Spot Bitcoin exchange-traded funds (ETFs) saw total net outflows of $51.6 million on Friday, marking the fifth consecutive day of withdrawals.

Among these, the Grayscale ETF (GBTC) experienced a significant single-day net outflow of $169 million. In contrast, the BlackRock ETF (IBIT) and Fidelity ETF (FBTC) saw modest single-day net inflows of $18.89 million and $18.13 million, respectively, both reaching two-day record lows.

Despite the recent outflows, there is a positive trend emerging as the rate of outflows seems to be slowing down. The most significant drop occurred on Tuesday, with over $323 million exiting across all 10 ETFs. Correspondingly, Bitcoin’s value dipped to $62,000 on the same day.

However, as the outflow slows, Bitcoin has started to bounce back, showing a near 3% increase today, pushing its price up to $64,600. Analysts have suggested that ETF demands could pick up again as the largest cryptocurrency reaches certain support levels. The upcoming halving could also spark renewed interest from institutional investors in these ETFs.

This recent activity highlights a strong correlation between Bitcoin ETF movements and the BTC’s market value. Earlier this month, when Bitcoin ETFs experienced a record influx of $1 billion, the price of BTC surged to an all-time high of $73,700.

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