(Bloomberg) -- US exchange-traded funds investing in Ether saw record trading volumes on Monday as leveraged positions in the digital asset unwound sharply, rattled by ongoing trade tensions under President Donald Trump.

Led by BlackRock’s iShares Ethereum Trust, which captured nearly half of the market activity, the group of nine ETFs registered $1.5 billion in trading volume. Ether, the second-largest cryptocurrency by market value, plunged as much as 27% to $2,135 on Monday, triggering liquidations totaling more than $600 million in perpetual futures markets, according to data compiled by Bloomberg.

US investors seized on the steep decline, driving $84 million in net inflows into the Ether ETFs. Open interest in Ether futures contracts on CME Group Inc.’s derivatives exchange also climbed nearly 6%, signaling institutional interest.

Analysts attributed Ether’s sharp decline to its outsized role in decentralized finance markets, which has made the token particularly susceptible to leveraged trading dynamics. The digital asset was trading near $2,767 as of 11 a.m. Tuesday in London.

The selloff was followed by a partial recovery after the Trump administration struck a temporary agreement with trade partners Mexico and Canada, delaying proposed tariffs by a month, but investor sentiment turned sour again on Tuesday as China and US imposed fresh tariffs on each others exports.

The deep crypto declines on Monday underscore how Trump, the most pro-crypto US president, has added an element of uncertainty for traders. After rallying following Trump’s election in early November, almost all the top digital tokens are now down sharply for the year.