Bitcoin ETFs Drained $211 Million! Ether ETFs Stabilize

Exchange-traded funds (ETFs) Bitcoin and Ether in the United States have recently shown contrasting dynamics. While Bitcoin ETFs have experienced a dramatic increase in outflows, Ether ETFs have seen their capital outflows slow down.

A significant increase in Bitcoin ETF outflows

According to data, the 12 Bitcoin ETFs recorded net outflows of $211.15 million on September 5, six times more than the $37.29 million the previous day. Fidelity’s FBTC fund was the hardest hit with $149.5 million withdrawn. Biwise’s BITB fund, Grayscale’s GBTC, and Grayscale Bitcoin Mini Trust also recorded outflows of $30 million, $23.2 million, and $8.4 million respectively.

Over the past seven days, Fidelity’s FBTC saw the largest outflows with $374 million, exceeding Grayscale’s GBTC at $227 million. The largest Bitcoin fund, BlackRock’s IBIT, with over $20.91 billion in total inflows, remained stable that day, as did the other eight Bitcoin ETFs.

Ether ETF flows show signs of stabilization

The nine Ether ETFs showed bearish trends with net outflows of $152,720 on September 5 according to data. Grayscale’s ETHE fund recorded outflows of $7.4 million, while the Grayscale Ethereum Mini Trust almost offset this with $7.2 million in inflows. The other seven Ether funds showed no activity that day.

The decline in the price of Bitcoin occurred as a sense of fear spread throughout the crypto industry. The crypto fear and greed index dropped to 22, its lowest level in over a month, according to Alternative. This fear is likely fueled by concerns about a potential recession in the United States following a series of weak economic data.

The recent trends in ETF flows for Bitcoin and Ether reflect the complex dynamics of the cryptocurrency market. Investors need to stay vigilant and well-informed to navigate this constantly evolving environment.