US Spot ETFs See 13% of Bitcoin Trading Volume, Binance Accounts for 34.69%

US spot Bitcoin ETFs have a daily trading volume between $5-10 billion, but exchanges like Binance observe up to $18 billion in volume on peak days. Despite their popularity, spot ETFs only hold a 4.53% Bitcoin volume dominance, making exchanges the primary venue for trading.

In recent months, the role of US spot Bitcoin exchange-traded funds (ETFs) in the cryptocurrency market has grown significantly. According to CryptoQuant, these ETFs now generate between $5 to $10 billion in daily trading volume on active days, sometimes surpassing major crypto exchanges. However, despite their growing influence, ETFs still hold a relatively small share of Bitcoin's total trading volume.

Julio Moreno, head of research at CryptoQuant, noted that while US spot Bitcoin ETFs are a substantial source of investor exposure to Bitcoin, they only account for approximately 4.53% of Bitcoin's total trading volume. This is in contrast to exchanges like Binance, which observe up to $18 billion in volume on peak days. The world's largest crypto exchange consistently leads in spot trading volume, with daily volumes sometimes exceeding those of ETFs combined [1].

Ethereum ETFs, on the other hand, have seen a surge in inflows, with a reported $4 billion in net inflows in August alone. However, their participation in spot trading is relatively limited, with ETFs ranking sixth in ETH spot trading, accounting for just 4% of the total volume. This underscores a slower institutional adoption of Ethereum compared to Bitcoin [2].

Despite the dominance of exchanges in the spot trading market, ETFs have become a significant player in price discovery and institutional adoption. Nick Ruck, director at LVRG Research, highlighted that ETFs are not just supplementing but actively reshaping spot market liquidity, with their trading activity increasingly correlated with underlying BTC price movements. This indicates that ETFs are becoming a fundamental gateway for traditional capital into the crypto market [1].

The recent inflow dynamics also show a shift in investor preferences. While Bitcoin ETF inflows have slowed, Ethereum ETFs have seen a significant increase in inflows, with an aggregate inflow of $1.24 billion over the past four trading days, compared to $571.6 million for Bitcoin ETFs. This trend suggests that investors are increasingly looking towards Ethereum as an alternative to Bitcoin [2].

In conclusion, while US spot Bitcoin ETFs have made significant strides in the crypto market, exchanges like Binance still hold the lion's share of Bitcoin's trading volume. However, ETFs are playing a crucial role in institutional adoption and price discovery, indicating their growing importance in the crypto ecosystem.

References:
[1] https://cointelegraph.com/news/bitcoin-etfs-take-share-spot-trading-volume
[2] https://bitzo.com/2025/08/bitcoin-price-analysis-btc-loses-momentum-slips-below-110000-yet-again
[3] https://cryptonews.com/news/us-bitcoin-etfs-dominate-spot-volume-with-10b-daily-trading-is-this-dangerous/