(Bloomberg) — US Bitcoin (BTC-USD) exchange-traded funds recorded their longest run of weekly net outflows since listing in January last year as US President Donald Trump’s tariffs drove a wider retreat from riskier assets.

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Investors pulled over $5.5 billion in total from the group of 12 ETFs over the past five weeks, data compiled by Bloomberg show. The record outflows started shortly after Trump returned to the White House, underscoring how even crypto investors have focused more on the trade war he ignited than on his crypto-friendly policies like creating a digital-asset stockpile.

“Bitcoin and crypto overall remain driven by the macro picture right now,” Greg Magadini, director of derivatives at Amberdata, said in a note. “I don’t expect Bitcoin to diverge from risk-assets for the time being.”

After scaling to record highs in the wake of Trump’s November election victory, Bitcoin has struggled in 2025 and is down about 12% year-to-date. The largest digital asset was trading around $83,500 as of 10 a.m. in London.

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