• According to Bloomberg analyst James Seyffart, Ethereum ETF holders were already sitting on an unrealised loss of almost $3.5 billion at the end of October.

  • Seyffart estimated that Ethereum ETF buyers paid an average of just under $3,200 per token.

  • He added that ETF flows "were looking pretty good into the end of September but a chunk of that reversed course in October."

According to Bloomberg analyst James Seyffart, Ethereum ETF holders were already sitting on an unrealised loss of almost $3.5 billion at the end of October.

Seyffart estimated that Ethereum ETF buyers paid an average of just under $3,200 per token.

He added that ETF flows "were looking pretty good into the end of September but a chunk of that reversed course in October."

Ethereum (ETH) was rebounding in midday trade on Tuesday despite Ethereum spot ETFs seeing six-consecutive days of outflows.

U.S. spot Ethereum ETFs posted daily net outflows of $139.8 million on Monday, according to SoSoValue data, marking their sixth straight day of outflows. The last inflow the funds saw was on October 23 at around $4.35 million.

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Ethereum's price rose 1.8% in the last 24 hours, trading at around $2,290. On Stocktwits, the retail sentiment around ETH remained in the 'bearish' zone, while chatter around it stayed at 'normal' levels over the past day.

According to Bloomberg analyst James Seyffart, Ethereum ETF holders were already sitting on an unrealised loss of almost $3.5 billion at the end of October. "Ether ETF Cost basis is just under $3,200 by my current estimates," Seyffart said in a post on X on Tuesday.

October Flows Reverse Course

Seyffart's chart showed that the average price paid by Ethereum ETF buyers rose after the funds launched in July 2024, peaking in late 2025.

Ethereum traded above that level for a time in mid-2025, when ETF investors were up about $13.57 billion in unrealized gains. The token has mostly remained below that price since late 2025, resulting in losses for holders for most of the past year.

Seyffart described recent Ethereum ETF flows as "not bad but also not fantastic." He said things "were looking pretty good into the end of September but a chunk of that reversed course in October." That reversal has carried into November.

Van De Poppe Sees ETH Momentum

However, not all analysts read the weakness the same way. Michaël van de Poppe said in a post on X that Ethereum was holding up better than Bitcoin (BTC) despite the soft market. "Even though the markets are relatively weak, $ETH is outperforming Bitcoin in its latest momentum as the BTC pair is just doing significantly better," van de Poppe said.

His chart of the ETH/BTC pair showed it at about 0.0294 after a dip below a support level marked near 0.0287. He said the pair "continues to move upwards in a stronger manner," pointing to more demand across the Ethereum ecosystem.

Read more: JPMorgan Calls CIFR Stock 'Substantially Undervalued' Amid Fresh Price Target Cuts

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Anushka Basu has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits.

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