Amid the ongoing dispute between U.S. President Trump and billionaire Musk, which has led to a deterioration in market sentiment, U.S. Bitcoin ETFs are showing negative trends.
According to SoSoValue data, after a brief recovery from June 3 to 4, U.S. spot Bitcoin ETFs faced another outflow of funds on June 5, totaling $278 million.
At the same time as the outflow, the cryptocurrency Fear and Greed Index shifted from "Greed" to "Fear" on June 6, likely a reaction to the breakdown of the close relationship between Trump and Musk, which has been publicized through several explosive social media posts.
This shift in sentiment is not limited to Bitcoin and the cryptocurrency sector; many investors are concerned about this dispute. According to TradingView data, Tesla (TSLA) shares plummeted by 14%, while Trump Media (DJT) shares fell by 8%.
The latest outflow from U.S. spot Bitcoin ETFs occurred after two days of recovery, following a continuous outflow from May 29 to June 2, during which $1.2 billion was withdrawn in just three trading days.
In the past week, global Bitcoin exchange-traded products saw an outflow of $8 million, while Ethereum ETPs topped the inflow charts with $321 million.
According to SoSoValue data, ARK Invest's ARK 21Shares Bitcoin ETF (ARKB) led the outflow trend on June 5, with a significant outflow of $102 million. No funds recorded inflows on that day.
Despite the outflow from Bitcoin ETFs amid the Trump-Musk dispute, Ethereum ETFs continued to see inflows on Thursday.
According to SoSoValue data, the U.S. spot Ethereum ETF attracted $11.3 million in inflows on June 5, marking 14 consecutive days of inflows. However, yesterday's inflow was significantly lower than the $56.9 million on June 4 and $109.4 million on June 3.
Ethereum ETPs have attracted market attention against the backdrop of improved network fundamentals and increased resilience in the Ethereum futures market.
According to blockchain analytics platform Arkham, the world's largest cryptocurrency ETF issuer, BlackRock, purchased $50 million worth of Ethereum on June 3.
Related: Yuga Labs plans to replace the "not serious enough" ApeCoin DAO with a new ApeCo entity.
Original: “Bitcoin (BTC) ETF experiences outflows amid Trump-Musk dispute, market sentiment turns to fear”
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