U.S. spot bitcoin exchange-traded funds saw a total daily net outflow of $120.64 million on Wednesday as eight products recorded saw zero flows, according to data from SoSoValue.

Grayscale’s GBTC had $130.42 million leave the converted bitcoin ETF, while Fidelity and Ark Invest’s funds were the only two to have inflows totaling about $10 million, SoSoValue data showed. Eight other funds including BlackRock’s IBIT and Bitwise’s BITB, recorded zero flows. BlackRock’s IBIT in particular, ended its 71-day positive streak on Wednesday.

“Days with zero inflows are typical and not indicative of product failure,” Rachael Lucas, crypto analyst at BTC Markets, told The Block. “It also coincides with market performance and geopolitical tensions, highlighting complexities beyond ETF flows.”

Joe Caselin, head of institutional marketing of BIT crypto exchange also said that zero flows in an ETF is no special event, while they could indicate ETF excitement cooling down. “Bridging fiat into the BTC narrative takes time, and we will continue to see fresh inflows coming in waves as the slow but unstoppable machine of TradFi clicks with crypto,” Caselin said.

Bloomberg ETF Analyst James Seyffart previously explained on X that ETF shares are created or destroyed in units, which only happens when there is a significant enough mismatch in supply and demand, hence why zero flows can be often spotted in such products.

The cumulative trading volume for all 11 spot bitcoin ETFs is nearing $230 billion, according to The Block ETF data dashboard.