The American spot Bitcoin ETFs hit a rough patch on 29 May, which broke their impressive 10-day intake streak while investors took a step back in the midst of new uncertainty about Donald Trump’s trade policy after conflicting decisions of the court.
According to facts From Sosovalue, a total of $ 358.65 million flowed from the 12 Bitcoin ETFs of the US on the day in the day, which marked the first net outflow since mid-May. This reversal comes after a strong run in which more than $ 4.2 billion came in these funds in just 10 days.
Leading the outflow was the FBTC from Fidelity, which saw $ 166.32 million in investor reposions. It was followed by GBTC from Grayscale, with $ 107.53 million withdrew, while Ark 21Shares’ Arkb and Bitwise’s BITB lost $ 89.22 million and $ 70.85 million respectively.
Other funds such as Invesco’s BTCO, Vaneck’s Hodl, Valkyrie’s Brrr and EZBC from Franklin Templeton also experienced smaller outflows, a total of a combined $ 49.83 million.
Yet it was not entirely bearish across the board. BlackRock’s IBIT stood out again and $ 125.09 million in inflow, a sign that some investors still consider the withdrawal as a buying option.
Despite the sharp one-day outflow, May has still been a bullish month for Bitcoin ETFs, with net inflow of around $ 5.85 billion, almost twice the amount that was seen in April. For comparison: February and March saw the net outflows of $ 3,56 billion and $ 767.91 million respectively, which lately underlined how strong investors has been lately.
It is interesting that, although Bitcoin ETFs have attracted nearly $ 9 billion in the last five weeks, traditional Gold-backed ETFs have shifted more than $ 2.8 billion in flowing. This trend indicates a growing shift in the preference of investors, as more people begin to consider Bitcoin to consider a legitimate storage of value and cover against inflation, roles that are traditionally fulfilled by gold.
As far as this sudden shift caused, many point to the current tariffsaga in which the former President Trump was involved. A Federal Court of Appeal restored Trump’s rates on the European Union only a few hours after a lower commercial court judged them illegally. Now the administration is expected to ask the Supreme Court to put that statement on hold, possibly already in Friday.
The back and forth before the court has called on a wave of uncertainty about our trade policy. Trump’s “mutual rate” approach, which is aimed at countries that impose higher rates on American goods, is an important point of tension with allies and trading partners. Investors are now afraid that a return to aggressive rate policy can increase the costs and conquer inflation.
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In response, the price of Bitcoin (BTC) fell and a session layer of $ 105,332 on 30 May before he recovered something to just above $ 106,000. That is a decrease of 1.7% in 24 hours, although the Top Cryptocurrency is still within 5% of its highest point of $ 111,891, hit earlier this month.
Crypto-related shares had a mixed day. Coinbase (currency) fell 2.14%, while micro strategy (MSTR) managed a profit of 1.7%. Bitcoin Miners also took a hit with bitfarms (Bitf), Bit Digital (BTBT), CleanSpark (CLSK) and Greenidge (GREE) all with around 3-5%.
In the meantime, traditional US shares also returned the most profit they saw after the initial court that blocked Trump’s rates. With legal uncertainty still looming, markets seem to be shifting across the board to waiting mode.
“The recent activity seems to be more indicative of a correction instead of a bearish,” Ruslan Lienkha, head of the markets at Youhodler, told Crypto.News, adding that Bitcoin is likely to continue to follow important American technical indices on the medium -term factoring as rental and liquid tests.
However, he added that “this correlation can gradually weaken over time”, because Bitcoin continues to evolve into a more mature asset class with its own unique market drivers
“Given this dynamic, it is likely that BTC will continue to act within this range for some time, which may make a solid foundation higher for the next leg to a new of all time.”
