U.S. spot bitcoin exchange-traded funds saw a total daily net outflow of $120.64 million on Wednesday as eight products recorded saw zero flows, according to data from SoSoValue.

Grayscale’s GBTC had $130.42 million leave the converted bitcoin ETF, while Fidelity and Ark Invest’s funds were the only two to have inflows totaling about $10 million, SoSoValue data showed. Eight other funds including BlackRock’s IBIT and Bitwise’s BITB, recorded zero flows. BlackRock’s IBIT in particular, ended its 71-day positive streak on Wednesday.

“Days with zero inflows are typical and not indicative of product failure,” Rachael Lucas, crypto analyst at BTC Markets, told The Block. “It also coincides with market performance and geopolitical tensions, highlighting complexities beyond ETF flows.”

Joe …