Spot Bitcoin ETF outflows surge six-fold, Ether ETF outflows slow down

While spot Bitcoin exchange-traded funds in the US saw a significant jump in net positive flows, outflows from spot Ether ETFs slowed.

According to SoSoValue data, 12 spot Bitcoin ETFs recorded outflows of $211.15 million on September 5. This is a more than six-fold increase compared to the $37.29 million outflow recorded the previous day.

Fidelity’s FBTC led the way with $149.5 million in outflows from the fund, followed by Biwise’s BITB, Grayscale’s GBTC, and Grayscale Bitcoin Mini Trust with $30 million, $23.2 million, and $8.4 million in outflows, respectively.

Fidelity’s FBTC, on the other hand, saw the biggest outflow in the last seven days, withdrawing $374 million. That beat out the $227 million outflow from Grayscale’s GBTC.

BlackRock’s IBIT, the largest spot BTC fund with over $20.91 billion in total inflows, remained neutral on the day along with the remaining eight BTC ETFs.

The total daily trading volume of 12 spot Bitcoin ETFs fell to $1.35 billion on Sept. 5 from $1.41 billion the previous day. At press time, Bitcoin (BTC) was down 0.9% over the past day and was trading at $56,327, according to crypto.news data.

Bitcoin’s price drop comes as fear spreads across the crypto industry. The closely-watched crypto fear and greed index has fallen to the extreme fear zone of 22, its lowest level in over a month, according to data from Alternative. This fear is likely due to ongoing concerns about a possible U.S. recession following a string of weak economic data.

Additionally, institutional demand for Bitcoin has weakened, with spot Bitcoin ETFs experiencing seven consecutive trading days of outflows, losing more than $1 billion since August 27.

Meanwhile, nine spot Ether ETFs also trended lower, according to SoSoValue, but with significantly smaller net outflows of $152.72K on August 5 compared to the previous day. Grayscale’s ETHE recorded outflows of $7.4 million, while Grayscale Ethereum Mini Trust nearly offset that with inflows of $7.2 million.

There was no movement in the remaining seven spot ETH funds during the day.

The total trading volume of the nine Ether ETFs fell from $145.86 million on September 4 to $108.59 million on September 5. At the time of publication, the price of Ethereum (ETH) was changing hands at $2,378, down 0.9%.

Ethereum’s fear and greed index also fell, reaching the 34 fear zone, reflecting the growing uncertainty and cautious sentiment among investors in the market.