Ethereum Investors in BlackRock and Fidelity ETFs Face 21% Losses Amid Muted Market Response

COINOTAG reported on May 30th that a recent analysis by Glassnode reveals troubling news for investors in the Ethereum spot ETFs spearheaded by BlackRock and Fidelity. As of May 29th, participants are incurring an average unrealized loss of approximately 21%. The review indicates that BlackRock’s Ethereum spot ETF has a cost basis of $3,300, while Fidelity’s is set even higher at $3,500. Presently, Ethereum’s trading price hovers around $2,601. Moreover, Glassnode noted that these ETF initiatives have had minimal influence on Ethereum’s spot market valuation, as they contributed merely 1.5% to the overall trading volume. This lackluster market response underscores the challenges facing these financial instruments in substantially affecting Ethereum’s price dynamics.