Spot Bitcoin and Ethereum ETFs see 2nd consecutive day of joint outflows streak

Spot Bitcoin and Ethereum exchange-traded funds in the US continue to rise with joint outflows for the second day in a row this week.

According to data from SoSoValue, 12 spot Bitcoin ETFs recorded net outflows of $37.29 million on September 4, marking the sixth consecutive day of outflows. Notably, outflows from these ETFs were 87% lower than the $287.78 million outflows the previous day, the highest since May 1.

Grayscale’s GBTC led the way with $34.2 million leaving the fund, bringing its total outflows to date to $19.93 billion. Furthermore, Fidelity’s FBTC and VanEck’s HODL recorded outflows of $7.6 million and $4.9 million, respectively.

These outflows were offset by Bitwise’s BITB, which saw $9.5 million in inflows during the day.

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 seven BTC ETFs.

The total daily trading volume of 12 spot Bitcoin ETFs fell to $1.41 billion on Sept. 4 from $1.56 billion the day before. At press time, Bitcoin (BTC) was trading at $57,077, up 1.5% in the past day, according to crypto.news data.

However, the crypto asset has managed to stay in the range it has held since February, experiencing a 4 percent drop in the past week.

Bitcoin investors, tired of a long period of stagnant price action, were initially hopeful for a possible bull run triggered by the Fed’s expected rate cuts this month.

However, analysts at Bitfinex warned this week that rising recession concerns could lead to a more significant market correction. They predict that if the rate cuts are accompanied by a recession, Bitcoin could fall by 15%-20%, sending the price into the $40,000-$50,000 range.

Meanwhile, nine spot Ether ETFs also remained in a downtrend, with net outflows of $37.51 million on Aug. 4, according to SoSoValue. Grayscale’s ETHE saw outflows of $40.6 million, while Grayscale Ethereum Mini Trust saw inflows of $3.1 million.

The remaining seven spot ETH funds remained neutral.

The total trading volume of the nine Ether ETFs fell from $163.5 million on Sept. 3 to $145.86 million on Sept. 4. At the time of publication, the price of Ethereum (ETH) was changing hands at $2,403, up 1.4%.