Spot bitcoin exchange-traded funds in the United States saw more than $51.5 million in net outflows yesterday.

Notably, the Grayscale Bitcoin Trust was not the biggest culprit. The ARK 21Shares Bitcoin ETF saw $31.34 million leave the product on April 29, while GBTC experienced $24.66 million in net outflows, per data from SoSoValue. The Fidelity Wise Origin Bitcoin Fund also saw a net outflow of $6.85 million.

Some U.S. spot bitcoin ETFs saw net inflows. The Bitwise Bitcoin ETF gained the most with a net inflow of $6.84 million, while the Valkyrie Bitcoin Fund and Franklin Bitcoin ETF garnered $2.67 million and $1.82 million, respectively.

The other spot bitcoin ETFs, including BlackRock's iShares Bitcoin Trust, had net inflows of $0.

Since garnering regulatory approval and listing, …