Key Takeaways:
US spot Bitcoin ETF daily trading volumes have fallen 78% from their October 2025 peak, Glassnode data shows.
US spot Bitcoin ETF daily trading volumes have fallen roughly 78% from their October 2025 peak to a range of $650 million to $950 million, according to Glassnode.
"The decline reflects a lack of stabilized institutional conviction," the on-chain analytics firm said in a note, attributing the cooldown to Bitcoin's prolonged consolidation below its 2025 highs.
At their peak in October 2025, the ETFs were moving about $4.4 billion per day. The 30-day simple moving average now sits between $650 million and $950 million, a level last seen in the fourth quarter of 2024. June 2026 marked the worst month on record for spot Bitcoin ETF outflows, and while the pace of redemptions has slowed, the monthly flow picture remains negative.
The volume collapse removes one of the primary demand drivers that propelled Bitcoin through its 2024-2025 bull cycle, when the token reached highs near $126,000. With Bitcoin trading at $62,589 — roughly 48% below those peaks and 30% lower year-to-date — the ETF channel that once served as a powerful price catalyst has shifted from an active market-making force to a steady-state portfolio holding.
$50 Billion Inflows, but Momentum Stalls
Despite the trading slowdown, the products have not been abandoned. Total net assets across US-listed spot Bitcoin ETFs stand at $74.79 billion, with cumulative net inflows crossing $50.85 billion as of Monday, according to SoSoValue data. The funds first surpassed the $50 billion milestone in July 2025, about 18 months after launching in January 2024.
Yet the flow picture tells a more cautious story. CryptoQuant analyst Sunny Mom noted nearly $10 billion in outflows from US spot Bitcoin ETFs since Oct. 11, 2025, suggesting weak institutional demand. At the same time, the number of new Bitcoin whales has continued to grow, creating a mixed signal.
"A definitive, broad-based market bottom has yet to be confirmed," Sunny Mom wrote in an update, adding that whale accumulation could help limit further downside but does not yet signal a sustained recovery.
Macro Headwinds Add Pressure
The ETF cooldown coincides with a deteriorating macro backdrop. President Trump reinstated the US blockade of Iranian ships through the Strait of Hormuz and imposed a 20% fee on cargo moving through the waterway, reviving a conflict a June peace deal had appeared to settle. Brent crude rose as much as 2.8% to about $85 a barrel, pushing oil higher and feeding the inflation pressure that kept the Federal Reserve hawkish through June.
Bitcoin has spent the past month trading between roughly $59,000 and $66,000. Ether held near $1,783, up on the week, while Solana, XRP and Hyperliquid each fell 5% or more over seven days. Traders are now watching the June inflation print as the next test — a soft number could ease rate-hike pressure, while a hot reading would compound the hawkish signal from the Iran news just two weeks before the Fed meets July 28-29.
This article is for informational purposes only and does not constitute investment advice.
