Bitcoin’s price has pulled back by about 6% since reaching its all-time high on November 13, as traders take profits following the cryptocurrency’s impressive rally.

On Thursday, U.S.-listed bitcoin exchange-traded funds (ETFs) recorded their third-largest outflow since inception, with $400.7 million being withdrawn, according to Farside data.

During the day’s trading, bitcoin prices ranged from a low of $86,600 to a high of around $92,000, reflecting some volatility after breaching $93,000 earlier this week. This price correction is not unusual, as it is common for investors to lock in profits after bitcoin hits new all-time highs. According to Glassnode, investors have cashed out roughly $15 billion in profits over the past three days. Since Donald Trump’s election victory, bitcoin has surged over 25%.

While some bitcoin ETFs saw significant outflows, others still attracted capital. BlackRock’s IBIT fund brought in $126.5 million, continuing a strong inflow trend since November 7. However, funds like Fidelity’s FBTC saw $179.2 million exit, while Bitwise’s BITB lost $113.9 million and Ark’s ARKB experienced $161.7 million in outflows. Additionally, Grayscale products saw combined outflows of $74.9 million.

This marks the third-largest outflow day for bitcoin ETFs, with similar large withdrawals occurring on November 4 ($541.1 million) and May 1 ($563.7 million). On both of those occasions, the market eventually found a bottom—bitcoin reached lows of $67,000 in early November and just under $60,000 in May—before staging a strong recovery.

With these patterns in mind, traders are closely watching to see if this latest outflow marks another potential bottom in bitcoin’s price action.

Meanwhile, ether ETFs saw a modest outflow of $3.2 million, marking their first withdrawal in nearly two weeks. This could signal shifting market dynamics as investors reassess their positions in the broader cryptocurrency space.