US spot Bitcoin ETF volumes drop 78% from peak, says Glassnode

The US spot Bitcoin ETF market has gone quiet. Daily trading volumes have cratered roughly 78% from their October 2025 peak, according to Glassnode data, settling into a range that looks more like late 2024 than the frenzy that defined last year.

To put that in perspective: at the peak, these ETFs were moving around $4.4 billion per day. Now the 30-day simple moving average sits between $650 million and $950 million.

The numbers behind the cooldown

June 2026 was particularly brutal, marking the worst month in history for spot Bitcoin ETF outflows. While that bleeding has shown some signs of slowing, the monthly flow picture remains negative.

Despite the outflows and volume decline, total ETF assets under management are estimated between $78 billion and $100 billion. Since their inception, cumulative trading volumes across spot Bitcoin ETFs have approached or surpassed $2 trillion.

Current trading volumes mirror what we saw in Q4 2024, which means the market has essentially rewound the clock by nearly two years in terms of engagement. The frenzied institutional adoption narrative that carried Bitcoin to highs near $126,000 in 2025 has given way to something much more subdued.

Why the enthusiasm faded

Bitcoin itself tells part of the story. BTC has been consolidating in a range between $58,000 and $65,000, a far cry from the euphoric levels of last year.

Glassnode attributes the reduced volumes to what it calls a lack of stabilized institutional conviction. The major players are still around. BlackRock and Fidelity continue to command significant market share among ETF issuers, but their presence has shifted from active market-making catalysts to something more resembling steady-state portfolio managers.

What this means for investors

The volume drop creates a mixed signal for anyone watching the Bitcoin market. Lower ETF activity removes one of the key demand drivers that propelled BTC through 2025, and that buying pressure has clearly diminished.

The resilient AUM figures suggest the institutional base hasn’t evaporated. Somewhere between $78 billion and $100 billion in assets still sits inside these products, even as Bitcoin trades more than 48% below its 2025 highs.

The record outflows of June appear to be easing, but until institutional conviction stabilizes in a meaningful way, the era of $4 billion daily volumes looks like it belongs to a different market cycle entirely.