Investors have pulled US$3.3 billion from US exchange-traded funds for Ether since an early October crash, with more than US$500 million yanked this year, according to data compiled by Bloomberg Intelligence. Ether ETF assets now sit below US$13 billion, the lowest since July, the data show.

“Ether ETF investors have been net sellers since the crash on Oct 10,” said BI analyst James Seyffart. “There has been very little dip buying.”

With the token down almost 60% from its all-time high, investors have been feeling the pain. Many had bought in when it was trading at much higher levels – the average Ether ETF holder’s cost sits at about US$3,500 per coin, according to BI. It is currently trading around US$2,100.

Ether’s slump is part of a broader souring of sentiment across cryptocurrency markets.

Largest token Bitcoin slid sharply this month, dragging down smaller peers as risk appetite fades, liquidity tightens and investors pull back from speculative assets. The declines have defied rallies in other risk-on areas of the market, most notably stocks, where the S&P 500 is hovering near record highs.

Cryptocurrencies have been on shaky ground ever since the brutal series of liquidations in October sapped market confidence. Ether has posted negative monthly returns since September.

“The entire cryptocurrency market is evolving in a climate of generalized decline, characterised by a decrease in total market capitalization, increased volatility, and a weakening appetite for risk,” digital asset data firm Kaiko said in a research note last week.