Spot bitcoin exchange-traded funds (ETFs) in the U.S. experienced a net outflow of $34.4 million on Thursday, indicating a slowdown compared to the previous day’s record outflows.

Grayscale’s GBTC, which has seen consistent outflows, was the only ETF to experience a net outflow of funds on Thursday, totaling $55 million, according to SoSoValue data. Ark Invest’s ARKB led daily net inflows, adding $13 million. Spot bitcoin ETFs from Franklin Templeton, Valkyrie, Invesco, and Galaxy Digital logged smaller amounts of net inflows, totaling a combined $6 million.

BlackRock and Fidelity’s bitcoin funds, which are ranked second and third in terms of total net assets, both recorded zero flows on Thursday. Bloomberg’s ETF analyst James Seyffart previously explained that a day of zero flows is …