Ethereum ETFs Shed $184M Over 4-Day Negative Streak

Ethereum exchange-traded funds extended their losing streak to four days on Thursday, losing nearly $184 million, as geopolitical uncertainty offset record highs in U.S. stocks.

The outflows accelerated on April 29, when Ethereum ETFs posted $87.7 million in net redemptions, the largest single-day exit since March 26, according SoSoValue facts. Cumulative flows for Ethereum ETFs now stand at $11.9 billion, down from a peak of $12.9 billion in mid-January.

Despite the outflows, Ethereum’s price rose 2.2% over the same period, trading at $2,313 on Thursday, according to CoinGecko data. The difference indicates that the selling pressure on the fund product has not directly translated into a weakness in the market.

In the prediction market Myriadowned by Declutter parent company Dastan, users see a 55% chance that Ethereum’s next big move will hit $3,000, up from 46% on April 30.

Why ETF outflows matter now

The four-day negative streak for Ethereum ETFs coincides with broader weakness in crypto investment products. Bitcoin ETFs In the same four-day period ending April 30, $476 million fell, with outflows peaking at $263 million on April 27. Cumulative net inflows for Bitcoin ETFs now stand at $58.1 billion.

The outflow came as traditional markets rose higher with the S&P 500 with a new all-time high of 7,271fueled by a rally in technology revenues.

Oil prices, on the other hand, remained elevated above $120 per barrel following the UAE’s exit from OPEC. On Myriad, users give a 70% chance that oil prices will next move to $120 per barrel – down from 79% earlier today.

Geopolitical risks in the Middle East continue to cloud the outlook for risky assets. The conflict between the US and Iran shows no signs of a near-term resolution, leaving energy markets tense and inflation expectations high. Countless users post just one 27% chance at a diplomatic meeting between the US and Iran in mid-month, up from 36% earlier today.

Ethereum and the broader crypto market are now following Bitcoin in efforts to reverse losses recorded after the Federal Open Market Committee kept the benchmark interest rate at 3.5%-3.75% for the third time in a row, citing increased inflation fueled by rising energy prices.