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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 <a href="https://sosovalue.com/assets/etf/us-btc-spot" target="_blank" rel="noopener noreferrer nofollow">data </a>from SoSoValue, the 12 spot Bitcoin <a href="https://crypto.news/tag/etf/" target="_blank" rel="noopener noreferrer nofollow">ETFs</a> 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 <a href="https://crypto.news/spot-btc-etf-outflows-touch-4-month-highs-price-falls-below-57k/" target="_blank" rel="noopener noreferrer nofollow">$287.78 million</a> outflows experienced the previous day—their highest outflows since <a href="https://crypto.news/spot-bitcoin-etfs-reach-record-563m-outflows/" target="_blank" rel="noopener noreferrer nofollow">May 1</a>.
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.&nbsp;
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 (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) was up 1.5% over the past day, trading at $57,077 per data from crypto.news.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/will-september-be-the-turning-point-for-bitcoin-critical-events-loom-large/"> Will September be the turning point for Bitcoin? Critical events loom large </a>
However, the crypto asset has dropped by 4% over the past week, remaining within the same range it has held since February.
<a href="https://crypto.news/bitcoin-price-could-see-20-drop-analysts-warn/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin </a>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 <a href="https://crypto.news/bitcoin-price-could-see-20-drop-analysts-warn/" target="_blank" rel="noopener noreferrer nofollow">warned this week</a> 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 <a href="https://sosovalue.com/assets/etf/us-eth-spot" target="_blank" rel="noopener noreferrer nofollow">$37.51 million</a> on Aug. 4, according to SoSoValue. Grayscale’s ETHE saw $40.6 million in outflows, while&nbsp;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 (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) price rose by 1.4%, exchanging hands at $2,403.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/experts-weigh-in-on-whether-bitcoin-can-break-free-from-septembers-bearish-narrative/"> Experts weigh in on whether Bitcoin can break free from September’s bearish narrative </a>

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

crypto.news

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