U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $96.14 million in net outflows on Tuesday, breaking a four-day streak of inflows that had culminated in a record-setting performance just a day earlier.
Fidelity’s FBTC led the downturn with $91.39 million in net redemptions, while Hashdex’s DEFI ETF saw $4.75 million in outflows, according to data from SoSoValue.
These two funds were the only ones among the 12 spot Bitcoin ETFs to report any movement, as all others posted flat flows.
Spot Bitcoin ETFs Hit Record $41.18B Inflows Before Sharp Reversal
The reversal followed a milestone on Monday, when the group of spot Bitcoin ETFs reached an all-time high of $41.18 billion in cumulative net inflows.
Despite the ETF retreat, Bitcoin itself remained strong, rising 1.4% in the past 24 hours to trade at $103,775. Ethereum also rallied, jumping 8.9% to $2,667.
The broader crypto market remained in positive territory, buoyed by easing inflation data and hopes for progress in U.S.-China trade negotiations.
April’s Consumer Price Index (CPI) came in lower than expected, up just 0.2% for the month, bringing annual inflation to 2.3%—its lowest level since February 2021.
Presto Research analysts suggested the sustainability of the current crypto rally may hinge on further developments in trade relations and the long-term effects of tariffs.
“The weaker-than-expected April CPI release last night provided some relief for markets,” wrote analysts Peter Chung and Ming Jung in a recent note.
Easing Trade Tensions and Market Optimism Could Fuel Bitcoin’s Next Move
Despite recent volatility, the broader macro environment is becoming increasingly favorable for Bitcoin, according to Ruslan Lienkha, chief of markets at YouHodler.
In a note shared with Cryptonews.com, Lienkha said with global equities showing strength, particularly the MSCI Emerging Markets Index, which has surged nearly 20% since April, investors are shifting capital into riskier assets, including crypto.
Bitcoin remains supported by key long-term drivers such as institutional adoption, post-halving supply constraints, and improving regulatory clarity.
While altcoin activity has picked up, Lienkha sees it more as sentiment-driven than a true capital rotation, especially with most altcoins still far below their all-time highs.
On the macro front, easing global trade tensions—such as lower tariffs—could reduce inflationary pressure and improve liquidity, which generally benefits risk assets like Bitcoin.
Although the recent tariff rollback is limited, Lienkha believes it could still enhance investor confidence and contribute to crypto market resilience.
A stable or rising equity market, he added, provides the right backdrop for Bitcoin to retest all-time highs.
“Conversely, if equity markets come under pressure, that negative sentiment is typically mirrored in Bitcoin’s price performance,” he concluded.
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