The total net assets of U.S.-listed spot Bitcoin ETFs have dropped back to levels last seen shortly after Donald Trump’s election victory in early November 2024.
Investor enthusiasm for Bitcoin spot exchange-traded funds (ETFs) has clearly weakened, with significant capital flowing out of the sector.
As of June 9, the combined net assets across the 11 spot Bitcoin ETFs stood at $77.58 billion, matching the level recorded in early November 2024, just after Trump’s election win.
While the ETF market did expand significantly in the months that followed, driven in part by expectations that Trump would introduce more crypto-friendly policies, total net assets surged past $90 billion within a week of the election and eventually reached a peak of $169.54 billion in October 2025.
However, those gains have since been fully reversed, despite a more supportive regulatory backdrop under the Trump administration, including reduced SEC enforcement actions, the establishment of a U.S. strategic Bitcoin reserve, and progress on the Digital Asset Market Clarity Act aimed at clarifying oversight between the SEC and CFTC.
In effect, even though the regulatory environment has improved, investor sentiment has shifted in the opposite direction, with capital flowing out of ETFs rather than into them.
Recent data shows more than $5 billion in net outflows over the past four weeks. Total cumulative inflows since launch, which peaked at $62.77 billion in October 2025 when Bitcoin reached its all-time high, have now declined by nearly $9 billion to $53.77 billion—its lowest level since August of last year.
Analysts attribute the weakness largely to macroeconomic pressures, particularly persistent inflation that has kept the Federal Reserve in a more hawkish stance.
According to Binance Research, “ETF outflows reflected short-term pressure as inflation drives the Fed hawkish, while on-chain supply tightening remains intact.”
Meanwhile, market analyst and former 21Shares co-founder Ophelia Snyder noted that competing narratives such as artificial intelligence and other high-growth sectors are drawing investor attention and capital away from crypto.
She added that ongoing uncertainty around geopolitics, U.S. economic data, inflation, and global tensions—including concerns around the Strait of Hormuz—has further contributed to investor caution and ETF outflows.
