Spot Bitcoin and Ethereum exchange-traded funds in the United States continue their streak with a second consecutive day of joint outflows this week.
According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded $37.29 million in net outflows on Sep. 4, marking the sixth consecutive day of outflows. Notably, the outflows from these ETFs were 87% lower than the $287.78 million outflows experienced the previous day—their highest outflows since May 1.
Grayscale’s GBTC led the lot with $34.2 million leaving the fund, pushing its total outflows to date to $19.93 billion. Moreover, Fidelity’s FBTC and VanEck’s HODL also logged 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 on the day.
The largest spot BTC fund, BlackRock’s IBIT, with over $20.91 billion in total inflows, remained neutral on the day, along with the seven remaining BTC ETFs.
The total daily trading volume for the 12 spot Bitcoin ETFs dropped to $1.41 billion on Sep. 4, down from $1.56 billion the previous day. At the time of writing, Bitcoin (BTC) was up 1.5% over the past day, trading at $57,077 per data from crypto.news.
However, the crypto asset has dropped by 4% over the past week, remaining within the same range it has held since February.
Bitcoin investors, tired of the extended period of stagnant price movement, were initially hopeful for a possible bull run spurred by the Federal Reserve’s expected interest rate cuts this month.
However, Bitfinex analysts warned this week that rising recession concerns could lead to a more significant market correction. They estimate Bitcoin could decline by 15%-20% if the rate cuts happen alongside a recession, potentially bringing the price down to the $40,000-$50,000 range.
Meanwhile, the nine spot Ether ETFs also remained bearish, with a net outflow of $37.51 million on Aug. 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 spot ETH funds stayed neutral.
The total trading volume for the nine Ether ETFs fell to $145.86 million on Sep. 4 from $163.5 million on Sep. 3. At the time of publication, Ethereum’s (ETH) price rose by 1.4%, exchanging hands at $2,403.