Even if cryptocurrency prices skyrocketed after President Donald Trump announced a 90-day suspension of tariffs in most countries except China, the US list spot Bitcoin (BTC) and ether (ETH) exchange sales funds (ETFs) were leaked on Wednesday.
According to Farside investors data, 11 Bitcoin ETFs lost $127.2 million on Wednesday, with investors withdrawing $89.7 million from BlackRock's IBIT alone. Wednesday marked the fifth consecutive outflow, with funds losing a cumulative $722 million over the period.
Ether ETFs also dropped out of investor favor, with nine funds seeing net flow of $11.2 million on Wednesday.
The decline in demand could be attributed to macroeconomic uncertainty caused by US-China trade tensions and volatility in the bond market, with macro investors likely selling all assets, including crypto ETFs, in cash.
Markets bounced sharply on Wednesday after Trump announced a 90-day suspension on tariffs in more than 75 countries that did not retaliate his drastic duties a week ago. However, China, which recently placed retaliatory tariffs immersed in US goods, received no relief as Trump hiked 125% of total collection of Chinese products.
Bitcoin, the leading cryptocurrency by market value, rose over 8% to $83,500, while Ether, the native token of Teh Ethereum Blockchain, rose 13% to $1,770 along with the big profits of the Altcoin market. Meanwhile, the Nasdaq 100, the high-tech heavy index on Wall Street, surpassed its largest daily percentage profit of 12% in decades.
