Spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs) in the United States See Second Consecutive Day of Joint Outflows

Spot Bitcoin and Ethereum exchange-traded funds in the United States continue their streak with a second consecutive day of joint outflows this week.

Cryptocurrency exchange-traded funds (ETFs) in the United States saw mixed activity on Monday, with both Bitcoin and Ether ETFs experiencing outflows.

According to data from SoSoValue, the 12 spot Bitcoin ETFs saw $37.29 million in net outflows on Sep. 4, marking the sixth consecutive day of outflows from these funds. However, the outflows were significantly lower than the $287.78 million experienced the previous day — the highest outflows since May 1.

Grayscale's GBTC led the outflows with $34.2 million leaving the fund, pushing its total outflows to date to $19.93 billion. Fidelity's FBTC and VanEck's HODL also logged outflows of $7.6 million and $4.9 million respectively.

These outflows were partially 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 24 hours, 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, growing impatient with 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.

The above is the detailed content of Spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs) in the United States See Second Consecutive Day of Joint Outflows. For more information, please follow other related articles on the PHP Chinese website!