As Bitcoin stalls, U.S. Bitcoin ETFs saw outflows of $494 million for the third day in a row.

$394 million has been pulled out of U.S. spot-listed bitcoin BTCUSD exchange-traded funds (ETFs) over the last three days. According to Farside data, Wednesday's outflows were $251 million, the highest of the three. BlackRock's iShares Trust IIBIT saw the largest outflow of $22.1 million, while Fidelity Wise Origin Bitcoin Fund FFBTC saw the largest outflow of $102 million.

Low ETF volume—just $2.58 billion in overall volume on Wednesday—coincided with the outflows. According to Coinglass data, IBIT was the tenth most traded U.S. ETF with a volume of less than $2 billion. When it comes to bitcoin, IBIT usually ranks among the top 5 most traded ETFs.

Demand for fresh net long positions in bitcoin ETFs, which are mostly utilised as trading vehicles, is weak, as evidenced by the recent Goldman Sachs filing of these ETFs.

At $96,000, Bitcoin is currently trading between $90,000 and its peak of $109,000, which was reached in mid-November.

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