U.S. spot bitcoin exchange-traded funds recorded a total daily net outflow of $174.45 million on Monday, marking their seventh consecutive day of negative flows.

Grayscale’s GBTC led the pack of outflows with $90 million, followed by Fidelity’s FBTC, which saw $35 million worth of outflows yesterday, according to data from SosoValue. 

Franklin Templeton’s EZBC reported net outflows of $20.8 million, its first net outflow since May 2. Several other funds saw net outflows on Monday — VanEck’s HODL saw $10 million outflows; Bitwise’ BITB saw $8 million; Ark Invest and 21Shares’ ARKB fund had $7 million outflows. Invesco and Galaxy Digital’s BTCO also reported outflows of $2 million.

BlackRock’s IBIT, the largest spot bitcoin ETF in terms of net asset value, recorded zero flows on Monday, along with funds from Valkyrie, WisdomTree and Hashdex. No funds reported net inflows.

Bitcoin fell

The outflows came amid bitcoin hitting its lowest point in nearly six weeks, where it briefly dipped under the $60,000 mark on Monday. It is changing hands at at $61,191 at publication time, down 2.36% in the past 24 hours, according to The Block’s bitcoin price page.

Bitcoin’s price decline followed a major announcement from Mt. Gox, the defunct cryptocurrency exchange that declared bankruptcy in 2014 after suffering multiple hacks. Mt. Gox announced Monday that it plans to distribute $9 billion worth of bitcoin and bitcoin cash repayments to creditors from July. 

Analysts told The Block on Monday that the Mt. Gox announcement is a “classic ‘sell the news’ scenario,” causing concerns among investors of an influx of supply that is likely to be liquidated upon receiving.