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Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) spot ETFs continued to experience significant outflows.
This potentially sets the stage for increased volatility in the coming weeks. Analysts now warn of potential downside risks, macroeconomic concerns and weakening on-chain metrics.
According to data from SoSo Value, Bitcoin spot ETFs saw a total net outflow of $37.2 million on Sept. 4, marking the sixth consecutive day of net outflows.
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The Grayscale Bitcoin Trust (OTC:GBTC), once the darling of institutional crypto investors, led the exodus with a net outflow of $34.2 million, bringing its historical net outflow to a staggering $19.9 billion.
Ethereum spot ETFs weren’t spared either, with a total net outflow of $37.5 million on the same day.
The Grayscale Ethereum Trust (NYSE:ETHE) bore the brunt of the selling pressure. It recorded an outflow of $40.6 million, data shows.
Bitwise Bitcoin ETF (NYSE:BITB) bucked the trend. The fund saw a net inflow of $9.4 million, suggesting that not all investors are heading for the exits.
Adding to the market’s jitters, QCP Capital stated that its Volatility Momentum Indicator (VMI) was triggered for both Bitcoin and Ethereum on Wednesday, signaling an imminent period of heightened volatility.
“This signal is directionally agnostic,” QCP Capital stated. “It doesn’t indicate spot direction but suggests that larger price movements are likely in the near-term.”
Meanwhile, 10x Research struck a cautionary tone, emphasizing the importance of capital preservation in the current market environment.
“While better opportunities will come, U.S. political uncertainties and a persistently weak Manufacturing PMI signal potential declines for risk assets,” the firm stated.
They went on to predict that a Bitcoin drop below $50,000 is “inevitable,” citing reduced usage as evidenced by declining protocol revenues.
As the crypto community grapples with these challenges, all eyes will be on the upcoming Benzinga’s Future of Digital Assets event on Nov. 19, where industry leaders and experts are expected to dissect these trends and offer insights into the road ahead.
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