Bitcoin and Ethereum Spot ETFs Face Persistent Outflows Amid Market Rally and Trump’s Tariff Pause

The cryptocurrency market witnessed another day of significant capital flight from U.S.-based spot exchange-traded funds (ETFs).

On April 9, 2025, Bitcoin spot ETFs recorded a net outflow of $127 million, extending their losing streak to five consecutive days. Ethereum spot ETFs followed suit, posting a net outflow of $11.19 million, with all nine funds reporting zero inflows. The data underscores a cooling investor sentiment toward these crypto investment vehicles, even as broader financial markets rallied following a key policy shift from U.S. President Donald Trump.

According to data aggregated by SoSoValue, the $127 million in net outflows from Bitcoin spot ETFs on April 9 was driven primarily by significant withdrawals from major funds. BlackRock’s iShares Bitcoin Trust (IBIT), one of the largest spot Bitcoin ETFs by assets under management, saw $89.71 million exit the fund, while Grayscale’s Bitcoin Trust (GBTC) recorded outflows of $33.8 million. Hundreds of million dollars have been pulled from these products over the past week.

Ethereum spot ETFs faced even more challenging day. Unlike their Bitcoin counterparts, which have occasionally seen inflows amidst outflows, none of the nine Ethereum ETFs tracked by SoSoValue reported any positive net flows. This persistent withdrawal trend highlights a broader lack of investor appetite for Ethereum-based ETF products. Over the past six weeks alone, Ethereum ETFs have hemorrhaged over $795 million. ETH price has been under pressure, dropping nearly 10% in the past week amid macroeconomic uncertainties and shifting investor priorities.

The backdrop to these ETF outflows is President Trump’s unexpected tariff policy pivot, which has injected both optimism and uncertainty into global markets. However, the rally in traditional markets has not stemmed the tide of outflows from spot Bitcoin and Ethereum ETFs. Analysts speculate that institutional investors may be reallocating capital from crypto ETFs to equities or other assets perceived as safer bets amid Trump’s tariff recalibration.