Spot Bitcoin ETFs traded in the US have experienced a marked weakening in investor interest in recent weeks. The total net asset value of 11 spot ETFs was $77.58 billion as of June 9. This level marked the same point as that seen immediately after US President Donald Trump’s election victory in early November 2024.
The post-election rise has largely faded
It is not correct to say that the funds did not grow at all during the period in question. The expectation of more supportive crypto regulations, expressed by Trump during his election campaign, had pushed the Bitcoin price and ETF assets up. Total net assets rose to over $90 billion within a week after the election result and broke the record at $169.54 billion in October 2025.
However, after this summit, most of the gains made after the election were given back. This decline occurred despite the US Securities and Exchange Commission ending some high-profile enforcement actions during the Trump administration. During the same period, the US created a strategic Bitcoin reserve and progress was made in Washington on the Digital Asset Market Clarity Act, which aims to clarify the lines of authority between the SEC and the Commodity Futures Trading Commission.
In its evaluation shared with CoinDesk, Binance Research stated that ETF outflows reflect short-term pressure, inflation keeps the US Federal Reserve in a tighter line, while on-chain supply tightness continues.
Money outflow continues even as regulatory outlook remains positive
The remarkable point for the market is that investors moved away from the fund even though the regulatory environment seemed more favorable compared to previous periods. More than $5 billion in net outflows have been recorded from these ETFs in the last four weeks. Total net inflows since their establishment reached $62.77 billion in October 2025, when Bitcoin was at its all-time high. This amount later decreased by approximately $9 billion to $53.77 billion, the lowest level since August last year.
Mini dictionary: Spot ETF refers to an exchange-traded fund that directly holds the underlying asset. Spot Bitcoin ETFs aim to track the price by buying and storing Bitcoin directly rather than through futures transactions.
Analysts point to macro pressures
Analysts think that high inflation and broad macroeconomic pressures are especially effective in the recent outflows. While high inflation may cause the US Federal Reserve to remain more cautious about interest rate cuts, it may also limit the appetite for risky assets.
Ophelia Snyder, market analyst and former co-founder of 21Shares, also emphasized that capital does not move only with developments within the crypto market. According to Snyder, the theme of artificial intelligence and other growth stories in financial markets are shifting some investor interest away from crypto assets.
Ophelia Snyder notes that investors’ attention and capital are divided between high-profile growth narratives like AI, SpaceX, and others; He stated that geopolitical tensions, the Strait of Hormuz, US employment data, inflation and general macro uncertainty were also added to this.
This chart shows that despite a more positive regulatory framework, investor behavior in Bitcoin ETFs is shaped by macro data and alternative market themes in the short term. Recent data indicates that net assets in funds have largely erased post-election gains.
