Spot Bitcoin ETFs Deep in Red as Investors Dump More Than $600M in Six Consecutive Days

The landscape around the spot Bitcoin ETFs in the US has changed dramatically since a few weeks ago when investors showed significant demand.

Investors Show Limited Interest in Ethereum ETFs Despite Outflows from Bitcoin Counterparts

After a few weeks of substantial demand and inflows into the US spot Bitcoin ETFs, the latest data reveals a different picture. Six consecutive days of consistent outflows occurred, with September 3 being the worst in terms of flows since May 1.

Investors’ behavior regarding the spot Bitcoin ETFs is frequently impacted by the state of the local economy. For instance, they allocated more than $200 million on two separate occasions, August 23 and 26, after Fed Chair Jerome Powell promised that the time for the central bank to cut the interest rates had arrived.

Those inflows were the culmination of an extended streak of eight consecutive days. That's where everything changed as investors started to pull out funds. As reported during the weekend, the rest of the August 26-30 week saw only outflows, with more than $277 million leaving the financial vehicles.

September 2 was a national holiday in the States. However, the negative sentiment returned on the next day, which actually became the worst since May 1, with $287.8 million withdrawn from the largest ETFs.

September 4 was also in the red, albeit in a less painful manner – $37.2 million was taken out.

BTC's price has been affected within this timeframe as well, dropping from over $65,000 to about $57,000 now. It even dumped to $55,600 yesterday.

Ethereum ETFs’ Outflows Return

In contrast to the spot Bitcoin ETFs, the Ethereum counterparts have failed to attract any substantial demand from investors. The numbers are usually in the low double digits, with red dominating the charts.

The past two trading days were quite painful as well, with $47.4 million withdrawn on September 3 and $37.5 million taken out on September 4.

Grayscale’s ETHE leads this adverse trend. While this is expected, what's particularly worrying is the lack of interest in the remaining ETFs. Even BlackRock's ETHA, which was the first to surpass $1 billion in AUM, has not seen any inflows since August 28 and August 20 before that.

Only Fidelity's FETH saw minor inflows of $4.9 million on Wednesday, unlike the rest, where trading activity was minimal or non-existent.

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