Interest in the highly anticipated spot Bitcoin Exchange-Traded Funds (ETFs) appears to be waning, as Wednesday witnessed the lowest single-day of investor gross inflows for the group since trading commenced on January 11.

As per a report from JPMorgan Chase & Co, the nine recently introduced funds attracted approximately $270 million in inflows on the mentioned day. However, factoring in the outflows from Grayscale Investment’s spot Bitcoin ETF, the overall net outflows amounted to around $153 million on Wednesday. This marks the third consecutive day of net outflows for the collective 10 funds. Notably, the outflows have been exclusively observed from GBTC, which underwent a conversion from a trust following the approval of the investment vehicle by the US Securities and Exchange Commission.

The nine new Bitcoin ETFs have garnered $5.2 billion in inflows

JPMorgan labeled the group’s flow performance as “disappointing,” and this was cited as one of the reasons behind their recent downgrade of cryptocurrency exchange Coinbase Global Inc., as stated in the analyst report released on Thursday.

Since their debut, the nine new ETFs have garnered $5.2 billion in inflows, offsetting the $4.4 billion in outflows from GBTC. However, there has been a recent shift in this balance. Despite the decreasing daily net outflows from GBTC, the total inflows into the other nine ETFs are diminishing at an even faster rate. The current total net inflows stand at $857 million.

Despite the apparent slowdown in demand, it is worth noting that the group of spot Bitcoin ETFs achieved the most successful ETF launch in history, based on both trading and flow metrics, according to analysts at Bloomberg Intelligence.