BlackRock’s spot Bitcoin exchange-traded fund IBIT posted net outflows for a ninth straight trading session.

Cointelegraph reported on Nov. 11 that about $270 million was pulled from IBIT. That accounted for roughly 90% of the approximately $300 million in net outflows recorded across all U.S. spot Bitcoin ETFs that day.

IBIT has posted net outflows for nine consecutive trading sessions. Cumulative net outflows over that stretch have exceeded $2 billion.

Grayscale’s GBTC also saw about $39 million in outflows on the same day. By contrast, Morgan Stanley’s MSBT posted roughly $9 million in net inflows.

U.S. spot Bitcoin ETFs have logged net outflows for five straight trading sessions. Cumulative net outflows during that period reached $1.44 billion.

Crypto exchange Bitfinex said in a report that a slowdown in ETF outflows could be an early sign that the market is approaching a bottom. Still, it said a slower pace of outflows alone is not enough to confirm a recovery.