Investors pulled out a record net $563.7 million from spot bitcoin exchange-traded funds (ETFs) Wednesday amid big price swings for bitcoin (BTC). But analysts say investors have may not have a rea♏son to worry just yet.

Theꦿ largest cryptocurrency by market cap slipped below $57,000 yesterday before recouping some of those losses. It is currently trading close to $59,000.

Blackrock's iShares Bitcoin Trust (IBIT) experienced outflows for the first time since it 澳洲幸运5官方开奖结果体彩网:began trading on January 11, according to data tracked by Farside Investors. While IBIT saw a net $36.9 million leaving the fund, Fidelity's Wise Origin Bitcoin Fund (FBTC) also saw $191.1 million in outflows.

The two ETFs have been popular with investors looking to get in on the spot bitcoin ETF market, so far clocking roughly $15 billion and $8 billion of net inflows, 🍸respectively.

Blip or Trend? How You Should Viewꦚ These Outflows

Bitcoin 澳洲幸运5官方开奖结果体彩网:experienced its 💫fourth hal🌞ving event just a few weeks ago, and historically, these 澳洲幸运5官方开奖结果体彩网:halving events—where the amount of new bi෴tcoin issued roughly every ten minutes is cut in half—have been followed by massive increases in💜 the bitcoin price.

Spot bitcoin ETFs are considered a 澳洲幸运5官方开奖结果体彩网:key differentiator for this halving, compared to all other instances in the past because of their influence on the cryptocurrency's demand. Prior to the halving, some analysts said that its impact was already baked into the price of bitcoin, and that going forward it would be less consequential compared to the 澳洲幸运5官方开奖结果体彩网:demand-supply imbalance created by the spot ETFs.

The recent outflows could be a short-term phenomenon, Blackrock's Head of Digital Assets, Robert Mitchnick, told CoinDesk, adding that the asset manager was seeing big investors such as pension funds, sovereign wealth funds, and other major asset managers regarding potential investments in bitcoin.

Others warned investors against a knee-jerk reaction.

"Keep in mind yesterday's outflows were like 1% of AUM, and [the] past few [weeks] combined less than 4% of AUM, which is totally normal for [a] risk asset ETF during selloff," wrote Bloomberg Senior ETF Analyst Eric Balchunas in a post on X.