This week has witnessed continuous negative flows in Bitcoin ETFs as anticipation builds around President Trump's Liberation Day announcement. The overall sentiment in cryptocurrency markets remains cautious, with both traders and investors adopting a \"wait-and-see\" stance amid uncertainty.

According to data from Farside Investors, Bitcoin ETFs experienced two consecutive days of net outflows starting Monday. Financial products from notable entities such as Bitwise (BITB), Ark Invest (ARKB), and WisdomTree (BTCW) faced significant outflows amounting to $60.6 million on Monday. However, BlackRock’s IBIT ETF was an exception, registering positive inflows during this period.

The following day, Tuesday, saw further outflows, nearing $158 million, with Bitwise and Ark Invest continuing to lead the trend. On April 1, BlackRock’s IBIT once again reported zero flows. Additionally, Ethereum ETFs recorded net outflows totaling $3.6 million, indicating a similar cautious attitude among institutional participants.

The cautious sentiment prevalent in the market can be attributed to the impending announcement by President Trump regarding his Liberation Day plans, scheduled for later on April 2. There is considerable speculation about the potential introduction of sweeping new tariffs, which could escalate into a global trade war. However, details about these proposed tariffs remain scarce, contributing to the prevailing uncertainty about their broader economic and crypto market implications.

Given the historical volatility of Bitcoin prices following previous tariff announcements, it is logical for investors to adopt a conservative approach. Analysts have also projected heightened market volatility, with expectations of stock and crypto market declines ranging between 10% to 15% should broad tariffs be enforced.

While the crypto market exhibits caution, some investors are redirecting their focus towards gold as a perceived safe-haven asset. A survey conducted by Bank of America revealed that 58% of fund managers view gold as the preferred safe-haven asset during trade disputes, compared to only 3% who favor Bitcoin.

Institutional investors often point to Bitcoin’s volatility and restricted crisis-time liquidity as major obstacles to its adoption as a safe-haven asset. Historically, trade tensions have prompted capital to flow into safer assets, and this pattern appears to be repeating itself as investors position themselves in favor of gold over Bitcoin ahead of the upcoming announcement.

Despite Bitcoin's current struggles in attracting institutional safe-haven investments, its long-term outlook remains robust. This is evident in the reduction of Bitcoin supply on exchanges to just 7.53%, the lowest level since February 2018. When the supply of an asset on exchanges diminishes, it indicates investor reluctance to sell, reflecting strong confidence among long-term holders.

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