ETFs for Bitcoin Haven’t Expanded Since Trump’s Win, Report Says

U.S.-listed spot Bitcoin ETFs have seen their total net assets fall back to levels last seen shortly after Donald Trump’s election win in early November 2024.

Investor appetite for Bitcoin spot ETFs has weakened, with persistent outflows putting pressure on the sector.

As of June 9, combined net assets across the 11 spot Bitcoin ETFs stood at $77.58 billion—essentially matching the level recorded right after Trump’s election victory in November 2024.

Although the ETFs initially saw strong expansion following the election, driven by expectations of more crypto-friendly policies, assets quickly moved above $90 billion within a week and later peaked at $169.54 billion in October 2025.

Since that peak, however, all gains have been erased despite a more favorable regulatory backdrop, including reduced SEC enforcement actions, the launch of a U.S. strategic Bitcoin reserve, and progress on the Digital Asset Market Clarity Act aimed at clarifying regulatory jurisdiction between the SEC and CFTC.

Even with these policy improvements, investor flows have shifted firmly toward withdrawals rather than inflows.

Over the past four weeks, spot Bitcoin ETFs have recorded more than $5 billion in net outflows. Cumulative inflows since launch, which peaked at $62.77 billion in October 2025 during Bitcoin’s all-time high, have now dropped by nearly $9 billion to $53.77 billion—the lowest level since August of last year.

Analysts largely attribute the downturn to macroeconomic pressures, especially persistent inflation that has kept the Federal Reserve in a restrictive stance.

Binance Research noted, “ETF outflows reflected short-term pressure as inflation drives the Fed hawkish, while on-chain supply tightening remains intact.”

Former 21Shares co-founder and analyst Ophelia Snyder added that capital is increasingly rotating into competing narratives such as artificial intelligence and other high-growth sectors.

She also pointed to broader uncertainty across geopolitics, inflation data, U.S. labor figures, and tensions around the Strait of Hormuz as additional factors contributing to investor caution and ETF outflows.