Bitcoin ETF trading volume drops 78% compared to peak

The enthusiasm of traditional financial markets for Bitcoin seems to have cooled considerably. Glassnode data shows that the 30-day average trading volume of US spot Bitcoin ETFs has fallen by as much as 78% from its peak. At the same time, the trading volume of companies holding Bitcoin in their treasury is also dropping sharply, suggesting a broader pattern of declining speculative demand from TradFi.

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From $4.4 billion to less than a billion a day

In October 2025, the daily trading volume of US spot Bitcoin ETFs reached a peak of $4.4 billion per day. Now, in June 2026, the figure stands at just $960 million per day. That is a decline of 78%, a movement clearly visible in the chart published by Glassnode.

The chart shows the 30-day moving average of total trading volume of companies with Bitcoin in their treasury. The orange line, which represents trading volume, shot up to a record level of over 400 billion in early 2025, but then dropped rapidly back to the lowest point in years. The Bitcoin price currently stands at $62.552. up 0.5% in the past 24 hours.

Two TradFi channels send the same signal

Alongside the ETF figures, Glassnode also reports a 49% decline in the trading volume of so-called DAT companies, firms that actively manage Bitcoin as part of their treasury strategy. The fact that both major TradFi channels are showing a similar trend at the same time is what concerns analysts.

The conclusion Glassnode draws is clear: speculative demand for Bitcoin from traditional financial markets is steadily declining. That does not mean interest is disappearing entirely, but the momentum that propelled the market upward in 2024 and early 2025 appears to be exhausted for now. Earlier this week, $214 million flowed out of Bitcoin ETFs, further reinforcing this broader picture. Meanwhile, large players seem to be testing the market, as recent data indicates that large Bitcoin buyers quietly bought the dip around $60.000.