Investor anxiety over President Trump’s escalating trade war rhetoric has shaken the crypto market—hard. Last week, U.S. spot Bitcoin ETFs saw a dramatic surge in outflows, totaling a staggering $713.3 million, according to data from SoSoValue. That’s more than a 300% jump from the $172.7 million in outflows recorded the previous week.
The damage wasn’t isolated to a single day. From April 7 to 11, capital exited the market every single day, extending a streak of withdrawals that began on April 3. Tuesday, April 9, marked the worst day of the week, with $326.27 million yanked out, while Friday saw a relatively modest exit of just over $1 million.
The sell-off hit some of the biggest names in the Bitcoin ETF space. BlackRock’s flagship fund IBIT was the hardest hit, bleeding $342.6 million, while Grayscale’s GBTC lost $160.9 million, and Fidelity’s FBTC shed $74.6 million, according to data from Farside Investors.
Other spot Bitcoin ETFs weren’t spared either: Bitwise’s BITB, Invesco’s BTCO, Ark Invest’s ARKB, Franklin Templeton’s EZBC, WisdomTree’s BTCW and VanEck’s HODL. Each saw outflows ranging from $11 million to $38 million.
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Interestingly, Grayscale’s mini Bitcoin Trust was the lone bright spot in an otherwise gloomy week, attracting $2.4 million in net inflows. Valkyrie’s BRRR fund, meanwhile, recorded zero net flows—flatlining for the week.
It wasn’t just Bitcoin feeling the heat. Ethereum ETFs also suffered, with outflows jumping 65% to $82.47 million last week. That marks the seventh consecutive week of ETH ETF redemptions, bringing the cumulative total to over $877 million.
This started when President Trump announced plans for a flat 10% tariff on all imports, with even steeper rates for specific countries—particularly China. Although markets briefly calmed on April 9 after the White House granted a 75-day reprieve to allied nations, the relief didn’t last long.
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Soon after, the U.S. ratcheted tariffs on Chinese imports up to 145%, accusing Beijing of unfair trade practices. China fired back with tariffs of up to 125% on U.S. goods and halted exports of rare-earth minerals—critical for tech and defense manufacturing.
The tit-for-tat measures spooked investors, sending them fleeing from volatile and risk-sensitive assets like Bitcoin and Ethereum. The ripple effect was felt across crypto markets, which were down 2.1% in the past 24 hours at the time of writing.
Despite the bearish sentiment, Bitcoin has shown signs of resilience. After dipping to a low of $74,773 last week, BTC rebounded sharply and was trading near $84,500 as of Monday, April 14.
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