Investors withdrew significant amounts from US-listed spot bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs) on Wednesday, as macroeconomic uncertainty cast a shadow over the cryptocurrencies’ price outlook.

Eleven bitcoin ETFs recorded a combined net outflow of $582 million, marking the second-largest total since these alternative investment vehicles began trading a year ago, according to data from SoSoValue. The large outflow comes on the heels of the record withdrawal of $680 million on December 19.

Fidelity’s FBTC led the outflows, losing a record $258 million, with BlackRock’s IBIT bleeding $124 million.

Ether ETFs bled $159.3 million, the largest number since July 26, when these public funds processed $162 million worth of payouts.

These large outflows coincide with renewed US inflation fears, which have fueled volatility in the bond market, sending risk assets lower. Over the past three days, bitcoin’s price has plunged nearly 8.5%, marking another failure to establish a foothold above the $100,000 mark.

The minutes of the Federal Reserve’s Dec. 18 meeting, released Wednesday, showed that officials believed the central bank was nearing the point that required slower policy easing. The notes also revealed concerns about the inflationary impact of President-elect Donald Trump’s policies.

Still, some analysts remain optimistic, expecting a renewed recovery after Friday’s nonfarm payrolls report.

“The US employment report on Friday is highly anticipated by investors as it will provide critical insights into the health of the US economy. We expect limited volatility heading into the weekend and recommend maintaining a heavy exposure to digital assets, with a preference for Bitcoin over Ethereum,” Valentin Fournier, an analyst at BRN, said in an email.