Ethereum ETFs Shed $184M Over Four Days Amid Geopolitical Risk
Ethereum ETFs recorded $184 million in net outflows over four days through April 30, including $87.7 million on April 29, as Middle East tensions pressured markets.
Ethereum exchange-traded funds recorded $184 million in net outflows over four days through April 30, with $87.7 million withdrawn on April 29, the largest single-day exit since March 26, according to SoSoValue data.
Assets held in Ethereum ETFs stood at about $11.9 billion, down from a peak near $12.9 billion in mid-January. Over the same four-day window, Bitcoin ETFs posted roughly $476 million in net redemptions, including a $263 million peak outflow on April 27; cumulative net inflows for Bitcoin ETFs remain near $58.1 billion.
Spot-market prices diverged from fund flows. Ethereum’s price rose about 2.2% over the period and traded around $2,313 on Thursday, based on CoinGecko data. Redemptions from ETF wrappers did not produce immediate declines in the spot market, a gap that can occur when redemptions are met by in-kind transfers or when other buyers enter the market.
Geopolitical developments in the Middle East were cited as a factor behind the risk-off flows. Oil traded above $120 per barrel after the United Arab Emirates left OPEC. On the prediction market Myriad, users placed a 70% probability on oil’s next major move reaching $120 per barrel, down from 79% earlier in the day.
Myriad users also raised the chance that Ethereum’s next major price move will reach $3,000 to 55%, up from about 46% several days earlier. The platform showed a decline in the probability of a U.S.-Iran diplomatic meeting by mid-month to 27% from 36% earlier.
Interest-rate policy formed part of the backdrop. The Federal Open Market Committee left the benchmark rate at 3.5%–3.75% for a third straight meeting. Market participants noted that persistent inflation pressures, partly linked to energy prices, were affecting investor decisions across risk assets.
The ETF outflows occurred as U.S. equities reached fresh highs, providing an alternative destination for some capital. Fund-level movements reflect a mix of redemptions, rebalancing and shifts into other asset classes; spot-market prices can move independently of ETF flows depending on how those flows are settled.
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