Spot bitcoin exchange-traded funds (ETFs) in the U.S. experienced a net outflow of $34.4 million on Thursday, indicating a slowdown compared to the previous day’s record outflows.

Grayscale’s GBTC, which has seen consistent outflows, was the only ETF to experience a net outflow of funds on Thursday, totaling $55 million, according to SoSoValue data. Ark Invest’s ARKB led daily net inflows, adding $13 million. Spot bitcoin ETFs from Franklin Templeton, Valkyrie, Invesco, and Galaxy Digital logged smaller amounts of net inflows, totaling a combined $6 million.

BlackRock and Fidelity’s bitcoin funds, which are ranked second and third in terms of total net assets, both recorded zero flows on Thursday. Bloomberg’s ETF analyst James Seyffart previously explained that a day of zero flows is normal in ETFs.

A day prior, Wednesday marked a record for bitcoin ETF outflows, logging the largest one ever — $563.7 million. Fidelity’s FBTC, which had only begun to bleed funds last week, saw $191 million move out of the fund, surpassing that of GBTC. Wednesday was also the first day BlackRock’s IBIT recorded a net daily outflow.

Nevertheless, this shouldn’t be regarded as something out of the ordinary. “These ETFs are operating smoothly across the board. Inflows and outflows are part of the norm in the life of an ETF,” said James Seyffart, while acknowledging that the outflow number is significant.

Meanwhile, the price of bitcoin is trading at $59,581 as of 12:45 p.m. in Hong Kong, according to The Block's price page.