MarketPR
Net assets held in U.S.-listed spot Bitcoin ETFs have retreated to the same levels recorded just after Donald Trump won the presidential election in early November 2024, effectively wiping out whatever gains the products accumulated in the months that followed.
The on-chain scoreboard, not the press cycle, tells the story: the wrapper that was supposed to funnel a new era of institutional money into $BTC is no larger today than it was at the moment the election results came in.
What the Data Actually Shows Net assets in a spot ETF move with two variables: the price of the underlying asset and the number of shares outstanding.
A decline can reflect redemptions, a falling $BTC price, or a combination of both. The source does not break out which force dominates here.
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