Spot Ethereum exchange-traded funds (ETFs) have recorded their first net outflows in 19 days, ending a historic accumulation streak in 2025. The development coincides with a steep 19% drop in ETH open interest on Binance, signaling a broad leverage reset triggered by declining prices.

Ethereum ETFs Register $2.1M Outflows After Prolonged Inflows

On Friday, Ethereum ETFs saw net outflows totaling $2.1 million, halting their longest daily inflow streak of the year. According to Farside Investors, the Fidelity Ethereum ETF (FETH) led the outflows with $8.8 million, while the mini Grayscale Ethereum ETF posted $6.7 million in inflows. All other ETF issuers recorded zero net flow during the day.

This shift follows a record-breaking stretch in which Ethereum ETFs amassed over $1.4 billion in inflows. The past week alone added nearly $500 million of this, as institutional interest remained strong. The biggest spot Ether ETF in the United States, BlackRock iShares Ethereum Trust (ETHA), passed a landmark, amassing $5.2 billion in net inflows since inception. The ETF holds more than 1.65 million ETH now, and its assets under management are worth $4.17 billion.

However, the streak paused as ETHA experienced no net flows on Friday for the first time in 14 days. The halt coincided with broader market pressures, especially in response to geopolitical tensions affecting Wall Street sentiment.

ETH Open Interest Declines Sharply as Price Falls Below $2,500

Alongside the ETF outflows, Ethereum’s open interest on Binance dropped 19% this week. This decrease was after a sharp price correction, of the price dropped about $2,800 to under $2,500, and it shows long position clearing. According to the data provided by CryptoQuant, this decline was caused by forced liquidations and more panicked selling.

The Ethereum price level of $2,500 has become a crucial support level. This is the level that bulls must defend to sustain the recent uptrend that resulted in ETH briefly reaching multi-month highs. The prolonged malfunction may result in additional liquidation and may affect the ETF inflows in the short run.

The long-term outlook is still under consideration, regardless of the price pullback, because institutional flows and on-chain data are still evolving. Market observers are also sensitive to the resetting of leverages, which tend to occur after intense increases in prices.

ETH Whales Increase Accumulation Despite Price Correction

Amid the exit of short-term traders, Ethereum whales have been accumulating. Arkham Intelligence data proves that big holders bought more than 166,199 ETH, worth about 435 million dollars, through off-exchange deals during the past two weeks.

On June 4, one wallet bought 108,278 ETH, worth approximately $283 million. Other recent purchases were 2,825 ETH on June 13 and 5,463 ETH on June 14, with some of those addresses associated with ConsenSys. The median purchase price was 2,618 dollars per ETH, indicating that large buyers are still confident.

Further, the exchange balances have dropped by 140,000 ETH, moving out of centralized exchanges, indicating that these coins were transferred to cold wallets to be held long-term. This tendency confirms the Glassnode and Messari on-chain statistics that indicate a rise in the activity of long-term holders.

ETF Performance Tied to Market Sentiment and Global Events

BlackRock Ethereum ETF (ETHA) decreased by almost 7% on Friday. It fell back under 20 dollars a share after rising by almost 100 percent since mid-April. This steep decline corresponded with wider sell-offs in the equity markets on geopolitical grounds, such as the pending Iran-Israel conflict.

The latest developments notwithstanding, Ethereum ETFs provide an important entry point to institutional buyers. The performance of the market in the future might rely on macroeconomics, ETF flow direction, and Ethereum network advancements. Further whale accumulation and on-chain stability would be considered a sign of recovery, but the situation on the market remains fragile at the moment.