Total net assets held by the 11 U.S. spot Bitcoin ETFs fell to $77.58 billion on June 9, bringing the group back to roughly the same size it was shortly after Donald Trump won the U.S. presidential election in early November 2024. The post-election build-up in ETF assets has now largely been wiped out.
The funds did expand sharply during the 19 months in between. Expectations that Trump would follow through on campaign promises for friendlier crypto regulation helped lift both Bitcoin and ETF balances. Within a week of the election result, total net assets moved above $90 billion, and by October 2025 they had reached a record $169.54 billion.
Friendlier policy backdrop has not stopped withdrawals
That rise has since reversed even as the U.S. regulatory climate has turned more supportive. According to the report, the Securities and Exchange Commission under the Trump administration dropped several prominent enforcement actions. The U.S. has also created a strategic bitcoin reserve, while the Digital Asset Market Clarity Act is advancing in Washington with the aim of defining the jurisdictional line between the SEC and the CFTC and giving the industry a firmer legal footing.
Even so, investors have been pulling money out. Over the past four weeks, the ETFs recorded more than $5 billion in net outflows. Since-launch cumulative net inflows had peaked at $62.77 billion in October 2025, when Bitcoin hit its all-time high. That figure has now dropped to $53.77 billion, a decline of nearly $9 billion and the lowest level since August last year.
Inflation and competing market themes weigh on demand
Analysts cited macro conditions as the main driver behind the latest outflows. In a report shared with CoinDesk, Binance Research said the ETF withdrawals reflected short-term pressure as inflation kept the Federal Reserve hawkish, even while tightening in on-chain supply remained in place.
Market analyst and former 21Shares co-founder Ophelia Snyder said capital is also being diverted to other high-profile themes across financial markets. In an email, she said investor attention and money are being drawn toward AI, SpaceX, and other growth narratives, while geopolitical concerns, the Strait of Hormuz, U.S. jobs data, inflation, and broader macroeconomic uncertainty continue to unsettle markets.
The recent move leaves spot Bitcoin ETFs in a striking position: policy conditions have improved, but fund flows have weakened. For now, macro pressure is proving stronger than the regulatory tailwind.