As of May 30, 2025, Ethereum (ETH) is trading at approximately $2,634, reflecting a recent decline of about 4.7%.

According to Glassnode's on-chain analysis, the average Ethereum ETF investor is currently experiencing significant unrealized losses. Specifically, ETH is trading below its realized price of $1,730, indicating an average unrealized loss of approximately 30% across the market. For ETH 2.0 depositors, the situation is more pronounced, with a realized price cost basis of $2,400, leading to an average unrealized loss of nearly 49.5% .

Recent data also points to substantial outflows from Ethereum ETFs. For instance, on March 10, 2025, Ethereum-based ETFs experienced a net outflow of $34 million, with significant withdrawals from Fidelity's FETH (-$23.7 million) and Grayscale's ETHE (-$4.8 million) . Additionally, the week ending March 24, 2025, saw US Spot Ethereum ETFs facing a net outflow of 76,300 ETH, marking the third-largest weekly outflow since their inception .

These trends suggest a bearish sentiment among investors, with many Ethereum ETF holders currently underwater on their investments.

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