Ether slipped under the $3,100 mark on Sunday as the broader crypto market weakened, extending a steady decline across digital assets. The token was last trading near $3,066 at 9:36 p.m. UTC, down 3.4% over the past day, after briefly breaking below $3,100 on Bitstamp around 4 p.m. UTC — its first move under that level since Nov. 4, according to TradingView.
Timothy Peterson, an investment manager and digital-asset analyst at Cane Island Alternative Advisors, noted that spot ether ETFs have posted net outflows in four of the past five weeks. Those redemptions amount to roughly 7% of the cost-basis capital invested in the funds. In contrast, bitcoin ETFs saw withdrawals equal to about 4% of their cost-basis capital over the same period. Peterson said the discrepancy signals that investors currently view ether as the higher-risk asset.
Cost-basis capital reflects the original amount of money committed to an ETF, independent of performance gains or losses. Because it tracks long-term investor commitments, a rising share of redemptions is often interpreted as a weakening of conviction among core holders, not merely short-term repositioning. Analysts consider this measure a clearer signal of sentiment than week-to-week inflow data, which can be skewed by market noise.
Ether’s dip below $3,100 now puts greater focus on whether outflows from ether ETFs ease or deepen in the coming weeks. How those flows evolve — alongside the token’s ability to hold key price levels — will determine whether the sentiment gap between ETH and BTC highlighted by Peterson continues to widen
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