US Bitcoin ETFs have suffered net outflows for five days in a row. Yesterday, Tuesday, another US$161.6 million flowed out of the ten index funds, new data from Farside Investors shows. In total, net outflows totaled more than US$635 million over the past five days. On Thursday alone, US investors sold USD 217.6 million of Bitcoin ETF shares.

Not surprisingly, the Grayscale Bitcoin Trust (GBTC) is mainly responsible for the negative trend. GBTC lost $470.1 million, which, according to Dune, means its market share is now only 35.9 percent.

However, other ETF issuers also experienced red numbers. The second biggest loser was the popular Fidelity Wise Origin Bitcoin Fund, which suffered a net outflow of USD 62 million, followed by the ARK 21Shares Bitcoin ETF with USD 49.4 million.

At the same time, Bitcoin continues to plummet and stands at about USD 57,790 at the time of writing. This represents a decline of 5.3 percent in the past 24 hours.

Even BlackRock currently has little reason to be happy. Although the world's largest asset manager's iShares Bitcoin Trust (IBIT) has remained stable, it has not recorded net inflows.

Still, the Bitcoin ETF flipping is likely to take place in the coming weeks, as previous market leader Grayscale continues to struggle with shrinking BTC holdings. BlackRock already holds 274,400 BTC, giving it a 33.1 percent market share.

Despite the current net outflow, the ten Bitcoin ETFs collectively own 830,000 Bitcoin, representing an impressive 4.21 percent of the total amount of BTC in circulation.