Juan Leon, senior investment strategist at Bitwise, said investors had started allocating funds to spot cryptocurrency ETFs in the hope that Mr. Trump's pro-crypto administration would be in the White House in less than two weeks, with data showing that spot bitcoin and ethereum ETFs have attracted $1.75 billion so far in 2025. "In terms of the regulatory agenda, you've seen the Trump administration pick a number of cabinet members, both the SEC and the Treasury, who are pro-cryptocurrency people," Mr. Leon added. Moreover, recent inflows have been concentrated in Fidelity FBTC rather than BlackRock, with $370 million flowing into FBTC on Monday, the third-highest daily inflow on record.