U.S. spot bitcoin ETFs have recorded more than $1.6 billion in net outflows over the past four trading days, highlighting a sharp pullback in investor demand following last week’s surge in inflows.

Bitcoin slid at the open of Friday’s U.S. session, retreating to around $88,500 as commodities extended an aggressive rally. Silver vaulted above $100 an ounce for the first time on record, gold traded just shy of $5,000, and platinum surged 5% to a new all-time high. Copper also joined the move, climbing 2.5% to just below its own record, reinforcing the rotation into hard assets.

Crypto-linked equities weakened alongside bitcoin. Coinbase shares fell 2.6%, Strategy slipped 1.2%, and bitcoin miners Riot Platforms and MARA Holdings each declined by about 2%.

The crypto pullback came even as U.S. equity markets regained footing after early losses. Major indexes turned mostly higher, with the Nasdaq up roughly 0.4% despite a 15% post-earnings drop in Intel. The chipmaker topped fourth-quarter estimates but issued weaker-than-expected first-quarter guidance, citing AI chip supply constraints. Intel stock remains up 17% so far this year.

U.S. trading-hour performance fades

Bitcoin’s year-to-date returns during U.S. trading hours have deteriorated markedly. When prices reached $98,000 last week, cumulative U.S. session gains stood near 9%, according to CoinDesk senior analyst James Van Straten. Those gains have since fallen to about 2%, signaling softer demand from U.S.-based investors.

That shift has coincided with sustained outflows from U.S. spot bitcoin ETFs, which have shed more than $1.6 billion over the past four sessions.

Jasper De Maere, desk strategist at crypto trading firm Wintermute, said a recent pickup in stablecoin redemptions into fiat suggests some institutional investors who returned to the market earlier this year may now be reducing exposure.