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Spot Bitcoin exchange-traded funds (ETFs) in the U.S. experienced a notable increase in net positive flows, while spot Ether ETFs saw a slowdown in outflows.
Spot Bitcoin ETFs: Significant Outflows
According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded outflows of $211.15 million on September 5, a substantial increase from the $37.29 million outflows the previous day.
Fidelity’s FBTC led with $149.5 million exiting the fund. Biwise’s BITB, Grayscale’s GBTC, and Grayscale Bitcoin Mini Trust followed, recording outflows of $30 million, $23.2 million, and $8.4 million, respectively.
Fidelity’s FBTC also experienced the largest outflows over the last seven days, with $374 million withdrawn, surpassing Grayscale’s GBTC, which saw $227 million in outflows.
BlackRock’s IBIT, the largest spot BTC fund with over $20.91 billion in total inflows, remained neutral on the day, along with the eight other BTC ETFs.
Total daily trading volume for the 12 spot Bitcoin ETFs dropped to $1.35 billion on September 5, down from $1.41 billion the previous day. At the time of writing, Bitcoin (BTC) was down 0.9% over the past day, trading at $56,327.
Bitcoin’s price decline occurred as fear spread in the crypto industry. The crypto fear and greed index dropped to the extreme fear zone of 22, its lowest level in over a month, driven by ongoing concerns about a potential U.S. recession following weak economic data.
Institutional Demand Weakens
Institutional demand for Bitcoin has decreased, with spot Bitcoin ETFs seeing outflows for seven consecutive trading days, shedding over $1 billion since August 27.
Spot Ether ETFs: Slower Outflows
The nine spot Ether ETFs also showed bearish trends but with significantly smaller net outflows of $152.72K on August 5, compared to the previous day, according to SoSoValue. Grayscale’s ETHE recorded $7.4 million in outflows, while the Grayscale Ethereum Mini Trust nearly offset this with $7.2 million in inflows.
The remaining seven spot ETH funds saw no activity on the day.
The total trading volume for the nine Ether ETFs fell to $108.59 million on September 5, down from $145.86 million on September 4. At the time of publication, Ethereum’s price dipped by 0.9%, trading at $2,378.
Ethereum’s fear and greed index also fell, reaching the fear zone of 34, reflecting growing uncertainty and cautious sentiment among investors.
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