Odaily Planet Daily analyst Axel Adler Jr said that the 7-day average trading volume of centralized exchanges is about US$15.8 billion per day, while spot ETFs are US$1.7 billion per day. The trading volume ratio of centralized exchanges to ETFs is 9.2:1, and ETFs account for nearly 10% of the total trading volume.

The analyst noted that BTC price fluctuations are still primarily driven by trading on centralized exchanges, which have a trading volume nearly ten times that of spot ETFs. While ETF inflows increase liquidity and help support trend stability, they have not yet become the primary driver of BTC price action.