Bitcoin exchange-traded funds (ETFs) pulled in their largest inflows since December last week as the original cryptocurrency continues to move higher on news that President Donald Trump’s tariff negotiations are coming closer to a resolution.
Bitcoin ETFs, a group of 12 investments traded on the stock market that track the price of Bitcoin, cumulatively raked in more than $3 billion last week, according to data from SoSoValue, a crypto research platform. Inflows into this type of asset are often seen as an indicator of market sentiment about crypto, as they signal investor confidence and mainstream adoption.
The ETF buying spree comes as Bitcoin reverses its downward slide from earlier this month, climbing from a low of $75,000 on April 7 to above $95,000 on April 28. In the last seven days, the original cryptocurrency has jumped 8%, growing to $95,500 and reclaiming highs not seen since February.
“Bitcoin’s climb back toward $95,000 this week isn’t just a price movement, it is a signal that investors are ready to spend again,” Gadi Chait, head of investment at crypto bank Xapo Bank, told Fortune. “A convergence of factors, ranging from robust institutional inflows via ETFs to strong bullish options activity, has cemented Bitcoin’s path toward potentially breaking $100,000 in the near term.”
After experiencing a similar decline, the broader crypto market has also made a comeback over the past few weeks. Ethereum is up 11% in the last seven days, XRP is up 9%, and Solana is up 8%.
Trump’s sweeping tariff policy announcement at the beginning of this month led to a market meltdown beginning on April 2, and the S&P 500 wiped out $2.5 trillion within a single day. Investors also quickly fled risky investments like equities and crypto to brace themselves for the expected impacts of the policy, including large-scale disruption of supply chains and subsequent inflation.
But the bleeding began to slow for both the traditional markets and crypto after Trump authorized a 90-day pause on most tariffs (with the exception of China)—leading the S&P 500 to its largest single-day increase since 2008 and Bitcoin to rebound 9% on April 9. The S&P 500 is up 1% since Trump announced the pause on April 9. But Bitcoin has significantly outpaced those gains, adding 14% since the pause was announced.
James Butterfill, head of research at ETF issuer CoinShares, told Fortune that divergence shows that investors are beginning to view Bitcoin as a flight to safety during times of economic uncertainty because the currency is detached from a centralized entity like a government or central bank.
“While equities are weighed down by tariffs and declining corporate earnings prospects,” he tells Fortune, “Bitcoin remains unaffected and has benefited from investors seeking alternative safe-haven assets.”
