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 of them will definitely exit to chase the next big thing.
This will then result in ETH visiting April 2025 lows and even the $1,110-$1,200 zone before a macro bottom.