Amidst these developments, the Grayscale ETF (GBTC) witnessed a significant single-day net outflow of $169 million. In contrast, both the BlackRock ETF (IBIT) and Fidelity ETF (FBTC) observed modest single-day net inflows of $18.89 million and $18.13 million, respectively, marking their lowest two-day records.

Despite the ongoing downward trend, there is a glimmer of hope as the pace of outflows appears to be slowing down. The most substantial drop occurred on Tuesday, with over $323 million exiting across all 10 ETFs, coinciding with Bitcoin's value declining to $62,000 on the same day.

However, with the deceleration in outflows, Bitcoin has begun to rebound, exhibiting a nearly 3% increase today and pushing its price up to $64,600.

Analysts speculate that ETF demand could resurface as Bitcoin reaches certain support levels, with the upcoming halving event potentially reigniting interest from institutional investors in these ETFs.

This recent activity highlights a strong correlation between Bitcoin ETF movements and the cryptocurrency's market value. Earlier this month, when Bitcoin ETFs experienced a record influx of $1 billion, BTC's price soared to an all-time peak of $73,700.