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.
