Investors React Sharply to U.S. Trade Policy Escalation

U.S. spot bitcoin ETFs faced their largest daily outflows in nearly a month on Tuesday, as investors responded to rising macroeconomic uncertainty following the implementation of President Donald Trump’s new tariff package, including a sweeping 104% levy on Chinese imports.

According to data from SoSoValue, total net outflows from spot Bitcoin ETFs reached $326.27 million, marking the worst daily performance since March 11. The pullback extended the current streak to four consecutive days of negative flows.

📊 Bitcoin ETF Tracker | 2025-04-08

🟥 Daily Total Net Inflow -$326.27M
💰 Total Value Traded $3.00B
🏦 Total Net Assets $85.76B
📊 ETF Market Value Ratio 5.6%

🥇 Net Inflows/Outflows for Each ETF
⬜️ FBTC $0
⬜️ BTCW $0
⬜️ BRRR $0
⬜️ HODL $0
⬜️ DEFI $0
🟥 BTCO -$6.90M
🟥 BTC… pic.twitter.com/xiBSO0ig2x

— SSI (SoSoValue Indexes) (@SoSoValue) April 9, 2025

“The largest outflow since March 11 points to renewed macro-driven risk aversion,” said Rick Maeda, analyst at Presto Research.
“ETF flows are likely to remain volatile, and history suggests investors often sell indiscriminately in risk-off environments, narrative aside.”

BlackRock’s IBIT Leads the Exodus

Among the hardest hit was BlackRock’s IBIT, which recorded $252.9 million in outflows. Other major products also saw substantial exits:

• Bitwise’s BITB: $21.7 million

• Ark/21Shares’ ARKB: $19.9 million

• Grayscale’s GBTC and Mini Trust: smaller but notable outflows

• Franklin’s EZBC and Invesco’s BTCO: also in the red

Overall, trading volume across spot bitcoin ETFs fell sharply to $3 billion, down from $6.6 billion on Monday and $4.4 billion last Friday, reflecting a steep drop in investor engagement amid rising uncertainty.

Meanwhile, spot Ether ETFs saw $3.29 million in outflows, following a quiet Monday with no recorded flows.

Tariff Shock Sparks Global Market Recalibration

The ETF exodus occurred just hours before Trump’s new tariff regime officially took effect at midnight on Wednesday. The policy introduces reciprocal tariffs on dozens of U.S. trade partners and is viewed by many analysts as a potential trigger for global trade friction and recession fears.

Global equity markets showed mixed reactions:

• Japan’s Nikkei 225 dropped 3.9%

• Shanghai Composite rose 1.3%

• South Korea’s Kospi fell 1.4%

In the U.S., major indexes closed Tuesday in the red:

• Dow Jones Industrial Average: -0.84%

• S&P 500: -1.57%

• Nasdaq Composite: -2.15%

Bitcoin also followed the downward trend, falling 2.6% to $77,465, retracing gains from a brief rally above $80,000 earlier in the day.

“A shock to the global trade system is typically negative for risk assets,” Maeda said, while noting that once the dust settles, markets may stabilize as uncertainty gives way to clarity.

Final Thoughts: Tariffs as a Macro Risk Test for Digital Assets

The latest round of spot bitcoin ETF outflows highlights how sensitive the crypto market remains to macro policy shocks, despite growing narratives around Bitcoin as an inflation hedge or digital gold.

Rather than decoupling from traditional assets, Bitcoin and crypto ETFs continue to mirror global risk sentiment, especially during moments of heightened geopolitical or trade-related stress.

As the tariff debate intensifies, investors will be closely watching whether Bitcoin and broader crypto assets can regain their footing—or if continued volatility will keep institutional money on the sidelines. In the short term, clarity—not just conviction—may be what the market needs most.