The 11 spot bitcoin exchange-traded funds in the U.S. saw total daily net outflows of $20.45 million on Wednesday. Only two funds saw net flows on Wednesday, with the rest recording zero flows.

Grayscale’s GBTC reported daily net outflows of $26.99 million, countered by $6.55 million in net inflows from Fidelity’s FBTC, according to data from SoSoValue. The other nine ETFs, including BlackRock’s IBIT, logged zero flows.

The 11 bitcoin funds had around $800 million in trading volume on Wednesday, lower than Tuesday’s volume of $995 million. The recent trading volume of the spot bitcoin ETFs was lower than in March when they saw a daily volume of around eight to 10 billion dollars. The ETFs have accumulated a total net inflow of $14.62 billion since their January inception.

The price …