U.S. spot Bitcoin exchange-traded funds recorded their second consecutive day of net outflows on Oct. 9, with $30.59 million exiting the funds.

According to data from SoSoValue, 12 spot Bitcoin ETFs extended their outflow streak to a second day, with net negative flows of $30.59 million. All outflows came from ARK 21Shares’ ARKB, which saw $44.47 million leave the fund, continuing its negative trend for the second consecutive day.

These outflows were partially offset by BlackRock’s IBIT, which reported inflows of $13.88 million on the same day, marking its second day of inflows. Over the last two days, IBIT has seen a total of $137.5 million enter the fund. Notably, IBIT, the largest ETF by net assets, has recorded net inflows of $21.71 million since its launch.

While flow data for Bitwise’s BITB was not updated at the time of writing, the remaining nine Bitcoin ETFs remained neutral for the day. Cumulatively, U.S. spot Bitcoin ETFs have drawn in a net total of $18.68 billion since their inception.

Despite these mixed flows in Bitcoin ETFs, the broader cryptocurrency market struggled on Oct. 9. Bitcoin (BTC), which began the day trading above $62,000, quickly slid to a daily low of $60,541, exacerbating concerns of continued volatility.

The dip in price led to the liquidation of over $40 million in Bitcoin long positions, further dampening market sentiment. Across the crypto space, liquidations of both long and short positions totaled $162.22 million within the last 24 hours, per data from CoinGlass. Bitcoin was still down 2.2%, exchanging hands at $61,031 at press time.

Spot Ether ETFs see no activity

In contrast to Bitcoin, the spot Ethereum ETFs saw a quiet day. According to SoSoValue data, the nine spot Ethereum ETFs in the U.S. recorded zero inflows on Oct. 9, after registering outflows of $8.19 million on the previous trading day.

Ethereum’s (ETH) price also fell 1.8% to $2,402 at the time of reporting, as investors remained cautious amid a 3.3% drop in the global crypto market which stood at $2.23 trillion when writing.

In contrast to Bitcoin’s positive ETF flow, Ethereum ETFs have been facing persistent outflows, reflecting a differing trend in market demand.

CryptoQuant reports that, after 79 days of ETF trading, Ethereum ETFs have seen $4.1 billion in total net outflows in contrast to the Bitcoin ETFs which have seen $29.1 billion in total net inflows. This stark contrast with Bitcoin’s performance suggests that investor sentiment and institutional interest may be skewing more favorably towards Bitcoin in the current market environment.

However, according to Bitwise CIO Matt Hougan, the slow start of spot Ethereum ETFs is largely due to traditional investors still getting accustomed to the crypto market when the products were launched. He believes the timing was too early but expects Ethereum ETFs to gain momentum, potentially reaching $20 billion in assets within a year as interest grows.