Bitcoin exchange-traded funds (ETFs) pulled in their largest inflows since December

Bitcoin, cumulatively raked in more than $3 billion last week, according to data from CoinShares. Ethereum is up 11% in the last seven days, XRP is up 9%, and Solana is up 8%.

Bitcoin exchange-traded funds (ETFs) pulled in their largest inflows since December last week as the original cryptocurrency continues to move higher on news that President Donald Trump’s tariff negotiations are coming closer to a resolution.

Bitcoin ETFs cumulatively raked in more than $3 billion last week, according to data from digital asset management firm CoinShares. The outflows come as Bitcoin is up 11% in the last seven days, Ethereum is up 11%, XRP is up 9%, and Solana is up 8%.

Trump’s sweeping tariff policy announcement at the beginning of this month led to a market meltdown beginning on April 2, and the S&P 500 wiped out $2.5 trillion within a single day. Investors also quickly fled risky investments like equities and crypto to brace themselves for the expected impacts of the policy, including large-scale disruption of supply chains and subsequent inflation.

But the bleeding began to slow for both the traditional markets and crypto after Trump authorized a 90-day pause on most tariffs (with the exception of China)—leading the S&P 500 to its largest single-day increase since 2008 and Bitcoin to rebound 9% on April 9. The S&P 500 is up 1% since Trump announced the pause on April 9. But Bitcoin has significantly outpaced those gains, adding 14% since the tariff deferral was announced.

James Butterfill, head of research at ETF issuer CoinShares, says that divergence shows that investors are beginning to view Bitcoin as a flight to safety during times of economic uncertainty because the currency is detached from a centralized entity like a government or central bank.

“While equities are weighed down by tariffs and declining corporate earnings prospects,” Butterfill tells Fortune, “Bitcoin remains unaffected and has benefited from investors seeking alternative safe-haven assets.”