Spot Bitcoin ETFs (exchange-traded funds) in the US are not immune to the rising trade tensions between the United States and China, experiencing notable withdrawals in recent days. As the trade conflict continues, US investors seem to be shifting away from riskier investments such as digital assets and cryptocurrency-based financial products.
Spot Bitcoin ETFs Mark Seven Days of Continuous Outflows
Recent market analysis indicates that spot Bitcoin ETFs experienced a remarkable $713 million in total net outflows over the last week. This ongoing negative trend in capital outflows points to a deteriorating environment and a diminishing appetite for crypto exchange-traded products among investors in the United States.
According to data from SoSoValue, US-based spot Bitcoin ETFs registered a total net outflow of $1.03 million on Friday, April 11. This marked the seventh consecutive day of net outflows for these cryptocurrency-focused financial products.
Notably, most spot Bitcoin ETFs, including BlackRock’s IBIT (the largest BTC exchange-traded fund by net assets), reported zero net flow as the week came to a close. The ARK 21Shares Bitcoin ETF (ticker ARKB) and Bitwise Bitcoin ETF (ticker BITB) were the only funds to show any activity on Friday.
The ARK 21Shares Bitcoin ETF experienced an inflow of $11.28 million on Friday, ending its six-day period of capital decline. Conversely, Bitwise’s BTC exchange-traded fund saw withdrawals totaling $12.31 million to conclude the trading week.
Source: SoSoValue
As previously noted, this round of withdrawals has extended the US Bitcoin ETFs’ negative outflow streak to seven consecutive days. Additionally, this single-day performance raised the weekly total to a disappointing $713 million in net outflows.
The recent dismal performance of spot Bitcoin ETFs can be attributed to the increasing uncertainty in global financial markets as the trade war between the United States and China continues to unfold. This volatility also appears to be affecting other US-based crypto products, including spot Ether ETFs.
Data from SoSoValue reveals that Ethereum spot exchange-traded funds faced a total net outflow of $29.1981 million on Friday. This trend marks the fourth consecutive day of net outflows for these crypto products.
Bitcoin Price Overview
In a similar vein, Bitcoin’s price has suffered amid the market’s uncertainty, starting last week at approximately $74,000. However, the leading cryptocurrency made a rebound to over $83,000 after President Donald Trump suspended tariffs on imports from countries other than China.
Bitcoin has further reacted positively to trade developments, particularly President Trump’s exemption of electronic devices, smartphones, and microchips from newly imposed tariffs. As of this update, the price of BTC is just above $85,000, marking nearly a 2% increase within the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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