Spot Bitcoin ETFs (exchange-traded funds) located in the US have not escaped the rising trade disputes between the United States and China, as they have experienced substantial withdrawals in recent days. As a result of the ongoing trade conflict, US investors seem to be distancing themselves from high-risk assets like digital currencies and crypto-related financial instruments.
Spot Bitcoin ETFs Extend Negative Outflow Streak To Seven Days
Recent market statistics indicate that the spot Bitcoin ETFs have experienced a substantial $713 million in net outflow over the last week. This pattern of capital exits points to a deteriorating environment and a diminishing interest in crypto exchange-traded products among investors in the United States.
Data obtained from SoSoValue illustrates that the US-based spot Bitcoin exchange-traded funds recorded a daily net outflow totaling $1.03 million on Friday, April 11. This series of withdrawals marked the seventh consecutive day of net outflow for these crypto-centric financial products.
Notably, the majority of spot Bitcoin ETFs, such as BlackRock’s IBIT (the largest Bitcoin exchange-traded fund by net assets), registered no net flow to close the week. The ARK 21Shares Bitcoin ETF (with the ticker ARKB) and the Bitwise Bitcoin ETF (with the ticker BITB) were the only funds that recorded any activity on Friday.
The ARK 21Shares Bitcoin ETF experienced an inflow of $11.28 million on Friday, breaking its six-day streak of no capital inflows. Conversely, Bitwise’s Bitcoin exchange-traded fund documented a total outflow of $12.31 million to wrap up the week’s trading.
Source: SoSoValue
As previously indicated, this latest wave of capital withdrawals has prolonged the negative streak of US Bitcoin ETFs to seven continuous days of cumulative outflows. Furthermore, this single-day outcome raised the weekly total for the exchange-traded products to an unfortunate $713 million in net outflow.
The recent dismal showing of the spot Bitcoin ETFs can be attributed to the increasing uncertainty within global financial markets, as the United States and China engage in a trade dispute. This volatility appears to be affecting other US-based crypto offerings, including the spot Ether ETFs.
Data from SoSoValue indicates that the Ethereum spot exchange-traded funds faced a total net outflow of $29.1981 million on Friday. This negative capital flow marked the fourth consecutive day of net outflows for these crypto products.
Bitcoin Price At A Glance
In a similar vein, the Bitcoin price declined under the ambiguous market conditions, dropping to approximately $74,000 at the start of the past week. However, the premier cryptocurrency climbed back above $83,000 after President Donald Trump of the United States suspended tariffs on imports from various countries, excluding China.
Bitcoin has responded positively to additional trade updates, including President Trump’s exemption of electronic devices, mobile phones, and chips from newly imposed tariffs. At the time of this writing, the price of BTC is slightly over $85,000, reflecting an almost 2% increase within the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image sourced from iStock, chart courtesy of TradingView
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