Bitcoin ETFs in the United States faced significant outflows of $278 million due to the escalating feud between President Donald Trump and billionaire Elon Musk. Following a brief recovery over June 3 and 4, these ETFs were hit again by detrimental sentiment, as indicated by the Cryptocurrency Fear & Greed Index moving from 'Greed' to 'Fear'. This sentiment shift was mirrored in stock prices, with Tesla shares down 14% and Trump Media shares down 8%. Previous outflows from May 29 to June 2 had already totaled $1.2 billion. ARK Invest led the outflow with ARK 21Shares Bitcoin ETF experiencing $102 million in redemptions on June 5. Contrasting the Bitcoin downturn, Ether ETFs reported inflows of $11.3 million on the same day, marking a 14-day inflow streak, driven by the resilient performance of the ETH futures markets, including a $50 million purchase by BlackRock.

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