Spot Bitcoin exchange-traded funds in the U.S. saw a significant jump in net positive flows while spot Ether ETFs outflows slowed down.

According to data from SoSoValue, the 12 spot Bitcoin ETFs logged outflows of $211.15 million on Sep. 5, a surge of over six times compared to the $37.29 million outflows recorded the previous day.

Fidelity’s FBTC led the lot with $149.5 million leaving the fund. Biwise’s BITB, Grayscale’s GBTC, and Grayscale Bitcoin Mini Trust followed with recorded outflows of $30 million, $23.2 million, and $8.4 million, respectively. 

Notably, Fidelity’s FBTC also saw the largest outflows over the last seven days, with $374 million withdrawn, surpassing the $227 million in outflows from Grayscale’s GBTC.

The largest spot BTC fund, BlackRock’s IBIT, with over $20.91 billion in total inflows, remained neutral on the day, along with the eight remaining BTC ETFs.

Total daily trading volume for the 12 spot Bitcoin ETFs dropped to $1.35 billion on Sep. 5, down from $1.41 billion the previous day. At the time of writing, Bitcoin (BTC) was down 0.9% over the past day, trading at $56,327 per data from crypto.news.

Bitcoin’s price retreat happened as a sense of fear spread in the crypto industry. The closely watched crypto fear and greed index dropped to the extreme fear zone of 22, its lowest level in over a month, per data from Alternative. This fear is likely driven by ongoing concerns about a potential U.S. recession following a string of weak economic data.

Additionally, institutional demand for Bitcoin has weakened, with spot Bitcoin ETFs seeing outflows for seven consecutive trading days, shedding over $1 billion since Aug. 27.

Meanwhile, the nine spot Ether ETFs also showed bearish trends but with significantly smaller net outflows of $152.72K on Aug. 5 compared to the previous day, according to SoSoValue. Grayscale’s ETHE recorded $7.4 million in outflows, while the Grayscale Ethereum Mini Trust nearly offset this with $7.2 million in inflows.

The remaining seven spot ETH funds saw no activity on the day.

The total trading volume for the nine Ether ETFs fell to $108.59 million on Sep. 5 from $145.86 million on Sep. 4. At the time of publication, Ethereum’s (ETH) price dipped by 0.9%, exchanging hands at $2,378.

Ethereum’s fear and greed index also fell, reaching the fear zone of 34, reflecting growing uncertainty and cautious sentiment among investors in the market.