Spot Bitcoin exchange-traded funds in the U.S. witnessed their third consecutive day of outflows on Oct. 10, while spot Ethereum ETFs posted a modest but positive turnaround after a day of inactivity.

According to data from SoSoValue, the 12 spot Bitcoin ETFs registered outflows totaling $120.76 million on Oct. 10, a notable jump from the previous day’s outflows of $40.56 million.

Fidelity’s FBTC ETF led the wave of Bitcoin ETF outflows, with $149.5 million exiting the fund after a day of zero net flows. Other major funds followed suit, including ARK and 21Shares’ ARKB with $30.30 million in outflows and Bitwise’s BITB shedding $6.16 million.

Even BlackRock’s IBIT, the largest Bitcoin ETF by net assets, broke its five-day inflow streak with an outflow of $10.83 million, reflecting a broader cooling of investor appetite for Bitcoin exposure.

Grayscale, another significant player in the ETF space, saw both its GBTC and Grayscale Bitcoin Mini Trust log outflows of $18.52 million and $21.16 million respectively. Despite these negative flows, six other Bitcoin ETFs remained neutral, neither contributing to the outflows nor seeing fresh investor interest.

Market fears drive sell-off and liquidations

The surge in BTC outflows coincided with a 3% drop in Bitcoin’s (BTC) price, which hit a three-week low of $58,900, before recovering slightly to $60,602. The drop followed unexpected U.S. inflation data that reignited fears of the Federal Reserve pausing interest rate cuts, adding pressure to the cryptocurrency market.

This decline also sparked $198.6 million in liquidations across the market, affecting over 59,000 traders, according to data from Coinglass. Bitcoin’s long positions accounted for $53.3 million of those liquidations, while Ethereum traders lost $31.6 million in the same period.

As the sell-off progressed, fear grew across the cryptocurrency market. The closely-watched Crypto Fear and Greed Index dropped to 32, marking its lowest level since mid-September and firmly placing the market sentiment in the “fear” zone.

Ethereum ETFs attract modest inflows amid BTC downtrend

In contrast to Bitcoin, Ethereum ETFs saw a small but notable uptick. Nine spot Ethereum ETFs recorded net inflows of $3.06 million on Oct. 10, reversing a prior day of zero net flows.

BlackRock’s ETHA led the charge, attracting $17.85 million in fresh capital. Grayscale’s Ethereum Mini Trust followed with inflows of $3.34 million, marking its first positive flows since September 27.

However, these gains were partially offset by outflows from Grayscale’s ETHE, Bitwise’s ETHW, and Fidelity’s FETH, which saw redemptions of $10.37 million, $4.23 million, and $3.54 million respectively. Four other Ethereum ETFs remained neutral, contributing neither inflows nor outflows.

At the time of writing, Ethereum (ETH) was trading at $2,414, moving sideways in a market largely dominated by Bitcoin’s volatility.