Investors pulled out a record net $563.7 million from spot bitcoin exchange-traded funds (ETFs) Wednesday amid big price swings for bitcoin (BTC). But analysts say investors have may not have a reason to worry just yet.

The largest cryptocurrency by market cap slipped below $57,000 yesterday before recouping some of those losses. It is currently trading close to $59,000.

Blackrock's iShares Bitcoin Trust (IBIT) experienced outflows for the first time since itbegan trading on January 11, according to data tracked by Farside Investors. While IBIT saw a net $36.9 million leaving the fund, Fidelity's Wise Origin Bitcoin Fund (FBTC) also saw $191.1 million in outflows.

The two ETFs have been popular with investors looking to get in on the spot bitcoin ETF market, so far clocking roughly $15 billion and $8 billion of net inflows, respectively.

Blip or Trend? How You Should View These Outflows

Bitcoinexperienced its fourth halving event just a few weeks ago, and historically, thesehalving events—where the amount of new bitcoin issued roughly every ten minutes is cut in half—have been followed by massive increases in the bitcoin price.

Spot bitcoin ETFs are considered akey differentiatorfor this halving, compared to all other instances in the past because of their influence on the cryptocurrency's demand. Prior to the halving, some analysts said that its impact was already baked into the price of bitcoin, and that going forward it would be less consequential compared to thedemand-supply imbalance created by the spot ETFs.

The recent outflows could be a short-term phenomenon, Blackrock's Head of Digital Assets, Robert Mitchnick, toldCoinDesk, adding that the asset manager was seeing big investors such as pension funds, sovereign wealth funds, and other major asset managers regarding potential investments in bitcoin.

Others warned investors against a knee-jerk reaction.

"Keep in mind yesterday's outflows were like 1% of AUM, and [the] past few [weeks] combined less than 4% of AUM, which is totally normal for [a] risk asset ETF during selloff," wrote Bloomberg Senior ETF Analyst Eric Balchunas in a post on X.