Glassnode
US spot Bitcoin ETF trading volume has fallen 78% from its peak, with the 30-day moving average now sitting below 2024 levels. Glassnode's latest reading tracks aggregate daily turnover across every US-listed spot Bitcoin ETF, denominated in USD, framing the environment as a quiet regime rather than a structural break.
The metric is published as a 1,004,264,206 USD 30-day SMA on Glassnode Studio, paired against multi-asset peers including ETH, SOL, XRP, BNB, DOGE, AVAX, DOT, HBAR, HYPE, LINK, LTC, SUI, XAG and XAU. Its stated purpose is to gauge overall ETF market liquidity and investor activity for the underlying asset, with rising totals interpreted as a sign of growing institutional participation.
Why it matters
Volume, not price, is the read here. A 78% drawdown in aggregate spot ETF turnover is the kind of contraction that typically shows up well before the chart itself turns, because liquidity providers and market makers thin their quotes when participation cools. The signal worth watching is whether the 30-day SMA continues to compress or stabilises at a new floor.
Market impact
Glassnode's read is that a sustained recovery in $BTC price momentum would likely require attention and market participation to return from other asset classes. For now the venue is functional but quiet, and the gap between current volumes and 2024 baseline is the cleanest single number describing the flow environment for institutional spot Bitcoin exposure.
Source: [Title: Bitcoin US Spot ETF Total Trading Volume Chart - Glassnode](https://studio.glassnode.com/charts/institutions.UsSpotEtfVolumeTotal?a=BTC&c=usd&chartStyle=column&mAvg=30)
Frequently asked questions
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How far are US spot Bitcoin ETF volumes from their peak?
Glassnode's latest reading puts the 30-day moving average of US spot Bitcoin ETF trading volume 78% below its peak, with the SMA now sitting below 2024 levels.
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What does the Glassnode US spot ETF volume metric measure?
It tracks daily aggregate trading volume across all US-traded spot ETFs that hold the selected crypto asset, reported as total ETF shares traded and the equivalent USD value, with a 30-day moving average to smooth daily noise.
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What is the latest 30-day SMA reading for US spot BTC ETF volume?
Glassnode publishes a latest value of roughly 1,004,264,206 USD on the 30-day SMA chart, alongside a 24-hours-ago reference point.
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Why does falling ETF volume matter for $BTC price?
A 78% drawdown in aggregate spot ETF turnover typically shows up well before the chart itself turns, because liquidity providers and market makers thin their quotes when participation cools.
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What would it take for spot Bitcoin ETF volumes to recover?
Glassnode's read is that a sustained recovery in $BTC price momentum would likely require attention and market participation to return from other asset classes.
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