U.S.-based spot bitcoin (BTC) exchange-traded funds (ETFs) registered outflows totaling $4.3 million on Thursday, extending a four-day run of withdrawals ahead of the supposedly bullish mining-reward halving. Since April 12, the ETFs have witnessed a cumulative net outflow of over $319 million, with Grayscale’s GBTC accounting for a large share of the withdrawals, provisional data published by Farside Investors showed. On Thursday, GBTC lost $90 million in outflows, which was partially offset by inflows into Fidelity’s FBTC and BlackRock’s IBIT. The Grayscale ETF has experienced outflows since day one for several reasons, including the fund’s relatively costly fees. So, while GBTC outflows may not be a cause for concern, the recent slower inflows into other ETFs might be.