Harris promises to support digital assets, hoping to win over the crypto constituency

Holders of spot ethereum ETFs are in more pain than bitcoin investors. 

The price of ethereum stands around $1,940 as of Wednesday morning, representing about a 45% drop from $3,500, the average cost basis of spot ethereum ETF holders, according to Bloomberg ETF analyst James Seyffart. 

The losses of ethereum ETF holders are larger than bitcoin fund investors based on available data. Bitcoin is trading at $68,822, representing an 18% slide from the the cost basis for all its ETFs of $83,983, data from Glassnode shows. 

While facing larger losses than their bitcoin ETF peers, the vast majority of ethereum ETF buyers have stayed put. “The net inflows into the ETH ETFs have gone from about $15 billion down below $12 billion. This is a much worse selloff than the Bitcoin ETFs on a relative basis, but still fairly decent diamond hands in grand scheme (for now),” Seyffart said on Tuesday on X.

Despite having an early lead in year-to-date gains, meme coins have round-tripped and bled even more. 

For example, frog-based token pepe was up 75% in the first four days of January, but is now about 8% lower than where it started the year. Dogecoin, shiba inu, bonk, pengu, dogwifhat, and trump tell a similar story: posting a positive gain and then slumping into the red. 

Meme coins, cryptocurrencies based on internet jokes that are often critiqued for lacking utility, are reflexive: they can lead gains during bullish market conditions, but see sharper declines in bearish ones. The entire category of meme coins has shed 25.8% of its valuation in the year so far, data from blockchain analytics firm Artemis shows.

The price action of meme coins comes amid a broader market decline that saw bitcoin drop to $63,000 last week as its peers revisited cycle lows. 

“The market has, in large, been bleeding, whether major, altcoin, or meme,” according to Nicolai Søndergaard, research analyst at on-chain data firm Nansen. “It is not surprising to me to see that larger memes as well have been trending down.”

He told Sherwood News, “If we also consider the fact that there are less active wallets now compared to a few months ago, it also makes sense that larger ‘household’ memes would decline as money shifts around to the next shiny thing.”