The price of bitcoin rebounded above $41,000 this morning, with outflows for Grayscale’s GBTC converted spot ETF slowing for the third consecutive day.

Data from BitMEX Research shows GBTC witnessed outflows of $394.1 million on Jan. 25, down from $429.3 million on Wednesday and $515.3 million on Tuesday. While the GBTC outflows remain very high, yesterday’s figure is the second-lowest since the first trading day for the spot bitcoin ETFs on Jan. 11.

The nine newborn spot bitcoin ETFs — BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC) and WisdomTree (BTCW) — are yet to witness any daily outflows.

IBIT registered the largest inflows yesterday with $170.7 million. FBTC generated $101 million …