ETH Slips Below $3,100; Market Perceives Ether as ‘More Risky’ Than BTC, Analyst Says.

Ether extended its recent slump on Sunday, slipping below $3,100 as the broader digital-asset market pulled back. The token was last seen around $3,066 at 9:36 p.m. UTC, down 3.4% over the previous day, after briefly breaking beneath the $3,100 mark on Bitstamp at about 4 p.m. UTC — its first move under that level since Nov. 4, according to TradingView.

According to Timothy Peterson, an investment manager and digital-asset researcher at Cane Island Alternative Advisors, spot ether ETFs have shed capital in four of the past five weeks. Those outflows amount to roughly 7% of the cost-basis capital invested in the funds. Bitcoin ETFs, by contrast, saw about 4% of their cost-basis capital withdrawn during the same period — a smaller reduction that Peterson interprets as evidence that investors currently view ETH as the riskier choice.

Cost-basis capital represents the original amount of money allocated to an ETF, independent of any gains or losses that accrue afterward. Because it reflects long-term commitments, rising redemptions relative to this base are often seen as a sign that confidence is weakening among core holders rather than short-term traders. This makes the metric a more stable gauge of sentiment than traditional flow data, which can be distorted by week-to-week noise.

Markets will now be watching whether ether’s ETF redemptions taper off or deepen as the asset tests support levels below $3,100. The trajectory of upcoming flows — combined with price action — will determine whether the sentiment gap Peterson identified between ether and bitcoin continues to hold.

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