Crypto asset manager Grayscale continues to see a slowdown in outflows from its Bitcoin (BTC) spot exchange-traded fund (ETF).

In a Feb. 19 post on X, co-founder of ETF Institute Nate Geraci reported that the total outflow of funds from Grayscale’s GBTC since its conversion to a spot Bitcoin ETF has reached $7 billion.

However, at the same time, the pace of asset outflows has slowed significantly, with Geraci noting that the “bleeding” may be close to stopping.

While January saw the largest share of outflows, with $5.64 billion leaving GBTC by the end of the month, but February saw only $1.37 billion in outflows.

However, further outflows could also occur after a judge recently signed an order allowing bankrupt crypto lender Genesis to sell off some of its investment from Grayscale.

According to court documents, Genesis owned approximately $1.6 billion shares in GBTC, Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG).

Meanwhile, in the first month since their launch on Jan. 11, the assets of nine leading spot Bitcoin ETFs exceeded 200,000 BTC, or $9.5 billion. New Bitcoin ETFs rose to second place in the ranking of commodity exchange-traded funds in the United States by asset volume, becoming a more popular investment vehicle than silver ETFs.

The nine Bitcoin ETFs include BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC) and WisdomTree (BTCW).