According to a report from the crypto analytics firm Glassnode, investors in the spot Ethereum ETFs from asset management giants BlackRock and Fidelity Investments are facing significant losses.
"Investors in BlackRock and Fidelity's Ethereum ETFs are currently holding positions that are severely underwater, with an average unrealized loss of about -21%," Glassnode noted in a report released on May 29.
According to data from CoinMarketCap, Ethereum (ETH) is currently trading at $2,601. However, the cost basis for BlackRock's spot Ethereum ETF is $3,300, while Fidelity's is even higher at $3,500.
The last time Ethereum's trading price broke $3,000 was on February 2, after which the price began to decline following U.S. President Donald Trump's signing of an executive order imposing import tariffs on goods from China, Canada, and Mexico.
"We observed that when the spot price falls below this average ETF investor cost basis level in August 2024 and in January and March 2025, net outflows begin to accelerate," the firm added.
Ethereum hit its lowest point of the year at $1,472 on April 9, coinciding with the day Trump's comprehensive global tariff policy officially took effect. However, Ethereum has risen 44.25% in the past month, and since May 16, the spot Ethereum ETF has recorded nine consecutive days of net inflows totaling $435.6 million, which is related to the easing of trade war uncertainties.
After a U.S. federal court halted most of Trump's tariff measures on May 28, several analysts predicted that the crypto market would see more upward momentum.
Since the launch of the U.S. spot Ethereum ETF in July 2024, cumulative net inflows have reached $2.94 billion. On the launch day, July 23, Ethereum's trading price was around $3,536.
Meanwhile, Glassnode pointed out that these ETFs have a limited impact on the spot price of Ethereum. "Initially, Ethereum ETFs accounted for only ±1.5% of the spot market trading volume, indicating a relatively lukewarm market response to their launch," the firm stated.
Glassnode noted that these ETFs experienced a strong growth period in November 2024, when the metric rose to over 2.5%.
This period coincided with Trump's victory in the U.S. presidential election, after which the entire crypto market entered a month-long rally, with Ethereum peaking at $4,007 on December 8.
Glassnode stated that the metric has since fallen back to around 1.5%.
At the digital asset summit held on March 20, BlackRock's head of digital assets, Robbie Mitchnick, pointed out that the lack of staking functionality in spot Ethereum ETFs is "not sufficient."
Related: Bitcoin (BTC) will face a "healthy pause" around $106,000 before prices strengthen again.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Glassnode Data Shows Ethereum (ETH) ETF Investors Average Position 'Deeply Underwater'”
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