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Bitcoin ETFs Are No Bigger Today Than When Trump Won the Election
Bitcoin spot exchange-traded funds (ETFs) have fallen out of investor favour — and how.
The total dollar value of net assets across the 11 spot ETFs stood at $77.58 billion on June 9. That is the same level seen just after President Donald Trump won the presidential election in early November 2024.
This is not to say the ETFs did not grow during the 19-month period. Hopes that Trump would deliver on his campaign promise of friendlier crypto regulation helped push Bitcoin higher, along with ETF assets. Total net assets crossed $90 billion within a week of his election win and went on to hit a record high of $169.54 billion in October 2025.
But since then, these post-election gains have been erased even though the Securities and Exchange Commission (SEC), under the Trump administration, dropped several high-profile enforcement actions. The U.S. has established a strategic Bitcoin reserve, and, further, the Digital Asset Market Clarity Act, which seeks to establish jurisdictional boundaries between the SEC and CFTC and give the industry legal heft, is advancing in Washington.
In other words, the regulatory environment has never been more favourable, yet investors’ response has been to leave, pulling net assets lower.
These ETFs have registered a net outflow of more than $5 billion in four weeks. Cumulative net inflows since inception, which peaked at $62.77 billion in October 2025 when Bitcoin was at its all-time high, have since declined by nearly $9 billion to $53.77 billion, the lowest level since August last year.
Analysts blame macro factors, especially elevated inflation, for the recent outflows from the ETFs.
“ETF outflows reflected short-term pressure as inflation drives the Fed hawkish, while on-chain supply tightening remains intact,” Binance Research said in a report shared with CoinDesk.
Market analyst and former 21Shares co-founder Ophelia Snyder said AI and other trending corners of the financial market are draining capital from crypto.
“You have ETF outflows as investors are increasingly distracted by other narratives competing for attention and capital, whether that’s AI, SpaceX, or other high-profile growth stories. You have ongoing market jitters around geopolitics, the Strait of Hormuz, U.S. jobs data, inflation, and broader macroeconomic uncertainty,” she said in an email.
See also: "Bybit Introduces IPO Express With Tokenised SpaceX Shares"
