Silver ETFs crash up to 24% as MCX silver rate eases 4% — What explains this divergence?

Even as silver futures eased 4%, the fall in silver ETFs was much starker. Tata Silver ETF on MCX crashed almost 24% to ₹25.56 today. Edelweiss Silver ETF and Mirae Asset plunged 22% each. 360 ONE Silver ETF lost 21%, and Nippon India Silver ETF shed 20% on NSE.