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Spot Bitcoin ETF trading volume has collapsed 78% from its October 2025 peak, according to Glassnode data. The 30-day moving average for U.S. spot Bitcoin ETFs fell from roughly $4.4 billion per day to about $960 million per day — the kind of reset that strips the froth out of a cycle's hottest access channel.
Why it matters
Spot Bitcoin ETFs were the institutional on-ramp of the 2024-2025 cycle. A near-80% retrenchment in average daily volume on that venue is not noise — it tells you the marginal TradFi buyer has stepped back. Glassnode pairs the ETF read with a 49% drop in DAT (digital asset treasury) company trading volume, framing both TradFi channels as sending the same signal: speculative demand from traditional financial markets has been steadily fading.
Market impact
The combined picture is the cleanest demand-side bearish case on Bitcoin in months. ETF flows were the price-insensitive bid that absorbed sell pressure through the second half of 2024 and into 2025; with that bid thinning, $BTC becomes more dependent on retail perp flows and miner-driven supply dynamics. The next read is whether the $960M/day floor holds — a break below it would confirm that the ETF cohort has rolled from accumulation to distribution rather than just going quiet.
Frequently asked questions
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How much has spot Bitcoin ETF trading volume dropped?
The 30-day moving average for U.S. spot Bitcoin ETFs fell from roughly $4.4 billion per day in October 2025 to about $960 million per day, a decline of 78% per Glassnode.
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What is the DAT company volume drop Glassnode is referencing?
Glassnode cites a 49% drop in DAT (digital asset treasury) company trading volume, framing both major TradFi channels for Bitcoin as sending the same fading-demand signal.
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Why does ETF volume matter for Bitcoin price?
Spot Bitcoin ETFs were the institutional on-ramp of the 2024-2025 cycle and acted as a price-insensitive bid that absorbed sell pressure. A 78% retrenchment in average daily volume suggests that marginal TradFi buyer has stepped back, leaving $BTC more dependent on retail perp flows and miner supply dynamics.
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Is this drop a pause or a trend reversal for ETF demand?
Glassnode frames it as a steady fade in speculative demand rather than a one-day event. The next key read is whether the $960M/day floor holds — a break below would suggest the cohort has rolled from accumulation to distribution.
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Does this affect Bitcoin's price directly?
The article does not state a direct price effect, but it notes that with the ETF bid thinning, $BTC becomes more dependent on retail perp flows and miner-driven supply, which is a structurally more volatile demand base than the institutional channel that has cooled.
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