The U.S. spot Bitcoin exchange-traded funds (ETFs) now hold a significant share in daily spot trading as institutional investors continue to warm up to cryptocurrencies.
Blockchain analytics firm CryptoQuant's research director, Julio Moreno, stated on Thursday: "Spot trading of Bitcoin through U.S. ETFs has become an important source for investors to access Bitcoin."
He added that U.S. spot Bitcoin (BTC) ETFs now generate daily trading volumes of $5 billion to $10 billion on active days, sometimes surpassing most cryptocurrency exchanges, "reflecting the growing institutional demand."
However, he noted that Binance, the world's largest cryptocurrency exchange, consistently maintains a leading position in spot trading volume.
Bitcoin trading volume has surged to $18 billion, while Ethereum (ETH) trading volume peaked at $11 billion on high-volume days.
According to CoinGlass data, the total daily trading volume of 11 U.S. spot Bitcoin funds currently stands at $2.77 billion. According to CoinGecko data, this is about 67% of Binance's daily spot Bitcoin trading volume, which is approximately $4.1 billion.
The total daily trading volume across all trading pairs on Binance is about $22 billion.
Nick Ruck, director of LVRG Research, told Cointelegraph: "U.S. spot Bitcoin ETFs have become a dominant force in the cryptocurrency market, showcasing their critical role in price discovery and institutional adoption."
Moreno pointed out that ETH spot trading is primarily concentrated on Binance, followed by Crypto.com, while ETFs rank sixth, accounting for only 4%.
This highlights the "limited participation of ETFs in ETH spot trading," indicating that "the pace of institutional adoption for Ethereum is slower than that of Bitcoin."
However, recent ETF data tells a different story.
According to CoinGlass data, inflows into the 11 spot Bitcoin ETFs slowed this week, totaling $571.6 million over the past four trading days.
BlackRock's iShares Bitcoin Trust (IBIT) accounted for the largest share of these inflows, making up about 40% or $223.3 million since Monday.
This comes against the backdrop of Bitcoin's approximately 2.5% decline since Monday, dropping to $111,600 at the time of writing, as market sentiment cools.
In contrast, spot Ethereum ETFs have performed much better, with total inflows of $1.24 billion over the past four trading days, more than double that of BTC funds.
Ethereum funds have not seen a net outflow day since August 20, recording over $4 billion in inflows this month, which accounts for 30% of total inflows since the product's launch 13 months ago.
Ruck stated: "The current flow dynamics indicate that ETFs are not only supplementing but actively reshaping spot market liquidity, with their trading activity increasingly correlating with the underlying BTC price movements."
Related: The U.S. Commodity Futures Trading Commission (CFTC) opens a pathway for U.S. citizens to access offshore crypto exchanges.
Original article: “CryptoQuant: U.S. Spot ETFs Have Become a Major Source of Bitcoin (BTC) Trading Volume”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
