Key Notes
- Spot BTC ETFs saw $220 million in net inflows on April 2.
- US President Donald Trump announced a 10% baseline tariff.
- Spot ETF ETFs witnessed a strong selloff again.
Spot Bitcoin
BTC
$83 292
24h volatility:
1.1%
Market cap:
$1.65 T
Vol. 24h:
$56.67 B
exchange-traded funds (ETFs) in the US recorded a net inflow of $220.7 million on April 2, while the broader market showed bearish sentiment toward US President Donald Trump’s new set of trade tariffs.
On Wednesday, April 2, Trump announced a 10% baseline tariff on imports and reciprocal tariffs on most of the US’s trade partners. China, the second-largest economy in the world, faced another 34% tariff from the US President, according to a Reuters report.
Despite the new set of tariffs, spot BTC ETF in the US saw $220 million in net inflow yesterday, according to data from SoSoValue. ARK & 21Shares’ ARKB and Fidelity’s FBTC led with $130.1 million and $118.8 million in inflows, respectively.
BlackRock’s IBIT fund, however, registered a net outflow of $115.9 million, according to SoSoValue.
The total BTF ETF trading volume reached $2.51 billion with a cumulative net inflow of $36.24 billion.
Spot Ethereum
ETH
$1 818
24h volatility:
2.2%
Market cap:
$218.86 B
Vol. 24h:
$25.40 B
ETFs showed a negative reaction to the Trump tariffs. These investment products saw a net outflow of $51.3 million on April 2.
Grayscale’s ETHE and BlackRock’s ETHA recorded $31.1 million and $20.2 million in outflows, respectively.
Tariffs and Bears
Trump’s tariffs on the US trade partners brought bearish momentum to the digital asset market. The global crypto market capitalization declined by 0.96% to $2.68 trillion, according to CoinMarketCap data.
Bitcoin slightly dipped to $83,350 with a market cap of $1.65 trillion.
Ethereum, the leading altcoin, dropped 2% in the past 24 hours and is trading at $1,820 at the time of writing.
On the other hand, major US stocks like the S&P 500 and Dow Jones Industrial Average gained 0.67% and 0.56%, respectively.
While the new US trade tariffs haven’t brought a bearish storm to the crypto market, they could still prevent the market from gaining strong bullish momentum unless a major catalyst drives another bull run.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.