Spot Bitcoin exchange-traded funds recorded significant outflows ending their eight-day inflow streak on Oct. 1 as Bitcoin retreated below $62,000 amid rising tension in the Middle East.

According to data from SoSoValue, the 12-spot Bitcoin ETFs saw net outflows of $242.53 million, breaking an inflow streak that had brought $1.42 billion into these funds over the previous eight days. This marked the largest daily outflow since Sept. 3, when $288 million exited Bitcoin ETFs.

Among the funds, Fidelity’s FBTC led the outflows with $144.7 million withdrawn on Oct. 1, followed by ARK 21Shares’ ARKB, which saw $84.3 million in outflows. Bitwise’s BITB and VanEck’s HODL also experienced notable outflows, losing $32.7 million and $15.8 million, respectively, while Grayscale’s Bitcoin Trust saw a more modest decline of $5.9 million.

The remaining spot Bitcoin ETFs recorded no outflows on the day.

Despite the outflows, trading volume across the 12 Bitcoin ETFs surged, reaching $2.53 billion on Oct. 1. Since their launch, these funds have attracted a cumulative total of $18.62 billion in net inflows, highlighting sustained interest despite recent volatility.

The sharp outflows in Bitcoin ETFs were closely tied to geopolitical events. As news of Iran’s missile strikes on Israel broke, Bitcoin’s (BTC) price fell over 3.7%, shedding nearly $4,000 within 24 hours. The cryptocurrency hit a two-week low of around $60,315 before rebounding to approximately $61,500 at the time of writing.

This decline in Bitcoin’s price was accompanied by a shift in market sentiment, as reflected in the Crypto Fear and Greed Index. The index dropped from a neutral reading of 50 to a fear level of 42, indicating growing investor caution in the face of heightened geopolitical risks.

Spot Ether ETFs also see outflows

Meanwhile, U.S. spot Ether ETFs continued to experience outflows, with a total of $48.52 million leaving these products on Oct. 1. Grayscale’s Ethereum Trust led the outflows, shedding $26.6 million, while Fidelity’s Ethereum Trust saw $25 million withdrawn.

Bitwise’s ETHW experienced more modest outflows of $895.65K. The remaining spot Ether ETFs remained neutral on the day.

Ether ETFs also saw a rise in trading volume, increasing to $290 million on Oct. 1, up from $147.9 million the previous day. Since their launch, these products have recorded cumulative net outflows of $572.31 million.

At the time of publication, Ethereum (ETH) was down 6.3%, trading at approximately $2,474, as the broader cryptocurrency market continued to face pressure from geopolitical events and investor uncertainty.