Analyst: The BTC trading volume in CEX is 9 times that of ETF, and ETF has not yet become the price driver of BTC

According to a report by Shenchao TechFlow, CryptoQuant data shows that analyst Axel Adler Jr stated that the 7-day average trading volume of centralized exchanges is about $15.8 billion per day, while the spot ETF is $1.7 billion per day, resulting in a trading volume ratio of centralized exchanges to ETF of 9.2:1, with ETF accounting for nearly 10% of the total trading volume. The analyst pointed out that the price volatility of Bitcoin is still mainly driven by trading on centralized exchanges, whose trading volume is almost ten times that of spot ETFs. Although the inflow of funds into ETFs has increased liquidity and helped support trend stability, it has not yet become the main driving factor for BTC price movements.