U.S. spot Bitcoin exchange-traded funds have emerged as institutional powerhouses, generating up to $10 billion in daily trading volume and rivalling major cryptocurrency exchanges in market influence. These are the findings of a research done by CryptoQuant. It reveals that these ETFs now command a significant 13.1% share of total Bitcoin spot trading since the 2024 presidential election, marking a watershed moment for institutional cryptocurrency adoption.
The eleven U.S. spot Bitcoin ETFs collectively process $2.77 billion in daily volume, representing approximately 67% of Binance’s Bitcoin trading activity. This dramatic surge reflects Wall Street’s growing appetite for cryptocurrency exposure through regulated investment vehicles, as traditional financial institutions increasingly embrace digital assets.
Binance Maintains Trading Dominance Despite ETF Growth
Despite the ETFs’ impressive performance, Binance continues to lead global Bitcoin trading with volumes reaching $18 billion on peak days. The world’s largest cryptocurrency exchange maintains a 29.1% market share of total Bitcoin spot trading, compared to 13.5% for Crypto.com and 13.1% for all U.S. ETFs combined.
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Julio Moreno, CryptoQuant’s head of research, emphasizes that Bitcoin spot trading through U.S.-based ETFs has become “a significant source of investor exposure to Bitcoin.” The ETFs regularly surpass most centralized exchanges on active trading days, demonstrating their growing influence in price discovery and market liquidity.
Ethereum ETFs Lag Behind Bitcoin in Institutional Adoption
The story differs dramatically for Ethereum, where U.S. ETFs capture only 4.4% of spot trading volume compared to Bitcoin’s 13% share. Ethereum trading remains concentrated on cryptocurrency exchanges, with Binance commanding 35% market share and Crypto.com holding 20%. ETFs rank sixth in Ethereum trading institutions, highlighting the slower institutional adoption of the second-largest cryptocurrency.
This disparity suggests Bitcoin has achieved broader acceptance among institutional investors, while Ethereum faces regulatory uncertainty and operational complexities that limit ETF participation. The concentration of Ethereum trading on centralized exchanges indicates significant room for growth before achieving widespread institutional adoption comparable to Bitcoin’s current trajectory.
