Ethereum ETF buyers are sitting on a far uglier entry level than their bitcoin counterparts, in accordance with Bloomberg Intelligence analyst James Seyffart, with spot ETH funds now absorbing a drawdown that has left many consumers deep underwater.
“Ethereum ETF holders are sitting in a worse place than their Bitcoin ETF brethren,” Seyffart wrote on X late Tuesday. “The present ETH worth of $2,000 is method under their common value foundation of ETF holders at about ~$3,500. It’s a painful proposition. But it surely’s one which Eth ETF holders have skilled already.”
Seyffart added that the latest ETH ETF trough pushed the drawdown “past 60%,” roughly matching the proportion decline ETH noticed at its April 2025 low, framing the transfer as extreme however not unprecedented for ether’s investor base.
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Even so, he argued the investor response has been extra stoic than the value motion implies. “Nonetheless, the overwhelming majority of consumers have stayed put,” he wrote, pointing to web inflows throughout the ETH ETF advanced falling from roughly $15 billion to under $12 billion — a materially bigger deterioration than bitcoin ETFs “on a relative foundation,” however, in his phrases, “nonetheless pretty first rate diamond fingers in grand scheme (for now).”
Contemporary circulate knowledge suggests the bleeding has slowed, however not flipped decisively. SoSoValue knowledge reveals US spot ether ETFs took in about $13.82 million in web inflows on Feb. 10. That adopted per week of web redemptions totaling roughly $166 million, extending a multi-week outflow streak.
On a month-to-month foundation, SoSoValue figures peg final month’s web circulate at about $350 million in outflows. Cumulatively, whole web belongings are at $11.76 billion as of Feb.10.
Goldman Sachs Is Bullish On Ethereum
In opposition to that backdrop, Goldman Sachs’ newest 13F disclosure added a distinct form of sign: conventional finance’s publicity is more and more seen, and never confined to bitcoin. On Tuesday, Goldman disclosed about $2.36 billion in crypto-related positions, together with roughly $1.06 billion tied to identify bitcoin ETFs and about $1.0 billion to identify ether ETFs, alongside smaller exposures of about $153 million in XRP and $108 million in Solana — a roughly 0.33% allocation within the context of its broader holdings.
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The reactions on X leaned into the optics. Binance founder Changpeng “CZ” Zhao framed the submitting as a positioning hole between crypto natives and banks: “Crypto might be the one place you had an earlier begin than the banks. However in case you offered your crypto final quarter, whereas the banks are shopping for, then…”
MoonRock Capital founder Simon Dedic focused on the ETH sizing itself: “Very attention-grabbing to see them holding nearly as a lot ETH as Bitcoin. For a conservative funding financial institution that usually sticks to straightforward portfolio buildings like market cap weighting, this speaks volumes on how they’re considerably extra bullish on Ethereum than Bitcoin, which might usually be 4–6x bigger in such portfolios. That is the institutional supercycle, and ETH is clearly the institutional darling.”
At press time, ETH traded at $1,949.
Featured picture created with DALL.E, chart from TradingView.com
