Spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded over $5 billion in daily trading volume in the US on Aug. 5.

This is the first time spot Bitcoin ETFs in the US have registered over $5 billion since mid-April.

According to DefiLlama, BlackRock’s IBIT was responsible for nearly $3 billion in trading volume and managed to managed to increase its assets under management by $172 million. Fidelity’s FBTC moved over $858 million, registering the second most significant trading volume in the US.

Despite an outflow of nearly $148 million, Grayscale’s GBTC trading volume surpassed $693 million, making it the ETF with the third-largest trading amount for the day.

Eric Balchunas, senior ETF analyst at Bloomberg, highlighted in an X (formerly Twitter) post that Bitcoin bulls don’t want to see a lot of volume on a bad day, as it is a “pretty reliable measure of fear.”

Notably, the Crypto Fear and Greed Index currently stands firmly in the fear zone on Aug. 5, registering 26 points out of 100, where 0 is absolute fear and 100 is absolute greed. This contrasts heavily with the 74 points registered exactly one week ago when Bitcoin closed in on $70,000.

However, Balchunas also pointed out that deep liquidity on bad days is also a good indicator, as traders and institutions praise this about ETFs. He said: