Ether lags ATH by 60% as ETF flows and burn eyed

TLDR

• ETH is 60% below its all‑time high, indicating major drawdown.
• This metric quantifies distance from peak, simplifying current market context.
• Interpretations diverge: down 60% versus 60% climb needed to reclaim.

ETH being 60% from its all‑time high (ATH) signals a sizable drawdown relative to its peak valuation. In practice, it describes how far the asset sits below its record level, offering a simple snapshot of cycle positioning.

The phrasing can reflect two lenses: “down 60% from ATH” versus “60% away” as a climb still required to reclaim the peak. Both refer to the distance from a prior top but can lead to different interpretations of recovery potential.

Why this gap matters and immediate market implications

A wide ATH gap often coincides with tighter liquidity, thinner risk appetite, and more selective capital allocation across digital assets. It can also concentrate attention on catalysts that might close the gap or, conversely, on headwinds that could extend it.

According to Standard Chartered, institutional research has examined Ethereum’s path relative to prior peaks, underscoring how large banks frame cycle distance when assessing digital-asset risk and participation. That institutional lens can shape how allocators interpret the same gap metric.

Before attributing causes, it helps to separate price-based signals from capitalization dynamics. As noted by Matteo Greco, Senior Associate at Fineqia, ETH has “underperformed,” while an estimated market‑cap retracement of roughly 65% since 2021 highlights how aggregate valuation can diverge from spot price during different stages of a cycle.

Potential influences frequently cited by market observers include prospective spot Ethereum ETF flows, staking-related supply effects, and fee-burn dynamics, alongside broader macro and regulatory conditions. These factors can tighten or widen the gap over time, but their impact is contingent on flows, liquidity, and policy outcomes.

At the time of this writing, based on data from Yahoo Finance, ETH recently traded near $1,938 on Feb 22, 2026, providing context for how today’s spot level compares with the reported distance to ATH.

How the ATH gap is calculated by price and market cap

Price-based ATH gap uses the formula: (ATH price − current price) ÷ ATH price. If the result is 0.60, ETH is 60% below its record; daily moves change this reading continuously.

Market‑cap‑based gap compares current market capitalization with the peak capitalization. Because circulating supply and burn can shift over time, the market‑cap gap may differ from the price gap, even when the spot price appears stable.