The daily net outflow from Grayscale Investments’ spot bitcoin exchange-traded fund (GBTC) hit its record low of $17.5 million on Wednesday, according to data from SosoValue. 

GBTC saw combined net outflows of over $450 million on Monday and Tuesday, with its cumulative outflows in the past three months totaling over $15 billion as of Wednesday, SosoValue data showed.

“The decreased GBTC outflows are a bullish signal for crypto due to less continuous selling pressure on BTC,” Nick Ruck, COO of ContentFi Labs told The Block.

On Wednesday, the spot bitcoin ETF from Fidelity logged $76.3 million worth of net inflows, while Bitwise’s bitcoin ETF added $24.3 million to its fund. Ark Invest’s ARKB saw $7.3 million of net inflows, bringing the daily total net inflows of U.S. spot bitcoin ETFs to $90 million, according to SosoValue. BlackRock’s IBIT data had not been updated at press time.

Grayscale Investments CEO Michael Sonneshein said on Wednesday that the company’s fund has begun to reach an “equilibrium” with its outflows, according to Reuters. He added that this follows a period of significant capital flight, triggered by a combination of switch trades and settlements from bankruptcies like FTX.

“GBTC flows have seemed to find a bottom with many of the forced sellers rumored to be exhausted,” Benjamin Stani, director of business development at Matrixport, told The Block, adding that bankruptcy cases in FTX and Digital Currency Group have previously added pressure to GBTC outflows.

Nevertheless, Stani noted that outflows could rise back to previous levels, as weekly flows of ETFs have shown volatility since debut. “It's important to remember that we had weeks of slowdown in these before so I would caution a bit on this data point.”

“I think the market is just taking it more seriously this time because naturally we’ll find an equilibrium at some point and the comment from Sonnenshein would suggest that we’re close,” Stani said.