Key Takeaways
- U.S. spot bitcoin ETFs saw $99.86 million in outflows on April 3.
- Grayscale's GBTC led with $60.2 million pulled, while BlackRock's IBIT saw $65.25 million in inflows.
- The outflows followed a market-wide sell-off after Trump's new tariff announcement.
U.S. spot bitcoin ETFs recorded $99.86 million in net outflows on Thursday, reversing the previous day’s $220.76 million inflow.
The withdrawals came as financial markets reacted sharply to President Trump’s announcement of new tariffs on global imports.
Market reactions
The Nasdaq fell 6%, the S&P 500 dropped 4.8%, and the Dow lost 3.9%—the worst market performance since June 2020.
Bitcoin was not spared, falling over 6% during the turmoil. It was trading at $83,220 at the time of reporting.
Leading outflows
Grayscale’s GBTC led the outflows with $60.2 million, followed by Bitwise’s BITB at $44.19 million and Fidelity’s FBTC at $23.27 million.
Smaller outflows were also logged by Ark and 21Shares’ ARKB, VanEck’s HODL, and WisdomTree’s BTCW.
Inflows amidst outflows
BlackRock’s IBIT stood out as the only fund to attract capital, recording $65.25 million in net inflows—despite the broader market downturn.
Tariff impact
The tariff announcement introduced a baseline 10% duty on imports, with some countries facing tariffs of over 50%.
The policy shift triggered a “Covid-like shock,” according to analysts, with investor sentiment rattled across both traditional and bitcoin-linked assets.
Ether ETF outflows
Spot ether ETFs also saw net outflows of $3.59 million, following $51.24 million in outflows the day before.
