Spot Bitcoin and Ethereum exchange-traded funds in the United States experienced joint outflows on Sept. 11 following the joint positive flows recorded the previous day.

According to data from SoSoValue, the 12 spot Bitcoin ETFs in the U.S. logged a net outflow of $43.97 million on Sept. 11, ending their two-day streak of positive flows.

Interestingly, ARK 21Shares’ ARKB recorded the largest outflows among the ETFs yesterday, with $54 million in withdrawals, as reported by SoSoValue. Grayscale’s GBTC followed with net outflows amounting to $4.6 million, while its Bitcoin Mini Trust registered outflows of approximately $511,230.

On the other hand, Fidelity’s FBTC led the inflows for the day, recording $12.6 million in net additions. Invesco’s BTCO followed with $2.6 million in inflows. The remaining seven BTC ETFs including BlackRock‘s IBIT saw no trading activity on the day. Notably, IBIT, the largest spot BTC ETF by net assets has not seen any net inflows since Aug. 26.

Overall, these ETFs have seen net positive flows in the last three days, with total inflows into all spot BTC ETFs at approximately $101.7 million.

Total trading volume for the 12 BTC ETFs jumped to $1.27 billion on Sept. 11, significantly higher than the $717 million seen the previous day. These funds have recorded a cumulative total net inflow of $17 billion since inception. At the time of writing, Bitcoin (BTC) was up 2.7% over the past day, trading at $57,932, per data from crypto.news.

Meanwhile, the nine U.S. spot Ethereum ETFs also recorded a net outflow of $542,870 on Sept. 11, led by VanEck’s ETHV with $1.7 million in outflows. Fidelity’s FETH was the only ETF to record inflows, at $1.2 million. However, it was significantly lower than ETHV’s outflows and could not offset the overall loss.

The remaining Ether ETFs remained neutral on that day.

These investment vehicles have also seen their daily trading volume rise to $126.2 million on Sept. 11, a jump over the previous day. The spot Ether ETFs have experienced a cumulative net outflow of $562.6 million to date. At the time of publication, Ethereum (ETH) was also up by 1%, exchanging hands at $2,354.

Outflows from U.S. spot Bitcoin ETFs, or exchange-traded funds, surpassed $706 million this week as bears pushed Bitcoin to $53,304 — its lowest level since Aug. 5.

According to data from SoSoValue, the 12 spot Bitcoin ETFs logged $169.97 million in net outflows on Sep. 6, with Grayscale and Fidelity leading the pack.

• Fidelity’s FBTC shed $85.5 million, with the fund experiencing negative flows for the past seven trading days.
• Grayscale’s GBTC added to the exit liquidity, with $52.9 million leaving the fund, bringing total losses to over $20 billion since its inception. Over the past eight days, the fund has lost $279.9 million, continuing its outflow streak since Aug. 27.
• Bitwise’s BITB saw outflows of $14.3 million
• ARK 21Shares’ ARKB, $7.2 million
• Grayscale’s Bitcoin mini trust, $5.5 million
• Valkyrie’s BRRR, $4.6 million

BlackRock, WisdomTree avoid outflows

BlackRock’s IBIT and WisdomTree’s BTCW were the only Bitcoin ETFs that avoided outflows over the past week. However, they recorded no new inflows in the last two days.

This investor hesitancy coincides with Bitcoin’s recent dip. The bellwether crypto was back up to $54,333 at the time of writing after briefly touching $52,690—its lowest point since Aug 5. Yet BTC was down 3% over the past day. 

Bitcoin is down 10.4% from its weekly high and 17.5% from its 30-day peak of $64,648, reached on Aug. 26. The turbulence intensified over the past 24 hours as $113.86 million in Bitcoin positions were liquidated, according to Coinglass.

Bitcoin’s price drop came amid growing unease in the crypto market, fueled by what is dubbed the “Redtember” seasonal slump and uncertainty over potential U.S. interest rate cuts. These factors dampened investor confidence and glorified market volatility.

According to data from Alternative, the widely monitored Crypto Fear and Greed Index still stands at 23, its lowest level in over a month. This indicates high investor anxiety and a risk-averse market environment.

Further downside expected

Technical indicators suggest that a death cross could form soon, with the 50-day and 200-day Exponential Moving Averages nearing a crossover. Death crosses are one of the most feared patterns in technical analysis. Bitcoin plummeted more than 67% after forming a death cross in January 2022. 

Analysts on social media platform X also maintained a bearish outlook. According to crypto analyst Pushpendra Singh Digital, BTC is stuck in a falling wedge pattern.

He suggests a breakout above the wedge around the $57,800 to $58,000 range could lead to a strong upward move.

However, if BTC drops below the support trendline around $54,000, it could lead to further downsides.

Echoing this cautious sentiment, a 1D BTC/USDT chart shared by Crypto analyst Nika also highlighted Bitcoin’s struggle to climb above the $58,000 level.

If the cryptocurrency fails to clear this resistance zone, it could face a more significant downward path, with potential support levels at $45,000 and $42,000.