Ether slid below the $3,100 mark on Sunday as digital asset markets faced renewed pressure, extending a multi-week trend of weakening sentiment. The token last traded near $3,066 at 9:36 p.m. UTC, down 3.4% over the past 24 hours, after briefly dipping under $3,100 on Bitstamp around 4 p.m. UTC — its first move below that level since Nov. 4, according to TradingView data.

Timothy Peterson, investment manager and digital asset researcher at Cane Island Alternative Advisors, noted that spot ether ETFs have recorded net outflows in four of the past five weeks. The withdrawals amount to roughly 7% of the products’ cost-basis capital — the original money allocated by investors — suggesting a meaningful reduction in long-term participation. By comparison, bitcoin ETFs saw about 4% of their cost-basis capital redeemed over the same period, a disparity Peterson believes reflects investors treating ether as the comparatively riskier asset.

Cost-basis capital refers to the underlying initial investment in an ETF, distinct from unrealized gains or losses. Because it measures core investor commitments, rising redemptions as a share of this base are often viewed as a signal of fading conviction among established holders, rather than short-term tactical shifts. Analysts say this approach can offer a clearer read on broader sentiment than headline flow numbers, which tend to fluctuate with market volatility.

With ether now trading below a key psychological threshold, market participants will be monitoring whether ETF outflows stabilize or deepen in the weeks ahead. Upcoming flow data and price behavior will help determine whether the sentiment divide Peterson described between ether and bitcoin continues to widen.