CryptoQuant: US ETFs have become the main source of Bitcoin spot trading volume

ChainCatcher news, CryptoQuant research director Julio Moreno stated that U.S. ETFs have become the main source of Bitcoin spot trading volume. Currently, U.S. spot Bitcoin ETFs have daily trading volumes that typically reach $5 billion to $10 billion on active days, sometimes even exceeding most cryptocurrency exchanges, reflecting the growing institutional demand. However, Binance remains the primary trading venue for BTC and ETH.

Binance continues to lead in spot trading volume, with BTC trading volume peaking at $18 billion and ETH trading volume reaching $8.8 billion to $11.1 billion, surpassing ETFs and all other exchanges. On key trading days such as August 13 and August 22, Binance's ETH trading volume was 54% and 96% higher than ETF ETH trading volume, respectively. Ethereum trading is concentrated on cryptocurrency exchanges. Since the 2024 U.S. presidential election, ETH spot trading has primarily concentrated on Binance (35%), followed by Crypto.com (20%), with ETFs ranking sixth (4%), indicating limited participation of ETFs in ETH spot trading. This suggests that institutional investors are adopting Ethereum at a slower pace compared to Bitcoin.