US Bitcoin ETFs reached $10 billion in daily volumes, closing in on daily spot volumes on major exchanges.
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 up 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.
