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

Investor demand for Bitcoin spot exchange-traded funds has weakened noticeably, with significant withdrawals weighing on the sector.

As of June 9, combined net assets across the 11 spot Bitcoin ETFs stood at $77.58 billion, essentially unchanged from the level seen immediately after Trump’s election win in November 2024.

Although the ETFs experienced strong growth in the months that followed—supported by optimism around more crypto-friendly policies under Trump—assets quickly climbed above $90 billion within a week of the election and later peaked at $169.54 billion in October 2025.

Since that peak, however, all those gains have been erased, even as regulatory conditions improved, including reduced SEC enforcement actions, the creation of a U.S. strategic Bitcoin reserve, and progress on the Digital Asset Market Clarity Act aimed at clarifying oversight between the SEC and CFTC.

Despite a more favorable policy environment, investor behavior has shifted toward withdrawals rather than accumulation.

Over the past four weeks, the ETFs have recorded more than $5 billion in net outflows. Cumulative inflows since launch, which reached a high of $62.77 billion in October 2025 during Bitcoin’s price peak, have since dropped by nearly $9 billion to $53.77 billion—its lowest level since August last year.

Analysts say macroeconomic conditions are the primary driver, especially persistent inflation that has kept the Federal Reserve in a restrictive stance.

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

Separately, former 21Shares co-founder and market analyst Ophelia Snyder said capital is increasingly flowing toward competing narratives such as artificial intelligence and other high-growth sectors.

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