On Wednesday, U.S.-listed bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs) faced substantial withdrawals, as broader macroeconomic uncertainties weighed down on the outlook for cryptocurrencies.

A total of $582 million was withdrawn from eleven bitcoin ETFs, marking the second-largest outflow since the launch of these funds a year ago, according to data from SoSoValue. This was just shy of the $680 million record seen on December 19. The largest outflow came from Fidelity’s FBTC, which lost $258 million, followed by BlackRock’s IBIT, with $124 million in outflows.

Ether ETFs also saw significant outflows, totaling $159.3 million, the largest since July 26, when $162 million was withdrawn.

These outflows coincided with renewed concerns about U.S. inflation, which fueled bond market volatility, leading to a broader market decline. Over the past three days, bitcoin’s price has dropped nearly 8.5%, further stalling its attempts to break the $100,000 threshold.

Minutes from the Federal Reserve’s December meeting, released on Wednesday, revealed that officials were contemplating slowing the pace of monetary easing. They also raised concerns about inflationary pressures from incoming President Donald Trump’s policies.

Despite these challenges, some analysts remain optimistic about the future performance of digital assets, anticipating a rebound following Friday’s U.S. nonfarm payrolls report.

“The upcoming jobs report will offer crucial insights into the health of the U.S. economy,” said Valentin Fournier, an analyst at BRN, in an email. “We expect limited volatility ahead of the weekend and suggest maintaining significant exposure to digital assets, particularly Bitcoin over Ethereum.”