Spot Bitcoin exchange-traded funds in the United States recorded their third consecutive day of net outflows on March 5, led by Valkyrie’s BRRR.

According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded $38.3 million in outflows on Wednesday, extending their outflow streak to three days with $74.19 million and $143.43 million in net redemptions on Monday and Tuesday, respectively.

The majority of the outflows came from Valkyrie’s BRRR, with $60.42 million exiting the fund, while Invesco Galaxy’s BTCO and Bitwise’s BITB saw more modest outflows of $9.94 million and $6.87 million, respectively.

BlackRock’s IBIT, the largest Bitcoin ETF in terms of net assets held, managed to offset part of the outflows as it drew in $38.93 million from investors, bringing its total net inflows to $39.66 billion since its launch. The remaining eight Bitcoin ETFs saw zero flows on the day.

The total trading volume recorded by these investment vehicles stood at $3.27 billion on March 5.

Meanwhile, the nine Ethereum ETFs returned to outflows on March 5, with $63.32 million exiting the funds following a day of $14.58 million in net inflows, which had ended their prior eight-day inflow streak. The entire outflow seen on Wednesday came from Grayscale’s ETHE, which has the highest fees among Ethereum ETFs. The remaining Ethereum funds saw no flows on the day.

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Notably, the significant outflows from both Bitcoin and Ethereum ETFs appear to be linked to growing uncertainty around former President Donald Trump’s proposal for a U.S. Crypto Strategic Reserve.

While the idea of holding Bitcoin and Ethereum as part of a national reserve aims to strengthen the U.S.’s position in the crypto space, it has sparked debate. Many in the crypto community view it as contradictory to Bitcoin’s decentralized nature, raising concerns about potential government influence over an asset designed to be independent.

Initially, the announcement provided a boost to the digital asset market, but that rally was short-lived as another wave of selling pressure emerged. Despite this, Bitcoin and the broader crypto market have managed to recover some ground, with BTC climbing back near $92,500 and the total market cap remaining above $3.1 trillion.

Looking ahead, analysts expect more price swings in the near term, particularly amid ongoing geopolitical tensions and trade uncertainties. Historical data from Bitcoin’s volatility index suggests that March could see heightened turbulence before potential stabilization in April, which might ease some selling pressure.

At press time, Bitcoin (BTC) was up 6.3% over the past day, exchanging hands at $92,710, while Ethereum (ETH) was trading 5.9% higher at $2,299 per coin.

Read more: Bitcoin bounces back above $90K as Trump delays Canada, Mexico auto tariffs