According to Kaiko data, the daily trading volume of BlackRock's iShares Bitcoin Trust has reached $16 billion to $18 billion, approaching the scale of Binance's spot market and more than double Coinbase's daily trading volume of $6 billion to $8 billion. Meanwhile, the proportion of global Bitcoin spot trading volume during U.S. trading hours has risen to 47%, up from 38% before the ETF launch.