Ethereum ETF Bleeds $242M as ETH Price Struggles At $2,150

Key Insights

• The US Spot Ethereum ETF posted $242 million in two-day net outflows.
• Options skew signaled rising demand for downside protection.
• Ether underperformed as macro uncertainty lifted bond demand.

Ethereum price hovered near $2,085 on Friday after failing to reclaim the $2,150 resistance since Feb. 5. The US Spot Ethereum ETF recorded $242 million in net outflows between Wednesday and Thursday, reversing brief inflows earlier in the week.

The pullback reflected weakening institutional conviction amid deteriorating macro signals. The Ethereum (ETH) price reaction followed a short-lived rebound from a $1,744 low set on Feb. 6, when buyers stepped in after a sharp sell-off.

That bounce lifted the asset by 20%, yet momentum faded as economic data pointed to slowing U.S. growth. Investors rotated toward short-term government debt, and risk assets lost traction.

This shift occurred because traders anticipated further policy easing amid cooling inflation expectations.

Ethereum ETF Fund Flow And Macro Signals Diverge

Farside Investors’ data showed the two-day withdrawal erased the prior recovery in ETF flows, signaling fragile sentiment among large allocators. BlackRock sold $9.3 million in Ethereum while total ETF inflows reached $10.2 million during the same session, creating a mixed institutional picture.

That divergence suggested selective positioning rather than coordinated accumulation.

Ethereum ETF Fund Flow | Source: Farside Investors

TradingView data indicated the U.S. 2-year Treasury yield fell to 3.42% on Friday, approaching lows not seen since August 2022. Falling yields typically signal expectations of interest rate cuts, and markets priced in easing through 2026.

Capital shifted toward perceived safety, and digital assets struggled to attract incremental flows.

Relative performance metrics added further strain. Over the past 30 days, Ether declined 38%, lagging the broader cryptocurrency market.

ETH price traded 58% below its all-time high, extending a six-month drawdown that weighed on confidence. Underperformance prompted traders to question Ethereum’s competitive positioning against faster base-layer networks.

Derivatives Data Adds Bearish Pressures Amid Ethereum ETF Data

Laevitas.ch metrics showed the ETH 30-day options delta skew stood at 10% on Friday. That reading meant put options traded at a premium over calls, signaling demand for downside protection.

The indicator remained above the 6% threshold for two weeks, reinforcing defensive positioning among professional desks. This has also caught the eyes of market participants amid the Ethereum ETF fund flow data.

ETH 30-day options delta skew (put-call) at Deribit | Source: Laevitas.ch

Deribit options flows mirrored this posture as traders increased exposure to neutral-to-bearish strategies. Elevated hedging demand often tracks realized weakness rather than anticipates an abrupt collapse.

In this case, derivatives markets appeared to respond to sustained price pressure rather than price in a disorderly breakdown.

Network fundamentals faced their own headwinds. Staking yields sat at 2.9%, trailing the Federal Reserve’s 3.5% target rate, reducing the appeal of locking capital.

Meanwhile, ETH supply expanded at an annualized 0.8% pace, diluting scarcity arguments in the short term. Lower network fees further compressed validator incentives, weakening long-term holder conviction.

Ethereum (ETH) Price: Structural Strength Offsets Panic Narrative

Total assets under management across Ethereum ETF reached $12.7 billion, placing the recent outflows in perspective. The two-day withdrawal represented less than 2% of that base, limiting systemic risk from institutional redemptions.

Although flows turned negative, aggregate capital committed to Ethereum products remained substantial.

On-chain data still showed Ethereum leading in Total Value Locked across decentralized finance protocols. Builders continued deploying applications on the network, preserving its structural advantage despite market volatility.

This contrast between price weakness and ecosystem depth created tension between short-term traders and long-term participants.

Macro risks dominated near-term direction. Traders monitored corporate earnings and U.S. fiscal refinancing capacity amid global socio-economic strains.

Bond demand reflected caution, and digital assets reacted accordingly. In this environment, Ethereum price responded more to liquidity conditions than to network metrics.

Attention now turns to whether Ethereum can stabilize above immediate support near $2,000. A sustained hold above that level could ease derivatives pressure, while a decisive break may expose lower liquidity pockets.

For now, macro signals and institutional flow trends remain the primary drivers shaping Ethereum price behavior.

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