Matrixport's analysis of Bitcoin ETF inflows highlights a substantial net inflow of $34 billion in 2024 and $22 billion in 2025, despite non-linear growth. The firm notes that while inflows slowed temporarily in early 2025 due to Trump's tariff policies, they picked up pace before the FOMC meeting in October. This pattern suggests a cyclical adjustment rather than a structural decline, potentially setting the stage for increased inflows in 2026.