U.S. Spot Bitcoin ETF Assets Fall Back to Post-Election Levels
U.S.-listed spot bitcoin ETFs held $77.58 billion in net assets on June 9, returning to levels last seen just after Donald Trump’s November 2024 election win. CoinDesk reported that recent outflows have come despite a more favorable U.S. regulatory backdrop for crypto.
What happened?
U.S.-listed spot bitcoin ETFs held $77.58 billion in net assets on June 9, returning to levels last seen just after Donald Trump’s November 2024 election win. CoinDesk reported that recent outflows have come despite a more favorable U.S. regulatory backdrop for crypto.
Why it matters
The move matters because it suggests investor demand for bitcoin exposure through ETFs has weakened even as the policy environment has become more supportive of the crypto industry. CoinDesk noted that the SEC under the Trump administration dropped several high-profile enforcement actions, the U.S. established a strategic bitcoin reserve, and the Digital Asset Market Clarity Act has been advancing in Washington.
U.S.-listed spot bitcoin exchange-traded funds have lost enough assets to erase their post-election expansion, according to CoinDesk. Total net assets across the 11 spot bitcoin ETFs stood at $77.58 billion on June 9, roughly the same level seen shortly after Donald Trump won the U.S. presidential election in early November 2024.
The move matters because it suggests investor demand for bitcoin exposure through ETFs has weakened even as the policy environment has become more supportive of the crypto industry. CoinDesk noted that the SEC under the Trump administration dropped several high-profile enforcement actions, the U.S. established a strategic bitcoin reserve, and the Digital Asset Market Clarity Act has been advancing in Washington.
The funds did grow after the election. ETF assets crossed $90 billion within a week of Trump’s victory and later reached a record $169.54 billion in October 2025, helped by expectations of friendlier crypto regulation and a higher bitcoin price. Those gains have since been wiped out on a net-asset basis.
Recent withdrawals have added pressure. The ETFs recorded more than $5 billion in net outflows over four weeks, while cumulative net inflows since launch fell from an October 2025 peak of $62.77 billion to $53.77 billion, the lowest level since August last year.
Analysts cited macro conditions and competing market themes as possible reasons for the pullback. Binance Research pointed to inflation and a more hawkish Federal Reserve backdrop, while market analyst Ophelia Snyder told CoinDesk that investors are being drawn toward other growth narratives such as AI, SpaceX and broader macro stories.