Bitcoin and Ethereum ETFs Experience Second Consecutive Day of Simultaneous Outflows

Spot Bitcoin and Ethereum exchange-traded funds in the United States are experiencing a trend of consecutive outflows, as reported by SoSoValue data. On September 4, the 12 spot Bitcoin ETFs collectively saw net outflows amounting to $37.29 million, marking the sixth consecutive day of outflows. Notably, these outflows were significantly lower, at 87%, compared to the previous day’s outflows of $287.78 million, which were the highest since May 1.

Among the ETFs, Grayscale’s GBTC led the outflows, with $34.2 million exiting the fund, bringing its total outflows to $19.93 billion. Additionally, Fidelity’s FBTC and VanEck’s HODL experienced outflows of $7.6 million and $4.9 million, respectively. However, Bitwise’s BITB saw inflows of $9.5 million on the same day.

The largest spot BTC fund, BlackRock’s IBIT, which has accumulated over $20.91 billion in total inflows, remained neutral on that day, as did the seven other BTC ETFs. The total daily trading volume for the 12 spot Bitcoin ETFs decreased to $1.41 billion on September 4, down from $1.56 billion the previous day. At the time of reporting, Bitcoin (BTC) was up 1.5% in the past day, trading at $57,077.

Despite this recent increase, Bitcoin has dropped by 4% over the last week, maintaining a range it has held since February. Investors in Bitcoin, hoping for a bullish trend following expected interest rate cuts by the Federal Reserve, were cautioned by Bitfinex analysts about potential market corrections due to rising recession concerns. Analysts predict a 15%-20% decline in Bitcoin’s price if rate cuts coincide with a recession, possibly lowering the price to the $40,000-$50,000 range.

In the Ethereum market, the nine spot Ether ETFs also showed a bearish trend with a net outflow of $37.51 million on August 4, according to SoSoValue. Grayscale’s ETHE experienced $40.6 million in outflows, while the Grayscale Ethereum Mini Trust recorded $3.1 million in inflows. The remaining seven spot ETH funds maintained a neutral stance.

The total trading volume for the nine Ether ETFs decreased to $145.86 million on September 4 from $163.5 million on September 3. Ethereum’s (ETH) price increased by 1.4%, reaching $2,403 at the time of publication.