(Bloomberg) -- Bitcoin continued to pull back from a two-year high as traders parsed results from the much ballyhooed first day of trading of exchange-traded funds holding the cryptocurrency.

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“With the first day of ETF trading behind us, it already feels like the crypto markets have moved on to looking toward the next narrative,” said Chris Newhouse, DeFi analyst at Cumberland Labs.

The original cryptocurrency fell as much as 6.5% to $43,179. On Thursday, Bitcoin briefly topped $49,000 for the first time since December 2021 after the almost dozen ETFs began trading. Most other cryptocurrencies were lower, with Cardano, Solana’s SOL and Avalanche down similar amounts.

While the complete flow data won’t be available until later Friday or by Tuesday, at least $720 million flooded into the 10 Bitcoin ETFs that began trading, Bloomberg data show. The first look at the inflows suggests that even outside of potential seed funding on the part of issuers, demand is strong for Bitcoin exposure in a physically backed ETF.

The Bitwise Bitcoin ETF (ticker BITB) led the way with nearly $240 million in flows, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) and the iShares Bitcoin Trust (IBIT), according to data available Friday morning.

The much-anticipated debut of the 10 spot Bitcoin ETFs saw roughly $4.6 billion worth of shares change hands on Thursday. That was paced by the Grayscale Bitcoin Trust (GBTC) — which has existed in a trust structure since 2013 — which recorded $2.3 billion in volume, the largest-ever first-day turnover for an ETF.

The approval of spot Bitcoin ETFs has sparked optimism around a similar fund backed by Ether, while there have been discussions among regulators over whether the digital asset is a security due to its yield-generating features.

--With assistance from Katie Greifeld and Emily Graffeo.

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