US ETFs now a major source of Bitcoin spot trading volume: CryptoQuant

US spot Bitcoin ETFs are now driving up to $10 billion in daily trades, rivaling major exchanges and underscoring their role in institutional adoption of crypto.

United States-based spot Bitcoin exchange-traded funds are now responsible for a significant share of daily spot trading as institutional investors have continued to warm to crypto.

“Bitcoin spot trading volumes through US-based ETFs have become a significant source of investor exposure to Bitcoin,” said Julio Moreno, head of research at blockchain analytics firm CryptoQuant, on Thursday.

US-based spot Bitcoin (BTC) ETFs now regularly generate $5 billion to $10 billion in daily volume on active days, sometimes surpassing most crypto exchanges, “reflecting growing institutional demand,” he added.