Spot bitcoin ETFs saw the highest level of net outflows in a single day on Wednesday as flows into BlackRocks product slowed.

The 10 US funds holding BTC directly endured outflows of $158 million on their ninth day of trading, according to Bloomberg Intelligence data the highest in a single day thus far.

Grayscale Investments Bitcoin Trust ETF (GBTC) continued to weigh the group down, with $429 million leaving the fund.

Read more: As GBTC outflows continue, will the largest bitcoin ETF be dethroned?

While BlackRocks iShares Bitcoin Trust (IBIT) saw inflows of $66 million, the gains were a notable dip from previous days. IBIT had reeled in $272 million and $160 million on Monday and Tuesday, respectively.

Fidelity Investments Wise Origin Bitcoin Fund (FBTC) led the slate of bitcoin ETFs on Wednesday with inflows of roughly $126 million.

The $158 million of outflows marked the third consecutive day of combined outflows for the 10 spot bitcoin ETFs.

Read more: Bitcoin ETF Tracker

After the funds notched net inflows of $43 million on Friday, their outflows totaled $76 million on Monday and $106 million on Tuesday.

Overall, spot bitcoin ETF net inflows stand at $824 million since the funds launched on Jan. 11, Bloomberg Intelligence data indicates. Inflows for the ETFs when excluding the outflows of higher-priced GBTC is $5.2 billion.

David Lawant, head of research at crypto prime brokerage FalconX, said in an X post that the driving forces of spot bitcoin ETF flows GBTCs heavy outflows and the sizable net gains from IBIT and FBTC will both taper off.

While the former dominates in the short run, the latter will dominate in the medium/long run by a mile, Lawant added.

Read more: GBTCs asset bleeding to blame for week of flat crypto product flows

Bitwise Chief Investment Officer Matt Hougan has said he believes spot bitcoin ETFs could see $55 billion in net flows in their first five years on the market.

21Shares President Ophelia Snyder told Blockworks in an interview earlier this month that a number of investors will be slow to adopt spot bitcoin ETFs. Others that do might start with small allocations before ramping those positions up later on.

So I think this fixation on the short-term flows is crazy short-sighted and largely not the point, she said.

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Spot bitcoin ETF net outflows hit highest level yet on day 9 of trading - Blockworks