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Institutor investors pulled out more funds from U.S. Bitcoin ETFs than they put in for the fifth straight week as the premier cryptocurrency saw a slight downturn in August.

After a strong start to the year which saw the Bitcoin ETFs attract over $5 billion in investments, institutional investors have shown much caution in recent weeks.

According to data from Farside Investors, the Bitcoin Spot ETFs registered $921.4 million in net outflows during the past week to reach an estimated $5.4 billion in five weeks.

The majority of withdrawals from last week went to BlackRock's IBIT which saw investors pull out more funds than they deposited for the past week, to the tune of $338.1 million.

Fidelity's FBTC followed closely with investors making more withdrawals than they deposited for the past week, amounting to $307.4 million. Other Bitcoin ETFs such as Ark's ARKB, Invesco's BTCO, Franklin Templeton's EZBC, WisdomTree's BTCW, and Grayscale's GBTC all saw moderate net outflows between $33 million-$81 million.

Meanwhile, Bitwise's BITB, Valkyrie's BRRR, and VanEck's HODL all recorded minor net outflows not greater than $4 million. Only Grayscale's GBTC saw net inflows of $5.5 million.

The consistently high levels of withdrawals from the Bitcoin ETFs can be associated with the recent BTC market price correction. In the last month, the maiden cryptocurrency has seen its price decrease by 11.95% to reach lows of $77,000. During this period, institutional investors have become more cautious, pulling back their investments to decrease the total net assets of the Bitcoin Spot ETFs by 21.70% to $89.89 billion, according to data by SoSoValue.

The cryptocurrency market, however, is known for its cycles of rapid growth and correction. Despite the recent outflows, institutional investors are still displaying a strong interest in the Bitcoin ETFs. At the beginning of 2023, the cryptocurrency market was characterized by substantial capital inflows, a trend that has slowed considerably in August.

Earlier this year, the Bitcoin ETFs saw a period of seven consecutive weeks with net inflows greater than $1 billion, an occurrence that began in late December 2022 following the U.S. approval of the first Bitcoin futures ETF in October 2021.

During the first quarter of 2023, the Bitcoin ETFs witnessed an unprecedented level of institutional investment, with a staggering $12.44 billion being poured into the market. However, this pace of investment has since slowed down significantly in the second quarter of 2023, with a total of $5.34 billion in institutional investments flowing into the Bitcoin ETFs.

Despite the decrease in investment, the Bitcoin ETFs are still a significant factor in the cryptocurrency market. At present, the Bitcoin Spot ETFs have seen a total of $17.78 billion in cumulative inflows since the launch of the first ETF in March 2023. This amounts to 10.06% of the total Bitcoin market cap.

The Ethereum Spot ETFs, on the other hand, saw net outflows of $189.9 million in the past week. This marks the third straight week of outflows, bringing the total to $645.08 million over the period.

Like their Bitcoin counterparts, the largest outflows from the Ethereum ETFs went to BlackRock's ETF with investors pulling out more funds than they deposited for a past week to the tune of $63.3 million.

At the time of writing, the cumulative inflows into the Ethereum ETF market total $2.52 billion while the total net assets are $6.72 billion, which is 2.90% of the ETH market cap.

Meanwhile, Ethereum is trading at $1,924, reflecting a 0.73% gain over the last 24 hours. On the other hand, Bitcoin is valued at $84,009 with no significant price change on its daily chart.

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