Spot Bitcoin ETFs in the United States are now accounting for a substantial portion of daily trading activity as institutional interest in crypto deepens.
“US-based Bitcoin spot ETFs have become an increasingly important channel for investor exposure to the asset,” said Julio Moreno, head of research at blockchain analytics firm CryptoQuant, on Thursday.
According to Moreno, these ETFs often generate between $5 billion and $10 billion in daily trading volume on active days—at times exceeding the activity of many major crypto exchanges—underscoring the rising institutional demand.
Binance remains the leader in spot trading volume
He noted that Binance, the world’s largest cryptocurrency exchange, continues to dominate spot trading volumes.
Bitcoin trading has climbed to as much as $18 billion on peak days, while Ether has reached up to $11 billion.
Data from CoinGlass shows that the 11 US spot Bitcoin ETFs currently see about $2.77 billion in daily trading volume—roughly 67% of Binance’s spot Bitcoin volume, which CoinGecko estimates at $4.1 billion.
Overall, Binance records around $22 billion in total daily trading volume across all pairs.
“US spot Bitcoin ETFs have become a dominant force in the crypto market, playing a crucial role in price discovery and driving institutional adoption,” Nick Ruck, director at LVRG Research, told Cointelegraph.
Meanwhile, Moreno noted that ETH spot trading remains heavily concentrated on Binance, with Crypto.com in second place, while ETFs account for just 4% and rank sixth overall.
This highlights the “limited role of ETFs in ETH spot trading” and suggests that institutional adoption of Ethereum is progressing more slowly than Bitcoin.
Still, recent daily ETF data points to a shifting trend.
Bitcoin ETF inflows cool as Ether gains momentum
Spot Bitcoin ETFs have seen a slowdown in inflows this week, recording $571.6 million over the past four trading days, according to CoinGlass.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for the largest portion, drawing nearly 40% of that total, or $223.3 million, since Monday.
The cooling demand coincides with a 2.5% drop in Bitcoin’s price since the start of the week, slipping to $111,600 at the time of writing.
In contrast, spot Ether ETFs have outperformed, attracting $1.24 billion in inflows—more than double the amount that flowed into Bitcoin funds over the same period.
Ether ETFs have posted net inflows every day since Aug. 20 and have brought in over $4 billion this month alone, representing 30% of total inflows since their launch 13 months ago.
“ETF flow dynamics show they’re not just supplementing but actively reshaping spot market liquidity, with trading activity becoming increasingly tied to Bitcoin’s price movements,” Ruck noted.
“These products now represent a significant percentage of Bitcoin’s total supply, cementing ETFs as a fundamental gateway for traditional capital.”
