According to a report by Deep Tide TechFlow, CryptoQuant data shows that analyst Axel Adler Jr. stated that the average trading volume of centralized exchanges over the past 7 days is about 15.8 billion USD daily, while spot ETFs amount to 1.7 billion USD daily. The trading volume ratio between centralized exchanges and ETFs is 9.2:1, with ETFs accounting for nearly 10% of the total trading volume. The analyst pointed out that the price fluctuations of Bitcoin are still mainly driven by trading on centralized exchanges, whose trading volume is almost ten times that of spot ETFs. Although ETF inflows have increased liquidity and helped stabilize trends, they have not yet become the primary driving factor for BTC price movements.
