According to PANews on August 29th, Julio Moreno, head of research at CryptoQuant, stated in a post that US ETFs have become the primary source of Bitcoin spot trading volume. Currently, US spot Bitcoin ETFs typically generate $5 billion to $10 billion in daily trading volume on active days, sometimes exceeding that of most cryptocurrency exchanges, reflecting growing institutional demand.

However, Binance remains the leading trading venue for both BTC and ETH. Binance continues to lead in spot trading volume, with BTC trading reaching $18 billion at its peak and ETH trading between $8.8 billion and $11.1 billion, surpassing both ETFs and all other exchanges. On key trading days like August 13 and August 22, Binance's ETH trading volume exceeded ETF ETH trading by 54% and 96%, respectively.

Ethereum trading is concentrated on cryptocurrency exchanges. Since the 2024 US presidential election, ETH spot trading has been primarily concentrated on Binance (35%), followed by Crypto.com (20%), with ETFs ranking sixth (4%), indicating limited ETF participation in ETH spot trading. This suggests that institutional investors are adopting Ethereum more slowly than Bitcoin.