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U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a notable decline on Wednesday, recording $18.66 million in net outflows. This marked the end of a two-day streak of positive flows for the sector.

Fidelity’s FBTC was the primary contributor to these outflows, with $48.82 million exiting the fund, according to data from SoSoValue. Grayscale's GBTC, the second-largest spot Bitcoin ETF by net assets, also recorded $9.41 million in outflows after reporting no flows the previous day.

However, not all spot Bitcoin ETFs saw negative performance. BlackRock's IBIT, the largest spot Bitcoin ETF, was the sole fund to witness inflows, with $39.57 million flowing into the ETF. The remaining nine ETFs recorded zero flows.

The overall trading volume for the 12 spot Bitcoin ETFs reached $1.35 billion on Tuesday, up from $1.22 billion on Monday, suggesting sustained investor interest in the asset class.

The outflows were not limited to the Bitcoin ETF market. Spot Ethereum ETFs in the U.S. also recorded $8.19 million in net outflows on Tuesday, after reporting zero flows on Monday. Bitwise's ETHW saw the largest outflows, with $4.54 million leaving the fund, while Fidelity's FETH logged outflows of $3.65 million. The seven other spot Ether ETFs experienced no flows.

The total trading volume of the nine Ethereum ETFs shrank to $102.37 million on Tuesday, compared to $118.43 million the previous day.

The fluctuations in the spot Bitcoin and Ethereum ETF markets come as the broader crypto market continues to navigate volatility. At the time of writing, Bitcoin edged down 0.32% over the past 24 hours to trade at $62,372, while Ether gained 0.52% to change hands at $2,445.