Spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the United States have recorded their second consecutive day of joint outflows this week, reflecting a notable trend in the cryptocurrency investment landscape.
According to data from SoSoValue, 12 spot Bitcoin ETFs experienced $37.29 million in net outflows on September 4. This marks the sixth straight day of outflows for these funds. Importantly, this figure represents a significant decrease of 87% from the $287.78 million outflows reported the previous day, which were the highest since May 1.
Leading the outflows, Grayscale’s GBTC saw $34.2 million leave the fund, pushing its cumulative outflows to $19.93 billion. Additionally, Fidelity’s FBTC and VanEck’s HODL logged outflows of $7.6 million and $4.9 million, respectively. Despite these trends, Bitwise’s BITB saw a positive shift with $9.5 million in inflows on the same day.
The largest spot Bitcoin fund, BlackRock’s IBIT, with total inflows surpassing $20.91 billion, maintained a neutral stance, as did the other seven Bitcoin ETFs.
Total daily trading volume for the 12 spot Bitcoin ETFs fell to $1.41 billion on September 4, a decline from $1.56 billion the previous day. At the time of writing, Bitcoin was trading at $57,077, up 1.5% over the past 24 hours, according to crypto.news. However, Bitcoin has dropped by 4% over the past week, maintaining the same range it has held since February.
Investors, initially optimistic about a potential bull run driven by anticipated Federal Reserve interest rate cuts, are now facing concerns. Analysts from Bitfinex have warned that rising recession fears could precipitate a significant market correction. They estimate that Bitcoin could decline by 15% to 20% if rate cuts coincide with a recession, potentially lowering the price to between $40,000 and $50,000.
In a similar vein, the nine spot Ether ETFs also faced bearish trends, with a net outflow of $37.51 million on August 4, according to SoSoValue. Grayscale’s ETHE saw $40.6 million in outflows, while Grayscale Ethereum Mini Trust recorded $3.1 million in inflows. The remaining seven Ether funds remained neutral.
The total trading volume for the nine spot Ether ETFs dropped to $145.86 million on September 4, down from $163.5 million on September 3. At the time of publication, Ethereum was trading at $2,403, up 1.4%.
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