The net asset value of US spot Bitcoin ETFs has declined to $77.58 billion, matching levels seen in early November 2024 following Trump's election victory. Despite regulatory improvements, including the SEC's rescission of enforcement actions and the establishment of a strategic Bitcoin reserve, ETF assets have halved from their peak of $169.54 billion in October 2025. Over the past month, Bitcoin ETFs experienced net outflows exceeding $5 billion, with cumulative net inflows dropping from $62.77 billion to $53.77 billion, the lowest since August last year. Analysts cite high inflation and a hawkish Federal Reserve as key factors, alongside investor interest shifting towards AI and SpaceX narratives.