the cryptocurrency market is in a phase of revaluation and asset redistribution. Bitcoin is facing profit-taking, while Ethereum is becoming an object of increased interest. Investors are closely monitoring the development of the situation to understand whether this is a temporary trend or the beginning of deeper changes. In the coming weeks, the behavior of bitcoin and Ethereum is likely to set the tone for the entire crypto market, determining its direction for 2024.
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Ethereum has just recorded its largest single-day accumulation inflow in history, with 449,000 ETH entering accumulation addresses on April 22, despite the cryptocurrency's price falling to the $1,400 range. The massive inflow, worth roughly $786 million at an average price of $1,750, points to strong conviction among long-term holders, even amid a broader market downturn. This marks the highest level of accumulation since 2018, signaling growing confidence in Ethereum’s future. However, these addresses' realized price is $1,981, meaning many of these holders are currently underwater, raising questions about the short-term upside potential.
Active Addresses Rise, But DeFi Activity Still Lags
Network fundamentals show positive momentum, with active Ethereum addresses climbing from 306,211 to 336,366 between April 20 and 22, a 10% increase. This uptick aligns with the accumulation trend, reinforcing bullish sentiment.
Yet, DeFi activity remains stagnant. According to DefiLlama, DEX volume has plateaued, with weekly transactions averaging 1.3 million, reflecting weak user engagement across DeFi protocols. This divergence between network use and investor accumulation creates an uncertain backdrop for Ethereum's next move.
$1,895 Emerges as Key Resistance
Ethereum now faces a major resistance level at $1,895, highlighted by a concentration of 1.64 million ETH accumulated during November 2024, according to the Cost Basis Distribution (CBD) heatmap. This is further reinforced by technical resistance at the 50-day exponential moving average (EMA)—a zone that typically defines trend direction.
If Ethereum fails to break this level, bearish pressure could mount, especially as ETH remains locked in a macro downtrend. A daily close above $2,142 is essential to invalidate the pattern of lower highs and lower lows and to initiate a meaningful recovery.
Bearish Fractal Sparks Caution Below $1,400
Prominent crypto trader Rektproof warns that Ethereum might be forming a bearish fractal—a repeating chart pattern that previously preceded sharp declines. Ethereum could retest or break below $1,400 if the pattern plays out, especially if broader market sentiment weakens.
While accumulation data suggests strong long-term interest, Ethereum’s path to recovery is fraught with challenges, from weak DeFi momentum to structural resistance. Traders and investors are advised to monitor price action closely, especially as macroeconomic pressures and technical signals collide.
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$BTC Bitcoin Spot ETFs have suffered yet another blow, with institutional investors withdrawing over $900 million in the past week. This marks the fifth consecutive week of net outflows, highlighting growing uncertainty in the crypto market.
According to Farside Investors, total outflows from Bitcoin ETFs have now surpassed $5.4 billion over five weeks, significantly reducing market confidence.
BlackRock, Fidelity Among Hardest Hit
The latest wave of outflows was primarily driven by BlackRock’s IBIT, which recorded $338.1 million in net redemptions, and Fidelity’s FBTC, which saw $307.4 million in withdrawals.
Other Bitcoin ETFs experiencing significant outflows include:
Ark’s ARKB: $81 millionInvesco’s BTCO: $33 millionFranklin Templeton’s EZBC: $63 millionWisdomTree’s BTCW: $40 millionGrayscale’s GBTC: $50 million
Meanwhile, Bitwise’s BITB, Valkyrie’s BRRR, and VanEck’s HODL recorded minor outflows below $4 million. Interestingly, Grayscale BTC was the only fund to record inflows, adding $5.5 million.
Bitcoin ETF Assets Drop by 21.7% Amid Price Correction

The massive withdrawals are likely tied to Bitcoin’s 11.95% price decline over the last month, which saw BTC drop as low as $77,000. As a result, the total net assets of Bitcoin ETFs have plunged by 21.7%, now standing at $89.89 billion, according to SoSoValue.
At the time of writing, Bitcoin is trading at $84,009, showing little change over the past 24 hours.
Ethereum ETFs Also Suffer Major Withdrawals
Ethereum Spot ETFs have followed a similar trajectory, experiencing $189.9 million in outflows in the past week. This marks the third straight week of net withdrawals, bringing the total outflows to $645.08 million.
The largest ETH ETF withdrawals were seen in:
BlackRock’s ETHA: $63.3 millionOther Ethereum ETFs: Moderate outflows across multiple funds
Currently, the total net assets in the Ethereum ETF market stand at $6.72 billion, which accounts for 2.9% of ETH’s total market cap.
Despite the withdrawals, Ethereum has gained 0.73% in the last 24 hours, now trading at $1,924.
Market Outlook: Will ETFs Regain Momentum?
The continued exodus from both Bitcoin and Ethereum ETFs signals weak institutional confidence in the short term. However, as crypto markets stabilize and new catalysts emerge, a reversal in ETF inflows could be on the horizon.
Investors will closely watch Bitcoin’s $84,000 support level and Ethereum’s $1,870 floor for potential trend shifts.
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