Spot Bitcoin exchange-traded funds in the US saw a significant increase in net positive flows, while outflows from Spot Ether ETFs slowed.
According to data from SoSoValue, the 12 Bitcoin spot ETFs saw outflows of $211.15 million on September 5, a more than six-fold increase from the $37.29 million outflows recorded the previous day.
Fidelity’s FBTC led the way with $149.5 million leaving the fund. Biwise’s BITB, Grayscale’s GBTC, and Grayscale Bitcoin Mini Trust followed with recorded outflows of $30 million, $23.2 million, and $8.4 million, respectively.
It is worth noting that Fidelity’s FBTC also saw the largest outflows over the past seven days, with $374 million withdrawn, surpassing Grayscale’s GBTC’s $227 million outflows.
The largest BTC spot fund, BlackRock’s IBIT, with over $20.91 billion in total inflows, remained neutral on the day, as did the remaining eight BTC ETFs.
The total daily trading volume for the 12 Bitcoin spot ETFs fell 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 according to data from crypto.news.
The pullback in Bitcoin’s price came as a sense of fear spread across the cryptocurrency sector. The closely watched Cryptocurrency Fear and Greed Index fell into the extreme fear zone of 22, its lowest level in over a month, according to data from Alternative. This fear is likely fueled by lingering concerns about a potential U.S. recession following a string of weak economic data.
Additionally, institutional demand for Bitcoin has weakened, with spot Bitcoin ETFs seeing outflows for seven consecutive trading days, losing over $1 billion since August 27.
Meanwhile, all nine spot Ether ETFs also showed bearish trends, but with significantly lower net outflows of $152.72K on August 5 compared to the previous day, according to SoSoValue. Grayscale’s ETHE saw $7.4 million in outflows, while the Grayscale Ethereum Mini Trust nearly made up for that with $7.2 million in inflows.
The remaining seven ETH spot funds saw no activity during the day.
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 press time, the price of Ethereum (ETH) fell 0.9%, trading hands at $2,378.
Ethereum’s Fear and Greed Index also fell, reaching the fear zone of 34, reflecting growing uncertainty and cautious investor sentiment in the market.
