cat in a dogs world (mew) 
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Fidelity’s FBTC also experienced the largest outflows over the last seven days, with $374 million withdrawn, surpassing Grayscale’s GBTC, which saw $227 million in outflows.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.
Stay updated with the latest cryptocurrency news and trends on Global Crypto News.
