Crypto prices may have surged, but that didn’t stop investors from heading for the exits.

U.S.-listed spot bitcoin (BTC) and ether (ETH) ETFs continued to see significant outflows on Wednesday, even as markets rallied on President Trump’s surprise decision to pause tariffs for most countries—excluding China, which saw its levy raised to a steep 125%.

According to Farside Investors, bitcoin ETFs bled $127.2 million in net outflows for the day, marking five straight days of redemptions totaling $722 million. BlackRock’s IBIT was hit hardest, losing nearly $90 million alone. Ether ETFs weren’t immune either, shedding $11.2 million across nine funds.

The paradox? Prices were ripping higher. Bitcoin shot up over 8% to $83,500, and ether followed with a 13% spike to $1,770. Altcoins rallied across the board. Yet despite the price action, ETF investors appear to be bracing for further macro uncertainty.

Analysts point to mounting tensions between the U.S. and China and volatility in bond markets as key drivers of the cautious sentiment. In times of uncertainty, even risk-friendly traders often cash out and reassess.

Meanwhile, Wall Street celebrated Trump’s tariff pivot with the Nasdaq 100 soaring 12%—its best day in decades—and the S&P 500 adding nearly 10%. Still, the ETF redemptions suggest crypto fund investors are playing it safe until the geopolitical picture becomes clearer.