Spot Bitcoin exchange-traded funds in the U.S. recorded a negative week once again amid escalating trade tensions following President Donald Trump’s announcement of new tariffs, dubbed ‘Liberation Day’ duties.

According to data from SoSoValue, the 12 spot Bitcoin ETFs reported $172.89 million in net outflows over the past week, snapping a two-week inflow streak that drew in nearly $941 million into the funds.

Notably, these ETFs experienced outflows on four of the five days between March 31 and April 4. Monday saw $71.07 million in outflows, followed by $157.64 million on Tuesday, $99.86 million on Thursday, and $64.88 million on Friday. The only positive day was Wednesday, with $220.76 million in inflows.

The majority of outflows came from Grayscale GBTC, which lost $95.5 million over last week, followed by WisdomTree’s BTCW with $44.6 million per Faside data. Additionally, outflows came from IBIT, BITB, ARKB, and HODL funds that saw $35.5 million, $24.1 million, $22.2 million, and $4.9 million in net redemption, respectively.

However, it wasn’t entirely a bearish week across the board, as Grayscale’s spot Bitcoin Trust, Franklin Templeton’s EZBC, and Fidelity’s FBTC still saw combined inflows of $61.8 million. The remaining BTC ETFs remained flat over the five days.

The drop in investor demand wasn’t limited to Bitcoin ETFs. Ethereum ETFs recorded $49.93 million in outflows last week, marking six straight weeks of withdrawals totaling over $795 million.

These outflows come as Bitcoin posted its worst first-quarter performance since 2018, and investor sentiment weakened due to Trump’s new tariff plans, starting with a flat 10% on all imports and higher rates for certain key trading partners, raising fears of a new global trade war.

At press time, the crypto market was down nearly 10% over the past day. Bitcoin had dropped 9.3%, falling below the $76,500 mark, a level BitMEX co-founder Arthur Hayes previously warned must be held to avoid deeper losses.