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U.S. spot Bitcoin ETFs hit a rough patch on May 29, snapping their impressive 10-day inflow streak as investors took a step back amid fresh uncertainty around Donald Trump’s trade policy following conflicting court decisions.

According to data from SoSoValue, a total of $358.65 million flowed out of the 12 U.S.-listed spot Bitcoin ETFs on the day, marking the first net outflow since mid-May. This reversal comes after a strong run that saw more than $4.2 billion enter these funds in just 10 days.

Leading the outflows was Fidelity’s FBTC, which saw $166.32 million in investor redemptions. It was followed by Grayscale’s GBTC, with $107.53 million withdrawn, while ARK 21Shares’ ARKB and Bitwise’s BITB lost $89.22 million and $70.85 million, respectively.

Other funds such as Invesco’s BTCO, VanEck’s HODL, Valkyrie’s BRRR, and Franklin Templeton’s EZBC also experienced smaller outflows, totaling a combined $49.83 million.

Still, it wasn’t entirely bearish across the board. BlackRock’s IBIT once again stood out, recording $125.09 million in inflows, a sign that some investors still view the pullback as a buying opportunity.

Despite the sharp one-day outflow, May has still been a bullish month for Bitcoin ETFs, with net inflows reaching around $5.85 billion, nearly twice the amount seen in April. By comparison, February and March saw net outflows of $3.56 billion and $767.91 million, respectively, underscoring just how strong investor appetite has been lately.

Interestingly, while Bitcoin ETFs have attracted nearly $9 billion over the last five weeks, traditional gold-backed ETFs have shed more than $2.8 billion in outflows. This trend hints at a growing shift in investor preference, as more people start viewing Bitcoin as a legitimate store of value and hedge against inflation, roles traditionally filled by gold.

As for what triggered this sudden shift, many point to the ongoing tariff saga involving former President Trump. A federal appeals court reinstated Trump’s tariffs on the European Union just hours after a lower trade court ruled them unlawful. Now, the administration is expected to ask the Supreme Court to put that ruling on hold, potentially as early as Friday.

The back-and-forth in court has stirred up a wave of uncertainty around U.S. trade policy. Trump’s “reciprocal tariff” approach, which targets nations that impose higher tariffs on U.S. goods, has been a key point of tension with allies and trading partners. Investors are now worried that a return to aggressive tariff policies could drive up costs and reaccelerate inflation.

Markets react

In response, Bitcoin’s (BTC) price dipped, touching a session low of $105,332 on May 30 before recovering slightly to just above $106,000. That’s a 1.7% decline in 24 hours, although the top cryptocurrency still sits within 5% of its all-time high of $111,891, hit earlier this month.

Crypto-related stocks had a mixed day. Coinbase (COIN) slid 2.14%, while MicroStrategy (MSTR) managed a 1.7% gain. Bitcoin miners also took a hit with Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK), and Greenidge (GREE) all dropping by around 3-5%.

Meanwhile, traditional U.S. equities also gave back most of the gains they saw after the initial court ruling blocking Trump’s tariffs. With legal uncertainty still looming, markets across the board seem to be shifting into wait-and-watch mode.

“The recent activity appears more indicative of a correction rather than a bearish reversal,” Ruslan Lienkha, chief of markets at YouHodler, told crypto.news, adding that Bitcoin will likely continue tracking major U.S. tech indices in the medium term due to their shared sensitivity to macroeconomic factors like interest rates and liquidity.

However, he added that “this correlation may gradually weaken over time” as Bitcoin continues to evolve into a more mature asset class with its own unique market drivers

“Given these dynamics, it is likely that BTC will continue to trade within this range for some time, potentially building a solid foundation for the next leg higher toward a new all-time high.”

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