$BTC

#TrumpBTCTreasury Outflows from Bitcoin Exchange-Traded Funds Due to the Trump-Musk Dispute and the Shift of the Index to "Fear"

Bitcoin exchange-traded funds bleed $278 million amid a shift in overall sentiment to "fear" following the escalating dispute between Trump and Musk, while Ether funds continue to attract positive inflows for the second consecutive week.

Bitcoin exchange-traded funds (ETFs) in the United States saw a noticeable decline, amid a deterioration in overall sentiment due to the escalating dispute between U.S. President Donald Trump and billionaire Elon Musk.

After a brief recovery on June 3 and 4, spot Bitcoin funds recorded new outflows on Thursday amounting to $278 million, according to SoSoValue data.

These outflows came as the Crypto Fear and Greed Index flipped from "greed" to "fear" on June 6, likely due to the public rift in the previous relationship between Trump and Musk, which manifested in a series of fiery social media posts. The Crypto Fear and Greed Index flips to "fear" after more than a month of positive sentiment. Source: Alternative.me

This change in sentiment was not limited to the cryptocurrency market, as several investors were also affected by the dispute. Tesla (TSLA) shares fell by 14%, while Trump Media (DJT) shares dropped by 8%, according to TradingView data.