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US-China Tension Affects Bitcoin (BTC) and Ethereum (ETH) ETF (Funds)! Here are the Latest Data
The spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) listed in the US witnessed significant outflows on Wednesday, as investors sought safety amid the macroeconomic uncertainty caused by escalating trade tensions between the US and China.
Cryptocurrency Investors Are Pulling Away from Bitcoin and Ethereum ETFs Amid Tariff Uncertainty
Withdrawal transactions occurred as both Bitcoin and Ethereum prices rose amid a broader risk recovery on Wall Street following President Donald Trump's announcement that new tariffs would be temporarily suspended for most countries except China.
127 Million Dollars Withdrawn from Bitcoin ETFs in One Day
Data obtained from Farside Investors shows that the 11 spot Bitcoin ETFs listed in the US recorded a net outflow of $127.2 million on Wednesday. Among them, the largest, BlackRock's iShares Bitcoin Trust, saw a significant portion of the withdrawals from the fund with an outflow of $89.7 million.
This was the fifth issuance day for Bitcoin ETFs, and last week, an astonishing 722 million dollars was withdrawn from the products.
Ethereum ETFs also suffered losses during the same period as nine funds recorded a total outflow of 11.2 million dollars.
Why Are Investors Selling?
The recent wave of selling seems to stem from the broad market uncertainty caused by the ongoing US-China trade tensions.
Trump's previous tariff hikes, particularly targeting China, triggered volatility in global markets, including the bond market.
Analysts suggest that risk-averse macro investors are liquidating all assets, including crypto ETFs, to gather cash amid uncertainty.
Despite ETF outflows, cryptocurrency prices staged a strong rally on Wednesday following Trump's announcement of a 90-day pause on new tariffs for over 75 countries that did not retaliate against the U.S.
However, China's exclusion from this relaxation drew attention. The U.S. President instead deepened the trade deadlock between the world's two largest economies by raising import tariffs on goods from China to as high as 125%.