Bitfinex: Bitcoin price could underperform stocks as ETF outflows continue

While Trump’s tariff pause gave some relief to the markets, traders are still reluctant to go all in on risk assets.

Crypto markets are caught between cautious optimism and persistent uncertainty. While the tariff pause helped stabilize the markets, traders are still hesitant to fully commit to risk assets, Bitfinex analysts told crypto.news. As a result, Bitcoin (BTC) has been trading sideways, and ETF flows remain subdued.

According to Bitfinex analysts, U.S. President Donald Trump’s 90-day pause on tariffs is not a long-term solution. Instead, it represents a temporary reprieve that fails to resolve the broader trade uncertainty. This has kept investors wary of riskier assets like Bitcoin, suggesting that sentiment remains cautious.

“Trump’s 90-day tariff pause is not a resolution, only a delay. Investors understand that tariff threats remain on the table, and as such, positioning is unlikely to shift aggressively toward risk-on just yet,” Bitfinex analysts

At the same time, Bitcoin ETF flows continue to disappoint. As of April 10, ETFs recorded their sixth consecutive day of negative flows, with daily outflows totaling $149 million. The largest single-day outflow occurred on April 8, when $326 million exited Bitcoin ETFs.

Bitcoin ETF net flows | Source: SoSo Value

Bitcoin could underperform stocks: Bitfinex analysts

In the current environment, crypto assets are likely to underperform equities until a fresh catalyst emerges, according to Bitfinex. Possible drivers could include a dovish pivot from the U.S. Federal Reserve or a renewed wave of liquidity in crypto markets.

“Bitcoin may also benefit from a slight reduction in macro pressure, but the market will likely wait for more concrete signals—such as a shift in Fed tone or improving liquidity conditions—before aggressively rotating back into crypto. We believe that crypto could underperform equities in relative terms until this happens.”

Potential relief may come due to Trump’s pressure on the Fed Chair Jerome Powell to reduce interest rates. However, due to rising inflation fears, the Fed will likely continue in its current course, unless a leadership change takes place. Notably, a recent Supreme Court decision enabled Trump to temporarily oust officials of independent agencies, with some suggesting that Powell could be next.

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