BlackRock Bitcoin ETF outflows hit $2B over nine sessions

US spot Bitcoin ETF outflows rose to nearly $300 million on Wednesday, up from $95 million a day earlier, as five-session withdrawals reached $1.44 billion.

BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), recorded more than $2 billion in net outflows over nine consecutive trading sessions through Wednesday.

Investors pulled a net $269.7 million from IBIT on Wednesday, accounting for about 90% of the day’s $300 million in net withdrawals across US spot Bitcoin ETFs, according to Farside Investors data.

Grayscale’s Bitcoin Trust ETF (GBTC) recorded $39.1 million in net withdrawals, while the Morgan Stanley Bitcoin Trust ETF (MSBT) drew $9 million in net inflows.

US spot Bitcoin ETFs posted nearly $1.44 billion in net withdrawals over five straight sessions. Wednesday’s increase followed three sessions of easing outflows .

Crypto exchange Bitfinex said on Wednesday that slowing ETF outflows could be an early step toward a market floor, but were not enough on their own to establish a recovery.

Bitfinex found that in the ETF outflow streaks it studied earlier this year, Bitcoin gained a median 6.4% over 10 trading sessions when the streaks ended with at least three consecutive sessions of net inflows.

Bitcoin traded near $73,000 at the time of writing, down 8.5% over the past week, according to CoinGecko.

In a Wednesday note shared with Cointelegraph, Laser Digital’s derivatives trading desk pointed to weak spot demand, a persistently negative Coinbase premium and large liquidations of leveraged long positions.

The desk said Bitcoin barely rose during Monday’s rebound in the Nasdaq, which gained almost 3%.

Related: Bitcoin hovers near $74K as stocks rise despite US bond yield rebound