Spot bitcoin (BTC) exchange-traded funds (ETFs) listed in the United States experienced their fifth consecutive day of outflows on Thursday, amassing a staggering $900 million in withdrawals for the week.

Data collated by SoSoValue highlights that the 11 listed ETFs hemorrhaged $140 million on Thursday alone, with trading volumes reaching $1.1 billion. Grayscale’s GBTC, which has predominantly witnessed outflows since its transition to an ETF in January, spearheaded the exodus with $53 million in withdrawals, trailed closely by Fidelity’s FBTC at $51 million.

Conversely, BlackRock’s IBIT, the most substantial ETF in terms of assets held, was the singular product to record net inflows, albeit modestly at $1 million. Other ETFs reported no net inflow or outflow activity.

This spate of outflows is the most severe since late April, which saw a total of $1.2 billion in net outflows from April 24 to May 2. Following that period, inflows surged, with the products accruing over $4 billion in the subsequent 19 days of trading, before the current outflow wave commenced on June 10.

The BTC price trajectory has been largely bearish over the past few weeks, influenced by $1 billion in sales from major holders, a robust dollar, and a thriving U.S. technology index market.