According to data from SoSoValue, 12 spot Bitcoin ETFs recorded outflows of $211.15 million on September 5. This figure represents an increase of more than six times the $37.29 million outflow recorded the previous day.

While this dramatic rise reflected the turbulent period the market was in, there was also a decline in the price of Bitcoin. At the time of press, Bitcoin (BTC) was trading at $56,327, down 0.9% in the last 24 hours.

Fidelity’s FBTC fund was the fund that experienced the biggest outflow in this process. While assets worth $149.5 million were withdrawn from the fund, other large outflows were recorded as $30 million from Biwise’s BITB fund, $23.2 million from Grayscale’s GBTC fund and $8.4 million from Grayscale Bitcoin Mini Trust fund, respectively. These outflows indicate that institutional interest in Bitcoin ETFs is weakening.

Notably, Fidelity’s FBTC fund has seen the largest outflows over the past seven days as well. During this process, a total of $374 million worth of assets were withdrawn from the fund. This surpassed even the $227 million withdrawals from Grayscale’s GBTC and suggests Fidelity is re-evaluating its position in the crypto market.

However, BlackRock’s IBIT, the largest spot BTC fund, showed no activity on September 5 and remained neutral throughout the day. BlackRock’s fund stands out with its total inflow of over $20.91 billion, and the fact that this fund remains stable despite the general course of the market can be interpreted as an indicator of the trust investors have in this major player.

These large outflows in spot Bitcoin ETFs also affected the total daily trading volume. The total trading volume of the 12 spot Bitcoin ETFs fell to $1.35 billion on September 5; This figure was 1.41 billion dollars the previous day. This decline shows that the general atmosphere of uncertainty and fear in the crypto market is also reflected in transaction volumes.

This wave of fear in the crypto market also showed itself in the crypto fear and greed index. This closely watched index fell to 22 on September 5, entering extreme fear territory. This marks the lowest level seen in more than a month. It is thought that this fear of investors stems from concerns about a possible recession in the US economy.

Weak economic data has caused investors to become risk averse, leading to weakening institutional demand for Bitcoin ETFs. Spot Bitcoin ETFs have seen outflows on seven consecutive trading days since August 27, totaling losses of more than $1 billion in the process.

A milder downward trend was observed in Spot Ether ETFs. According to SoSoValue data, nine spot Ether ETFs experienced much smaller net outflows on September 5 compared to the previous day. A total outflow of 152.72 thousand dollars was recorded.

Grayscale’s ETHE fund recorded an outflow of $7.4 million, while the Grayscale Ethereum Mini Trust nearly offset this with an inflow of $7.2 million. There was no movement in the other seven spot ETH funds.

The total trading volume of Ether ETFs also experienced a similar decline. While the total volume decreased to 108.59 million dollars on September 5, this figure was 145.86 million dollars the previous day. The price of Ethereum also suffered a decline like Bitcoin and was traded at $2,378, down 0.9%.

Ethereum’s fear and greed index also fell following Bitcoin’s footsteps and dropped to 34 levels. This shows that the uncertainty in the market and the cautious atmosphere among investors are also reflected in the Ethereum market.