The 30D-SMA of US Spot ETF trading volume has contracted from $4.4B/day in October 2025 to $0.96B/day today, a 78% decline.

Combined with the 49% drop in DAT company volumes flagged earlier, both TradFi channels for Bitcoin exposure are signalling the same thing:

Speculative appetite for BTC in traditional markets has largely withdrawn.

📉 http://glassno.de/btc-etf-volume

Quoting @glassnode:
The 30D-SMA of total trading volume across BTC treasury companies has declined from $34.2B/day in Dec 2025 to $17.4B/day today, a 49% drop in roughly six months.

Speculative interest in DAT equities tracks BTC price closely. As spot has pulled back, the appetite for leveraged Bitcoin exposure through listed treasury vehicles has followed, cutting activity in half from its peak.

📉 http://glassno.de/btc-dat-volume