Investor interest in the highly anticipated spot Bitcoin ETF appears to be cooling, with Wednesday seeing the smallest inflows since the ETF began trading on January 11. A report from J.P. Morgan showed that nine spot Bitcoin ETFs received approximately $270 million in inflows on Wednesday, if outflows from Grayscale Investment’s spot Bitcoin ETF (which was transformed from Grayscale Bitcoin Trust) are taken into account , the overall net outflow of funds from these 10 ETFs on Wednesday was approximately US$153 million, marking the third consecutive day of net outflows.

JPMorgan said in a report that the performance was "disappointing" and cited it as the reason for downgrading cryptocurrency exchange Coinbase (COIN.US) earlier this week.

Nine new spot Bitcoin ETFs have received $5.2 billion in inflows since listing, offsetting $4.4 billion in outflows from the Grayscale Bitcoin Trust (GBTC). But in recent days, this balance has changed, and while GBTC’s daily net outflows are decreasing, inflows to the other nine spot Bitcoin ETFs have fallen faster.

However, Bloomberg Intelligence analysts said that despite the slowdown in demand, this group of spot Bitcoin ETFs is the most successful ETF in history based on transaction and flow indicators.

Bitcoin prices have fallen more than 20% in the past two weeks following the approval of a spot Bitcoin ETF in the United States. JPMorgan analysts predict that Bitcoin has limited room for further declines as GBTC’s profit-taking has basically ended. Analysts say that cashing out of profits by GBTC investors caused Bitcoin prices to fall, but the worst appears to be over. Despite the positive outlook, analysts warn that if GBTC's 1.5% fee is not reduced soon, the fund could experience continued outflows and lose market share to rivals.