The market's risk trade is leaving bitcoin behind
Key takeaways
- The market's risk trade is leaving bitcoin behind Jared Blikre Thu, June 4, 2026 at 8:09 PM GMT+7 2 min read BTC-USD IBIT ETF flows show investors are still chasing risk — just not in bitcoin (BTC-USD).
- Bitcoin (BTC-USD) has a new problem: Risk appetite is alive and well, but it is showing up somewhere else.
- While the K-shaped economy and consumer have gotten a lot of attention this year, it s the market s K-shaped risk trade that shows up in this chart.
The market's risk trade is leaving bitcoin behind Jared Blikre Thu, June 4, 2026 at 8:09 PM GMT+7 2 min read BTC-USD IBIT ETF flows show investors are still chasing risk — just not in bitcoin (BTC-USD). Since its launch, the Roundhill Memory ETF (DRAM) has kept pulling in money while the i Shares Bitcoin Trust (IBIT) has slipped into net outflows.
Bitcoin (BTC-USD) has a new problem: Risk appetite is alive and well, but it is showing up somewhere else.
Since the Roundhill Memory ETF launched on April 2, estimated cumulative flows into the fund have climbed steadily, while flows into iShares Bitcoin Trust — the largest spot bitcoin ETF by assets — have turned negative over the same stretch, according to Yahoo Finance analysis of ETF issuer data and fund returns.