The Bitcoin spot ETF, with a trading volume now accounting for 25% of global BTC spot trading, has significantly risen from 10% in October 2024. This proportion was close to 30% two weeks ago, indicating strong demand from both institutions and retail investors for regulated Bitcoin exposure. The Bitcoin spot ETF is considered one of the most successful ETF products in financial history, as it avoids technical barriers such as crypto wallet custody and private key management, attracting a substantial influx of capital. Investors particularly value the familiar compliance environment provided by ETFs, simplified tax handling, and reduced counterparty risk. Industry analysis indicates that traditional financial infrastructure on Wall Street is quickly capturing market share, while the dominance of crypto-native exchanges is gradually diminishing.