U.S. equity exchange traded funds saw premarket gains vanish Wednesday following the previous session’s rally as banks snapped up three-year loans from the European Central Bank.

SPDR S&P 500 ETF (NYSEArca: SPY) was down 0.3% before Wednesday’s opening bell.

“This is basically free money,” Jens-Oliver Niklasch, a strategist at Landesbank Baden-Wuerttemberg, said of the ECB lending program in a Bloomberg report. “The conditions are unbeatable. Everybody who can will try to get a piece of this cake.”

The latest sentiment data shows advisors grew more bullish in the latest week. Bulls rose to 48.4% from 45.3% last week, the highest reading since July, according to Investors Intelligence.