Traders had a largely negative response to US President Donald Trump’s announcement.
Bitcoin exchange-traded funds (ETFs) saw nearly $370 million worth of net outflows on March 7 as investors reacted to President Donald Trump’s plan for a US strategic Bitcoin reserve, according to data from Farside Investors.
The outflows indicate institutional investors are wary of Bitcoin (BTC) exposure after Trump’s March 6 executive order — which created a national Bitcoin reserve but didn’t instruct the government to buy Bitcoin — disappointed traders.
“While [Trump’s executive order] acknowledges crypto’s role in global finance, the lack of fresh purchases disappointed markets,” Alvin Kan, chief operating officer of Bitget Wallet, told Cointelegraph.
