The US spot Ethereum ETF recorded a net outflow of $2.2 million, ending its 19-day consecutive inflow record amid broad market decline due to escalating geopolitical tensions in the Middle East.
According to The Block on the 15th (local time), US-based spot Ethereum ETFs reported a net outflow of $2.2 million on Friday, concluding its longest consecutive inflow record. This is analyzed to be caused by broad market decline due to escalating geopolitical tensions.
These ETFs had recorded 19 consecutive days of net positive inflows before reversing on Friday, surpassing the previous 18-day consecutive record from late November to mid-December 2024. According to SoSoValue data, only two funds showed significant movement on Friday. Grayscale's Ethereum Mini Trust (ETH) recorded $6.7 million in inflows, but this was offset by Fidelity's Ethereum Fund (FETH) experiencing $8.9 million in outflows.
The consecutive inflow record of spot Ethereum ETFs, which began on May 16th, was characterized by robust demand and even outpaced spot Bitcoin ETF inflows on several days. This consecutive record allowed the funds to achieve the highest cumulative inflow value since their launch in July 2024, with current funds holding over $10 billion in net asset value.
However, as geopolitical tensions in the Middle East escalated with Israel and Iran exchanging rocket attacks, investors avoided risk assets, causing the cryptocurrency market to decline on Friday and ending the inflow streak with $1.1 billion in cryptocurrency liquidations. According to The Block's Ethereum price page, Ethereum's price dropped by approximately 8% over the past 48 hours.
One of the key players driving Ethereum's rise is SharpLink Gaming, which purchased cryptocurrencies worth $463 million as part of its financial strategy expansion, becoming the second-largest individual Ethereum holder after the Ethereum Foundation on Friday. The company's stock remained flat after a 70% plunge following its recent SEC filing.
Despite Bitcoin's price dropping by approximately 2% over the past 48 hours, spot Bitcoin ETFs recorded inflows of $301.6 million on Friday, reaching a new peak of $45.6 billion in cumulative total net inflows, according to SoSoValue data.
Inflows were led by industry leader BlackRock's IBIT fund, which recorded inflows of $239 million on Friday. Fidelity's FBTC fund recorded $25.2 million, while four other funds showed inflows of less than $15 million each.
Marcin Kazmierczak, co-founder and COO of RedStone, told The Block on Friday, "While risk assets are experiencing a typical safe asset flight sell-off, commodities and safe havens are surging." Kazmierczak mentioned the escalating Middle East conflict and added that "volatility is the only certainty at present."
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