Spot Ethereum (ETH) exchange-traded funds (ETFs) have seen five consecutive days of outflows totaling $952 million U.S. as fears grow of a U.S. recession.
The withdrawals to begin September come after a record-setting August when Ethereum ETFs attracted $3.87 billion U.S. of investor capital.
The biggest outflow from Ethereum ETFs occurred on Sept. 5, with $446.71 million U.S. leaving the funds following a weak U.S. jobs report.
Ethereum’s price rose more than 15% in August, though it has since fallen from an all-time high of nearly $5,000 U.S. to just below $4,300 U.S.
The cryptocurrency had been benefitting from greater institutional investment and adoption. However, analysts say investors are now turning more risk averse as the U.S. economy slows.
Weak U.S. jobs data furthered expectations that the U.S. Federal Reserve will resume cutting interest rates later in September, though it also raised fears of a recession.
The decline of Ethereum, and other cryptocurrencies, also comes as the price of gold topped $3,600 U.S. an ounce for the first time and hit an all-time high in the process.
