Ethereum ETF holders are now feeling the pressure.
$ETH is roughly down 50% from the US ETH ETF average cost basis, compared to 20% for Bitcoin ETFs.
This is definitely not happening for the first time, as during April 2025, ETH was down almost 60% from its ETF cost basis.
But back then, there were 2 things.
- The crypto market was still in the 4-year bull cycle.
- DATs buying wasn't there for ETH
This is why ETH had a V-shaped recovery, which is less likely to happen now.
And I think this is what will cause the final capitulation.
I'm not saying that large money will completely exit, but some