According to the chart published by @AxelAdlerJr, the 7-day average trading volume of centralized exchanges is about $15.80 billion per day, while that of spot ETFs is $1.70 billion per day, which means that ETF trading volume accounts for nearly 10% of total trading volume.
At present, bitcoin's price volatility is still mainly dominated by trading on centralized exchanges - which trade almost 10 times as much as spot ETFs. Although ETF inflows have increased market liquidity and supported trend stability, it has not yet become a central factor driving bitcoin's price movement.
The current price fluctuations of Bitcoin are still mainly dominated by transactions on centralized exchanges
2025-09-10 12:44:29
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