US Bitcoin ETFs are now a major source of Bitcoin spot trading volume, according to data from CryptoQuant. These US Bitcoin ETFs regularly generate $5 billion to $10 billion in daily volumes on active days.
Julio Moreno, head of research at CryptoQuant, said on Thursday,
“Bitcoin spot trading volumes through US-based ETFs have become a significant source of investor exposure to Bitcoin.”
He noted that US Bitcoin ETFs sometimes surpass trading volumes on most crypto exchanges.
Across the 11 US Bitcoin ETFs, total daily trading volume has reached $2.77 billion, based on data from CoinGlass. This represents about 67% of Binance’s daily Bitcoin spot trading volume, which stood at $4.1 billion, according to CoinGecko.
Despite rising US Bitcoin ETF trading activity, Binance remains the largest venue for Bitcoin spot trading. The exchange processes $22 billion in total daily trading volume across all pairs, with Bitcoin reaching up to $18 billion on peak days.
Ethereum also records strong trading volumes on centralized exchanges. ETH spot trading volumes have climbed as high as $11 billion during peak activity. Most of this volume is concentrated on Binance, with Crypto.com following in second place.
In contrast, US Ether ETFs account for only 4% of ETH spot trading volume, ranking sixth among platforms. CryptoQuant highlighted this as evidence of slower ETF adoption for Ether compared to Bitcoin.
Flows into US Bitcoin ETFs slowed this week. According to CoinGlass, the 11 Bitcoin ETFs saw $571.6 million in inflows across the last four trading days. The BlackRock iShares Bitcoin Trust (IBIT) captured the largest share with nearly 40%, totaling $223.3 million since Monday.
During the same period, the price of Bitcoin (BTC) fell by around 2.5%, trading near $111,600 at the time of writing. Sentiment cooled as inflows declined.
Meanwhile, Ether ETFs attracted much higher volumes. Over the last four trading days, spot Ether ETFs saw $1.24 billion in inflows, more than double the Bitcoin ETF figure. Ether ETFs have now added over $4 billion in inflows this month, representing 30% of total inflows since launch 13 months ago. Notably, Ether ETFs have not had a net outflow day since August 20.
Nick Ruck, director at LVRG Research, said,
“US spot Bitcoin ETFs have emerged as a dominant force in crypto markets and demonstrate their pivotal role in price discovery and institutional adoption.”
Ruck explained,
“Current flow dynamics show ETFs are not just supplementing but actively reshaping spot market liquidity, with their trading activity increasingly correlated with underlying BTC price movements.”
He added that US Bitcoin ETFs now represent a significant percentage of Bitcoin’s supply, making them a central access point for traditional capital entering the crypto market.
