Bitcoin’s mid-week rally stalled after the cryptocurrency reached a monthly high of $67,000, with the asset falling below $64,000 earlier today and giving back essentially all of the gains from that move.

Two developments coincided with the pullback: renewed outflows from spot Bitcoin exchange-traded funds and fresh tariff threats from President Donald Trump aimed at the European Union.

Spot Bitcoin ETF Outflows Resume

The first factor involved the spot exchange-traded funds that track Bitcoin, the largest cryptocurrency. The products had been on a seven-day inflow streak that began last Tuesday and brought in roughly $1 billion during that period, marking the first such run since April.

That trend shifted on Thursday, when investors withdrew more than $200 million worth of BTC from the funds. The outflows coincided with Bitcoin’s initial retracement toward $65,000.

Spot Bitcoin ETFs are closely watched because they have become one of the most visible regulated channels for institutional and brokerage-account demand in the U.S. market. Daily inflows and outflows do not explain all of Bitcoin’s price action, but they can affect short-term sentiment because fund issuers must create or redeem shares in response to investor demand.

More recent on-chain data published today claimed that BlackRock continued moving BTC for its clients, sending approximately $203 million to Coinbase Prime, a platform it uses when liquidating some of its ETF positions.

The full daily impact will be clearer tomorrow, when data providers such as SoSoValue update their figures. Until then, uncertainty remains elevated after the latest change in ETF flows.

BlackRock moved 3.126K $BTC (~$203M) from its IBIT Bitcoin ETF wallet to Coinbase Prime. The movement was executed across multiple transactions, including several 300 $BTC batches and one 126.168 $BTC transfer. @blackrock @coinbase pic.twitter.com/hD4ty5YARy — Onchain Lens (@OnchainLens) July 24, 2026

Trump Issues New Tariff Threats Against the EU

Another development came from President Donald Trump, who has repeatedly sought to impose tariffs on many countries since returning to the White House. Nations in the European Union have become a particular target, despite their status as U.S. allies.

Previous periods of intense tariff threats have coincided with sharp declines in BTC, including last April, when the asset fell substantially. A similar episode unfolded in the past few hours, as Bitcoin retreated to just under $63,000.

For crypto markets, the tariff headlines added another macro risk input at a time when traders were already watching fund flows. Bitcoin often trades alongside broader risk assets during periods of policy uncertainty, even though its market is also driven by crypto-specific factors such as ETF demand, liquidity, and on-chain positioning.

Trump accused the European bloc of imposing substantial penalties on major U.S. companies, including Apple, Meta, and Google. In a post on Truth Social, he said his administration would “immediately initiate a 301 Investigation into the practice of “ROBBING” American Companies and, in turn, the American Taxpayer.”

A Section 301 investigation is a U.S. trade-law process used to examine foreign practices that Washington considers unfair or discriminatory. Such probes can precede trade actions, including tariffs, though the timing and outcome depend on the administrative process and any negotiations that follow.

He also outlined the possibility of a new round of tariffs.

“The European Union will pay a very big price for this illegal and highly unethical conduct, which I have consistently warned them about. The penalties will be entirely reversed and, we anticipate, a substantial TARIFF to be placed on them at the earliest possible moment,” reads the message.