U.S. spot Bitcoin exchange-traded funds experienced a second consecutive day of outflows on Oct. 2, as Bitcoin’s price dropped below $61,000, driven by escalating tensions in the Middle East.

According to data from SoSoValue, the 12 U.S.-listed spot Bitcoin ETFs recorded $91.76 million in net outflows, continuing from the previous day’s $242.53 million withdrawal.

ARK 21Shares’ ARKB fund led the outflows, with $60.26 million exiting the fund, marking its third consecutive day of losses. Grayscale’s flagship GBTC followed closely, registering $27.31 million in outflows, bringing its total withdrawals since inception to $20.12 billion.

Notably, BlackRock’s IBIT ETF saw its first negative flow in almost a month, with $13.74 million withdrawn. This marks a shift from its previous strong performance, although the fund has still managed to attract $21.52 billion in inflows since its launch. Bitwise’s BITB also experienced significant outflows, with $11.51 million leaving the fund.

In contrast, Fidelity’s FBTC ETF stood as the only outlier on the day, posting inflows of $21.08 million, partially offsetting the broader trend of outflows across the market.

The overall trading volume across the 12 Bitcoin ETFs fell significantly, dropping to $1.66 billion on Oct. 2 from $2.53 billion the day before. Despite this recent downturn, these funds have attracted a cumulative $18.53 billion in net inflows since their respective launches, indicating that long-term institutional interest in Bitcoin ETFs remains resilient.

Eric Balchunas, Senior ETF Analyst at Bloomberg, recently noted BlackRock’s IBIT and Fidelity’s FBTC as top performers in terms of assets under management among ETFs launched since 2020. Both funds were introduced following the 2022 bear market, indicating the growing institutional focus on Bitcoin despite prevailing market volatility.

Bitcoin price under pressure as geopolitical risks mount

The recent wave of outflows aligns with Bitcoin’s (BTC) price struggles, as the cryptocurrency fell to a low of $60,100 earlier on Oct. 2 before recovering to just above $61,300. The ongoing tensions between Israel and Iran, specifically in light of Israel’s expected response to an Iranian attack, have intensified market instability, adding to downward pressure on Bitcoin.

Market analysts have expressed concerns about further downside risks.

Analyst Ali has forecasted a potential correction of over 15%, predicting that if Bitcoin fails to maintain support at $60,900, it could see a deeper plunge toward $52,000.

Crypto Capo, another prominent market commentator, warned that if Bitcoin reaches this level, Ethereum could fall to $1,800, signaling broader weakness across the cryptocurrency market.

Ether ETFs buck the trend with inflows

While Bitcoin ETFs continued to struggle, U.S. spot Ether ETFs saw a reversal in flows, registering $14.45 million in net inflows on Oct. 2 after two consecutive days of outflows.

BlackRock’s ETHA fund led the recovery with $18.04 million in inflows following a day of no activity, while Franklin Templeton’s EZET ETF attracted $1.81 million, marking its first inflow since mid-August.

However, Grayscale’s ETHE continued to experience outflows, with $5.4 million withdrawn on the same day. The remaining Ether ETFs saw zero flows on the day.

At the time of publication, Ethereum (ETH) was down 3.8%, trading at approximately $2,386, as the broader cryptocurrency market continued to face pressure from geopolitical events and investor uncertainty.